Princess Private Equity Holding Ltd NAV increases by 5.7% in December (9294A)
27 Enero 2020 - 01:00AM
UK Regulatory
TIDMPEY TIDMPEYS
RNS Number : 9294A
Princess Private Equity Holding Ltd
27 January 2020
News Release
Guernsey, 27 January 2020
NAV increases by 5.7% in December
-- Princess Private Equity Holding Limited's (Princess) net
asset value increased by 5.7% to EUR 12.56 per share
-- Portfolio developments (+6.7%) were positive while currency movements negative (-0.2%)
-- Princess invested EUR 10.8 million during the month and
received distributions of EUR 23.5 million
The positive NAV performance in December was driven by a number
of portfolio companies including KinderCare Education, Permotio
International Learning (Permotio) and PCI Pharma Services.
KinderCare Education, the largest US private early education
provider, was the main performance contributor. It was positively
revalued on the basis of increased revenue and EBITDA. In 2020, the
company will accelerate new center openings and continue with its
digitalization strategy to drive increased enrollment numbers.
Permotio, an investment vehicle formed to create a leading
international schools group through a 'buy and build' strategy, was
positively revalued on the back of strong financial performance.
For the twelve months ended 30 September 2019 adjusted EBITDA grew
92.3% to EUR 81.3 million. This was primarily attributable to
add-on investments, which included the Ecuador-based school Ortega
and La Colina in Colombia, as well as the strong organic growth of
the existing schools within the platform. PCI Pharma Services, a
US-based provider of outsourced pharmaceutical services, was
written up on the back of healthy financial results. Adjusted
EBITDA increased by 11.2% to USD 129.7 million. The company's
robust results were driven by growth from its clinical services
segment and further supported by recent outperformance from its
manufacturing segment. Princess invested EUR 10.8 million during
December, of which EUR 9.2 million was invested in Axel Springer
SE. Partners Group, alongside KKR & Co and other investors,
completed the voluntary public tender offer for Axel Springer SE.
Founded in 1946, Axel Springer is a publishing house based in
Berlin, Germany. The company operates a portfolio of online
classified portals as well as print and digital content properties
across more than 40 countries.
Princess received distributions of EUR 18.0 million from the
sale of Vermaat, the Dutch market leader in premium catering and
hospitality services. The investment generated a gross return of
2.75x invested capital and a gross IRR of 30%. Partners Group
acquired a majority stake in Vermaat in 2015 from the Vermaat
family. Over the four-year investment period, Partners Group worked
closely with Vermaat's management team to grow the number of
locations. In addition to organic growth, Vermaat completed ten
synergistic add-on acquisitions across its key customer segments in
hospital, corporate, leisure and travel.
Post-period end, portfolio company Global Blue announced it will
merge with Far Point Acquisition Corporation (Far Point). The
combined entity will be listed on the New York Stock Exchange.
Princess, alongside other funds managed and/or advised by Partners
Group, will participate in the transaction. The transaction values
the company at an enterprise value of USD 2.6 billion (EUR 2.3
billion), which represents a modest uplift to the carrying value as
of 31 December 2019. Assuming no redemptions by Far Point
stockholders, Princess will receive estimated proceeds of USD 8.9
million (EUR 8.0 million) and will retain a stake in the combined
entity. The transaction is expected to close during the second
quarter of 2020, subject to approval by Far Point stockholders and
other customary closing conditions, including regulatory
approvals.
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 18
February 2020 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.
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 USD 94 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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