Princess Private Equity Holding Ltd NAV increases by 0.9% in February (2514T)
March 24 2021 - 02:00AM
UK Regulatory
TIDMPEY TIDMPEYS
RNS Number : 2514T
Princess Private Equity Holding Ltd
24 March 2021
News Release
Guernsey, 24 March 2021
NAV increases by 0.9% in February
-- Princess Private Equity Holding Limited's (Princess or the
Company) net asset value increased by 0.9% to EUR 13.50 per
share
-- Portfolio developments were positive (+1.2%), while currency movements were flat
-- Princess invested EUR 10.9 million during the month and
received distributions of EUR 7.7 million
During February, Princess made an additional EUR 25 million
commitment to Partners Group Direct Equity 2019 program, bringing
its total commitments to the program to EUR 75 million. In
connection with the new commitment, Princess financed an initial
capital call of EUR 6.6 million.
EUR 4.3 million of additional capital was provided to portfolio
company Form Technologies ("Form"), a global manufacturer of
customized, highly engineered metal components, as part of a
broader balance sheet restructuring. The company's recent
performance has been closely tied to that of the automotive and oil
and gas industries, which have been hit hard by the COVID-19
pandemic. The restructuring will enhance Form's liquidity profile,
extend its debt maturities and reduce net leverage, while also
improving the company's credit rating. As part of this transaction,
the company also successfully raised additional debt to repay its
senior loans. The timely execution of this debt transaction will
minimize customer and supplier disruption and ensure operations
continue smoothly. Form is recovering strongly from the pandemic,
with positive year over year performance in December 2020 and
January 2021. Volumes are expected to re-bound further in the
coming months due to renewed activity in the company's end markets.
The investment in Form represented 1.6% of Princess' net asset
value at February month-end.
Princess received distributions of EUR 7.7 million this month,
of which EUR 6.3 million stemmed from CSS Corp ("CSS"). In February
2021, Partners Group closed the sale of CSS, a global technology
support services leader . During Partners Group's ownership the
company's growth strategy was revamped with a focus on innovation
in its service offering and sales pitches to prospective customers.
CSS has won several marquee accounts with international businesses
across the telecommunications sector over the past 18 months. Given
the potential for further upside, Princess, alongside other
Partners Group clients, will retain a minority stake in the
company.
The remaining balance of EUR 1.4 million was received from
Princess' mature legacy fund portfolio.
Further information is available in the monthly report, which
can be accessed via:
http://www.princess-privateequity.net/en/investor-relations/financial-reports/
.
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 managed in its investment
activities by Partners Group, a global private markets investment
management firm with USD 109 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 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.
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END
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