Princess Private Equity Holding Ltd NAV increases by 0.7% (4873M)
April 30 2018 - 1:02AM
UK Regulatory
TIDMPEY TIDMPEYS
RNS Number : 4873M
Princess Private Equity Holding Ltd
30 April 2018
News Release
Guernsey, 30 April 2018
NAV increases by 0.7%
-- Princess Private Equity Holding Limited's (Princess) net
asset value increased by 0.7% to EUR 10.93 per share
-- Portfolio developments were positive (1.1%) and currency movements (-0.2%) were negative
-- Princess received distributions of EUR 35.6 million and
invested EUR 14.8 million over the reporting period
The largest contributor to NAV growth during March was UK-based
direct equity investment Permotio International Learning. Permotio
was formed in 2013 to create a leading international private
schools group through a "buy & build" strategy, in conjunction
with a proven management team. The company has since built a
platform of 27 schools across eight countries and management
continues to work on a pipeline of potential acquisitions of new
schools / groups across Europe, the Americas and the Gulf. Permotio
generated EBITDA growth of 40.9% during 2017, including the
contribution from newly acquired schools and organic growth in
student enrollment and fees.
Princess received distributions of EUR 35.6 million during the
month, including EUR 19.4 million from the previously announced
sale of Trimco International, a leading Asia-headquartered supplier
of a full range of garment labels, tags and trimming products, to
Affinity Equity Partners. The transaction valued the company at an
enterprise value of USD 520 million, generating a 3.4x return on
invested capital. Partners Group acquired Trimco in May 2012,
attracted by its compelling cash flow generation profile and its
decade-long relationships with some of the most prominent apparel
brands and retailers. Over the course of Partners Group's
ownership, Trimco evolved from an Asia-centric manufacturing
specialist into a global leader, via organic growth and targeted
add-on acquisitions. Partners Group continues to view Trimco as an
attractive investment with further value creation potential and
consequently Princess re-invested a portion of the exit proceeds as
a co-investment alongside Affinity.
EUR 8.2 million was received following a recapitalization at
Action, the European non-food discount retailer, which continues to
outperform its investment case. The company reported sales growth
of 28% during 2017, driven by a combination of new store openings
and like-for-like sales growth. The refinancing together with
existing cash was used to fund a dividend to investors, including
Princess. The remaining EUR 8.0 million of distributions came
predominantly from Princess' mature legacy fund portfolio.
Princess invested a total of EUR 14.8 million during the month,
of which EUR 5.7 million was reinvested in Trimco. EUR 6.3 million
was invested in SHL, a leading global psychometric testing
provider, alongside investment partner Exponent Private Equity
Partner (investment amount not publicly disclosed). SHL currently
serves around 10'000 customers in 150 countries, mainly consisting
of large, global multinational corporations diversified across
various industries. SHL is considered an attractive investment
opportunity given the growing global talent assessment market,
underpinned by tailwinds such as the increasing acceptance of the
scientific linkage between assessment results and future job
performance, and a drive from corporations to reduce the cost and
time to hire and retain employees.
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 61.9 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: +41 41 784 65 26
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 company news service from the London Stock Exchange
END
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