Princess Private Equity Holding Ltd NAV increases by 0.2% in August (9234B)
26 September 2018 - 4:00PM
UK Regulatory
TIDMPEY TIDMPEYS
RNS Number : 9234B
Princess Private Equity Holding Ltd
26 September 2018
News Release
Guernsey, 26 September 2018
NAV increases by 0.2%
-- Princess Private Equity Holding Limited's (Princess) net
asset value increased by 0.2% to EUR 11.21 per share
-- Portfolio developments (0.4%) were positive and currency movements slightly negative
-- Princess received distributions of EUR 8.5 million and
invested EUR 2.1 million over the month
The direct investment Universal Hospital Services (UHS), a
leading US-based provider of healthcare technology management and
services solutions, was the largest contributor to NAV growth
during August. UHS signed a definitive agreement to merge with
NASDAQ-listed Federal Street Acquisition Corp. (FSAC), a special
purpose acquisition company sponsored by Boston-based private
equity group Thomas H. Lee Partners. The transaction value
represents an uplift for Princess of EUR 2.1 million (34%) over the
carrying value as of 31 July 2018. The combined entity will operate
under the name Agiliti Inc. and will apply to list its stock on the
NASDAQ exchange. Existing shareholders will receive Agiliti shares
and cash proceeds from this merger. Completion of the transaction
is expected to occur in the fourth quarter of 2018 and is subject
to regulatory approvals as well as FSAC shareholder approval.
Princess received distributions of EUR 8.5 million,
predominantly from Princess' mature legacy fund portfolio, and
invested EUR 2.1 million during the month.
At portfolio level, KinderCare Education, the largest private
early education provider in the US, closed the acquisition of
Rainbow Child Care Center, the eighth largest childcare provider in
the US with 150 centers across 16 states. The acquisition will
expand KinderCare's national presence in the US, providing
childcare services to more than 185'000 children in 40 states. The
acquisition is expected to generate significant synergies and
economies of scale. Rainbow is considered an attractive investment
due to its compelling track record in opening new centers. Rainbow
has standardized its process related to market research, site
selection and build-out capabilities, allowing the company to
construct and open new centers in a short timeline. As a result,
the acquisition is expected to accelerate KinderCare's expansion
activities by leveraging Rainbow's expertise.
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
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