PEYS Princess Private Equity Holding Limited

TIDMPEY TIDMPEYS

RNS Number : 3421L

Princess Private Equity Holding Ltd

21 December 2018

News Release

Guernsey, 21 December 2018

Princess publishes November NAV

-- Princess Private Equity Holding Limited's (Princess) net asset value decreased by 0.2% to EUR 11.07 per share, net of the interim dividend of EUR 0.28 per share

   --    Portfolio developments (+0.1%) were positive and currency movements negative (-0.1%) 

-- Princess received distributions of EUR 5.8 million and invested EUR 18.4 million over the month

Princess received distributions of EUR 5.8 million during the month, of which EUR 1.5 million came predominantly from Princess' mature legacy fund portfolio.

Princess invested a total of EUR 18.4 million during the month, of which EUR 13.8 million was invested in Vishal Mega Mart, one of India's largest value retail brands. Vishal is the franchisor of the Vishal Mega Mart brand and wholesale supplier to a franchisee network of over 250 hypermarket stores in India. These stores combine a private label, fast-fashion offering with a variety of general merchandise and food & grocery products. Partners Group was attracted to Vishal as it serves the organized retail market segment, which makes up only 9% of India's retail industry and is expected to significantly expand over the coming years. Partners Group believes that Vishal offers a unique value proposition to an underserved customer segment and will continue to experience strong industry tailwinds. In addition, Vishal is led by a strong execution focused team and has developed a highly replicable and scalable model offering consumers an aspirational product assortment at compelling value. Going forward, Partners Group will work closely with Vishal to further expand the company's presence, maximize supply chain efficiency and increase product assortment.

EUR 4.5 million was invested to fund Hearthside Food Solutions' acquisition of Greencore USA, a leading producer of fresh foods to go, frozen breakfast sandwiches, salad kits, prepared meal kits and snacks. The company is the US unit of Greencore Group, an Ireland-based convenience food provider listed on the London Stock Exchange. Operating in 13 locations across North America, Greencore USA employs around 3'300 people and recorded revenues of USD 1.4 billion in 2017. Prior to being purchased by Greencore Group, the company was known as Peacock Foods and was owned by Charlesbank from 2010 to 2016. Charlesbank and Partners Group, which jointly acquired Hearthside earlier in May 2018, will fund the acquisition with additional equity. The add-on investment in Greencore USA is in line with one of the core value creation initiatives of expanding Hearthside's platform. Subject to regulatory approval and customary closing conditions, the transaction marks a significant step in the further growth and development of Hearthside's network, which has now grown to 38 production facilities across the US and Europe. Greencore USA is an attractive investment, given its leadership position within the packaged fresh and frozen foods categories, market segments with strong tailwinds and increasing consumer demand. The acquisition is expected to bolster Hearthside's position in these high-growth categories and generate synergies in the company's production, innovation and R&D capabilities. The complementary nature of Greencore's products and services will also enable Hearthside to broaden its customer base, expand its current product and service offerings and further scale up its operations.

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 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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