Princess Private Equity Holding Ltd NAV increases by 1.1% (6617Y)
August 23 2018 - 1:01AM
UK Regulatory
TIDMPEY TIDMPEYS
RNS Number : 6617Y
Princess Private Equity Holding Ltd
23 August 2018
News Release
Guernsey, 23 August 2018
NAV increases by 1.1%
-- Princess Private Equity Holding Limited's (Princess) net
asset value increased by 1.1% to EUR 11.19 per share
-- Portfolio developments (1.3%) and currency movements were positive (0.1%)
-- Princess received distributions of EUR 13.2 million and
invested EUR 69.7 million over the reporting period
Princess received distributions of EUR 13.2 million during the
month, including EUR 10.3 million in proceeds from the sale of
Varsity Brands, a US-based manufacturer and distributor of sports
and affinity products, to Bain Capital. The investment generated a
multiple of 3.4x invested capital. Partners Group acquired Varsity
Brands in December 2014, attracted by its leading market position
across its three business segments: BSN Sports, Varsity Spirits and
Herff Jones. Over the holding period, Partners Group has helped BSN
Sports and Varsity Spirit execute a numer of add-on acquisitions.
Varsity Brands also launched a program to leverage existing product
expertise and customer network to drive cross-selling across its
three business segments. The remaining EUR 2.9 million of
distributions came predominantly from Princess' mature legacy fund
portfolio.
Princess invested a total of EUR 69.7 million during the month,
of which EUR 22.9 million was invested in Techem, a global market
leader in the provision of heat and water sub-metering services.
Techem provides sub-metering services to approximately 410'000
customers, including property owners and managers, across 11
million dwellings in over 20 countries. The company's core business
comprises installation, monitoring and reading services in addition
to providing devices used for sub-metering. Techem is the market
leader in Germany, the largest sub-metering market in the world, as
well as in an additional 13 European markets. Partners Group was
attracted to Techem as it benefits from regulatory-driven demand:
sub-metering is mandatory under an EU directive, creating high
potential for increased penetration across Europe over the coming
years. Partners Group will work closely with Techem's management to
expand market share by capitalizing on currently underserved
segments and implement an operational excellence program to further
transform the existing business model. EUR 22.1 million was
invested to fund the acquisitions of global belt manufacturers
Megadyne Group and Ammeraal Beltech. The investment in Ammeraal
closed during July, with Megayne expected to close later this year.
Subject to customary regulatory approvals, Partners Group intends
to support a merger of the two companies, which have highly
complementary product and service offerings. The merger is
underpinned by strong industrial and operating logic and would
benefit both companies and their clients, by creating a
full-service provider across specialist industrial transmission
belting and lightweight conveyor belting. The combined company
would become a clear market consolidator in a fragmented industry
dominated by small- and medium-sized companies. EUR 23.7 million
was called to fund the acquisition of GlobalLogic, a global
provider of software product engineering services. The transaction
is anticipated to close after month-end. The company helps clients
build innovative digital products that enhance customer engagement,
and create new revenue streams. Demand for digital product
engineering services has grown rapidly, and GlobalLogic has been
instrumental in helping brands navigate the digital transformation
arena. Partners Group will work closely with GlobalLogic's
management team to expand internationally and extend the company's
reach into new markets and geographies.
Further information is available in the monthly report, which
can be accessed via:
http://www.princess-privateequity.net/financialreports.
Ends.
About Princess
Princess is an investment holding company founded in 1999 and
domiciled in Guernsey. It invests, inter alia, in private equity
and private debt investments. Princess is advised in its investment
activities by Partners Group, a global private markets investment
management firm with EUR 67.1 billion in investment programs under
management in private equity, private debt, private real estate and
private infrastructure. Princess aims to provide shareholders with
long-term capital growth and an attractive dividend yield. Princess
is traded on the Main Market of the London Stock Exchange (ticker:
PEY for the Euro Quote; PEYS for the Sterling Quote).
Contacts
Princess Private Equity Holding Limited:
princess@partnersgroup.com
www.princess-privateequity.net
Registered Number: 35241
LEI: 54930038LU8RDPFFVJ57
Investor relations contact
George Crowe
Phone: +44 (0)20 7575 2771
Email: george.crowe@partnersgroup.com
Media relations contact
Jenny Blinch
Phone: +44 207 575 2571
Email: jenny.blinch@partnersgroup.com
www.partnersgroup.com
This document does not constitute an offer to sell or a
solicitation of an offer to buy or subscribe for any securities and
neither is it intended to be an investment advertisement or sales
instrument of Princess. The distribution of this document may be
restricted by law in certain jurisdictions. Persons into whose
possession this document comes must inform themselves about, and
observe any such restrictions on the distribution of this document.
In particular, this document and the information contained therein
are not for distribution or publication, neither directly nor
indirectly, in or into the United States of America, Canada,
Australia or Japan.
This document may have been prepared using financial information
contained in the books and records of the product described herein
as of the reporting date. This information is believed to be
accurate but has not been audited by any third party. This document
may describe past performance, which may not be indicative of
future results. No liability is accepted for any actions taken on
the basis of the information provided in this document. Neither the
contents of Princess' website nor the contents of any website
accessible from hyperlinks on Princess' website (or any other
website) is incorporated into, or forms part of, this
announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRUOUVRWUAWURR
(END) Dow Jones Newswires
August 23, 2018 02:01 ET (06:01 GMT)
Princess Private Equity (LSE:PEY)
Historical Stock Chart
From Apr 2024 to May 2024
Princess Private Equity (LSE:PEY)
Historical Stock Chart
From May 2023 to May 2024