Princess Private Equity (LSE:PEYS)
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De May 2019 a May 2020
RNS Number : 7744Q
Princess Private Equity Holding Ltd
23 October 2019
Guernsey, 23 October 2019
NAV increases by 4.2% in September
-- Princess Private Equity Holding Limited's (Princess) net asset value increased by 4.2% to EUR 12.16 per share
-- Portfolio developments (+4.9%) were positive and currency movements flat
-- Princess invested EUR 2.2 million during the month and received distributions of EUR 4.9 million
Princess invested EUR 2.2 million in BCR Group in September. Founded in 2008 and headquartered in Shanghai, BCR Group provides retail display solutions, offering design and manufacturing services as well as installation of display fixtures, primarily in the sportswear segment. Sportswear retail is the fastest growing segment of the Chinese retail market, having grown at a double-digit CAGR between 2014 and 2018. BCR is considered an attractive investment given its blue-chip customer base and robust business model which generates recurring revenue through store revamps and upgrades, new store openings and seasonal fashion displays. Following the acquisition, Partners Group will work closely with BCR to drive consolidation of the retail display market and to expand into adjacent end-markets.
Amongst others, Permotio, Action and KinderCare had a positive impact on NAV performance in September. Permotio International Learning, an investment vehicle formed to create a leading international schools group through a buy-and-build strategy, was written up as a result of strong financial performance. Adjusted EBITDA increased by 38.0% to EUR 74.4 million over the same period, driven by the acquisitions and like-for-like growth at existing schools. Permotio completed five acquisitions during the twelve months ended 30 June 2019, expanding its platform to 41 schools in 10 countries, educating approximately 39'000 students.
Action, the leading European non-food discount retailer, was positively revalued to reflect an increase in reported EBITDA. The company continues to expand its European footprint. From 250 stores in 2011, Action now operates over 1'440 stores across Benelux, Germany, France, Poland and Austria. Going forward the company will focus on strengthening its supply chain infrastructure in order to support the ongoing store roll-out program.
KinderCare Education, the largest private early education provider in the US, was revalued upwards on the back of robust financial results. The results were mainly driven by higher tuition rates, a greater number of full-time students in attendance and strong growth from new center openings.
Princess received distributions of EUR 4.9 million during the month, of which EUR 1.4 million stemmed from the ongoing sale of shares in Ceridian HCM, following the company's listing on the New York Stock Exchange in April 2018.
Further information is available in the monthly report, which can be accessed via: http://www.princess-privateequity.net/financialreports.
Princess will hold its quarterly investor conference call on 12 November 2019 10:00 AM GMT / 11:00 AM CET and will provide a detailed update on the recent portfolio developments. Please find the dial-in details on the Company's webpage.
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 80 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).
Princess Private Equity Holding Limited:
Registered Number: 35241
Investor relations contact
Phone: +44 (0)20 7575 2771
Media relations contact
Phone: +44 207 575 2571
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.
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(END) Dow Jones Newswires
October 23, 2019 02:00 ET (06:00 GMT)