(LSE: PEYS/PEY)
Princess Private Equity
Holding Limited
NAV increases by 3.6% in
March
· NAV
increased by 3.6% to EUR 14.67 per share; total net assets at EUR 1'014.20 million
· Value
creation at portfolio level added 4.6%, while currency movements
were flat
· Recently
announced sale of SRS Distribution, the second largest
portfolio company, was the largest contributor to NAV increase
· Princess
invested EUR 16.7 million and received distributions of EUR 2.4
million
Princess invested EUR 16.7 million, of which EUR 10.1
million was invested in ROSEN Group, a global provider of
recurring, regulatory-driven inspection and integrity management
services for energy transmission pipelines. Headquartered in
Switzerland, ROSEN's core business involves the sending of
high-tech, precision sensors through pipelines to detect corrosion
or minor cracks, helping customers to optimize throughput and
extend the useful life of essential infrastructure assets. Value
creation initiatives include sales force and go-to-market
optimization, and continued investment in technological innovation,
R&D, and capital expenditure. As part of the transaction, the
company's founder, Hermann Rosen, retained a significant minority
stake and a seat on the board of directors.
EUR 6.4 million was invested in Velvet CARE, one of
the leading European manufacturers of hygiene paper products.
Headquartered in Klucze, Poland, with a history stretching back to
1897, Velvet CARE is one of the largest independent manufacturers
of branded and private-label hygiene paper products, including
toilet paper, paper towels, paper tissues, and moist toilet paper,
in Central and Eastern Europe. With 850 employees, Velvet CARE
distributes finished branded and private-label products via
supermarkets, discounters, wholesalers, and other retailers. Its
largest markets include Poland, the Czech Republic, and
Germany.
During the month, Princess received EUR 2.4 million
in distributions predominantly from the mature legacy fund
portfolio.
Furthermore Galderma, a global dermatology company
that develops, manufactures, and distributes a range of medical and
consumer skin health solutions, announced its initial public
offering ("IPO") on the SIX Swiss Exchange. Headquartered in
Switzerland, the company has a global presence in over 50 locations
across 40 countries, offering a portfolio of brands such as Epiduo,
Differin, Dysport, Cetaphil, and Benzac. At the end of March,
Princess' investment in Galderma was valued at EUR 24.6 million,
consistent with February's carrying value. Princess is not expected
to receive substantial proceeds in the short-term, while a lock-up
period in connection with the IPO has been agreed upon for both
selling shareholders and the company.
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 in private equity direct
investments. Princess is managed in its investment activities by
Partners Group, a global private markets investment management firm
with USD 147 billion in investment programs under management in
private markets, of which USD 76 billion is in private equity.
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
|
Investor relations contact:
princess@partnersgroup.com
www.princess-privateequity.net
|
Media relations contact:
Jenny Blinch
Phone: +41 41 784 65 26
E-mail:
jenny.blinch@partnersgroup.com
|
Registered Number:
35241 LEI: 54930038LU8RDPFFVJ57
Notes:
1. Note that
references in this announcement to Princess
Private Equity Holding Limited have been
abbreviated to "Princess" or "Company". References to Partners
Group AG have been abbreviated to "Partners Group " or "Investment
Manager".
2. 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 Private Equity Holdings. 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 is not for distribution or publication, neither
directly nor indirectly, in or into the United States of America,
Canada, Australia or Japan.
3.
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.