(LSE: PEYS/PEY)
Princess Private Equity
Holding Limited
Princess publishes December
NAV
·
Net asset value decreased by 2.1%
to EUR 14.16 per share; total NAV at EUR 979.25
million
· Currency
movements (-0.5%) curtailed the NAV as the US dollar depreciated
relative to the euro
· Princess
received distributions of EUR 16.6 million
Although December saw an ease in revaluations (-1.5%)
as part of monthly multiple calibrations for portfolio companies -
where public comparables in sectors such as consumer staples,
industrials, and education services showed a downward trend - the
overall revaluations during the year were positive, reflecting
portfolio resilience and the diversified sector mix.
Princess received distributions of EUR 16.6 million,
of which EUR 9.3 million was received from the divestment in
Hofmanns, a provider of premium ready-to-eat frozen meals and
tailored catering services based in Germany. The remaining proceeds
are expected to be released later this year. Founded in 1960, the
company serves B2B customers in business canteens, social
organizations, such as schools and kindergartens, and hospitals.
Since acquiring Hofmanns on behalf of its clients in 2014, Partners
Group has supported the company in successfully driving growth
initiatives across its customer segments and investing in targeted
production automation initiatives, while still preserving the
hand-made feel of Hofmanns' meal offerings. Key initiatives
included streamlining the sales organization by shifting the focus
from regional coverage to customer-centric services and key account
management, repositioning the Hofmanns brand towards a modern and
sustainable proposition, launching a new business-to-consumer
online shop, and digitalizing the customer ordering and internal
reporting process. Today, Hofmanns supports over 12'000 customers
and serves approximately 200'000 eaters each day.
Princess received EUR 6.8 million from the
realization of a portion of its equity investment in SRS
Distribution, one of the largest distributors of roofing,
landscaping, and pool supply products in the US. The partial exit
arose from a GP-led secondary sale by lead investor Leonard Green
& Partners of several holdings, including SRS Distribution, to
a continuation fund.
Meanwhile at portfolio level, Vishal Mega Mart
("Vishal"), a franchisor of hypermarket stores in India, was the
largest contributor to value creation. In the last 12-month period
ending November 2023, Vishal's EBITDA grew year on year by 22%. A
new central warehouse, which has more than twice the capacity of
existing distribution centers, was also operationalized during the
period.
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:
Sarah Page
Phone: +44 20 7575 2695
E-mail: sarah.page@partnersgroup.com
|
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.