Princess Private Equity Holding Ltd NAV increases by 1.8% (5095U)
25 October 2017 - 5:00PM
UK Regulatory
TIDMPEY TIDMPEYS
RNS Number : 5095U
Princess Private Equity Holding Ltd
25 October 2017
News Release
Guernsey, 25 October 2017
NAV increases by 1.8%
-- Princess Private Equity Holding Limited's ("Princess") net
asset value increased by 1.8% to EUR 10.90 per share
-- Currency movements (0.1%) and overall portfolio developments (2.0%) were positive
-- Princess received distributions of EUR 6.9 million and
invested EUR 10.0 million over the reporting period
The direct investments VAT Group AG ("VAT"), Trimco and Dynacast
were amongst the largest contributors to NAV growth during
September. VAT, the global leader in the production of high-end
vacuum valves continued the strong share price performance seen
since its IPO in April 2016. Trimco, a leading supplier of garment
labels, tags and trimming products, was written up as a result of
continued financial and operational strength across the group.
EBITDA growth was driven by increased sales volume at Clotex Group
and Labelon, while Trimco's EBITDA margin benefitted from a greater
volume of higher profit-margin products sold, and savings in
marketing and rental expenses following the integration of A-Tex.
Partners Group continues to work in close partnership with Trimco's
management to realize cross-selling synergies. Dynacast was written
up on the back of strong financial performance. The company's
EBITDA increased driven by the acquisition of Signicast in March
2017 and strong growth in the European industrial electronics
market and automotive industries. Partners Group continues to
assist Dynacast with the integration of Signicast and
identification of further acquisition targets.
Princess received distributions of EUR 6.9 million during the
month, including EUR 1.3 million from the partial sale of shares in
Food company 1, a foodservice distributor based in the US and
listed on the New York Stock Exchange. The remaining distributions
of EUR 5.6 million came predominantly from Princess' mature legacy
fund portfolio. During the month, Princess also participated in a
placing of shares in VAT. The proceeds of EUR 29.6 million were
received shortly after month-end and will be reflected in the
company's net liquidity position in the company's October month-end
report. Following the transaction, funds managed and/or advised by
Partners Group continue to hold 13.1% of the company's share
capital.
Princess invested a total of EUR 10.0 million during the month,
of which EUR 6.2 million was allocated to STADA Arzneimittel AG, a
German-based manufacturer of generic pharmaceuticals and branded
over-the-counter ("OTC") products. Partners Group invested
alongside Cinven and Bain Capital. The company is currently one of
the largest within the European generics sector. Partners Group
believes that the asset represents an attractive investment
opportunity with potential to increase top-line growth and improve
its below market profitability. Princess made an add-on investment
of EUR 1.3 million in Partners Group Pacific Restaurant Holdings in
support of the company's buy-and-build strategy. To-date Princess
has invested EUR 6.2 million in the company, a leading franchisee
of Taco Bell and Buffalo Wild Wings restaurants in the US. Since
Partners Group's initial investment in October 2015, the company
has made seven add-on acquisitions. Princess also added to its debt
investment in Caffè Nero, a founder-owned European coffee house
chain. Princess acquired EUR 2.3 million of mezzanine debt in a
secondary purchase, increasing the amount invested to EUR 9.9
million. Caffè Nero operates more than 800 stores globally, the
majority of which are located in the UK.
Princess will hold its quarterly investor conference call on 8
November 2017 10:00 AM GMT and will provide a detailed update on
the recent portfolio developments. Please find the dial in details
on the company's webpage.
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 58 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). Further
information: www.princess-privateequity.net.
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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