PEYS Princess Private Equity Holding Limited

TIDMPEY TIDMPEYS

RNS Number : 9471T

Princess Private Equity Holding Ltd

24 July 2020

News Release

Guernsey, 24 July 2020

NAV increases by 2.9% in June

-- Princess Private Equity Holding Limited's (Princess) net asset value increased by 2.9% to EUR 11.99 per share

   --    Portfolio developments were positive (+3.2%) and currency movements were negative (-0.2%) 

-- Princess invested EUR 3.3 million during the month and received distributions of EUR 93.2 million

In June, Princess' NAV increased in value by 2.9%. The largest contributor to the favorable performance was PCI Pharma Services, a US-based provider of outsourced pharmaceutical services. The company was written-up on the back of an increase in EBITDA, as well as positive valuation multiple development, driven by market comparables. During the COVID-19 crisis, PCI has proven itself as an essential provider in the pharma supply chain, capable of responding with a high degree of flexibility to urgent client demands and fast evolving projects.

EUR 2.9 million of additional capital was provided to KinderCare Education, the largest for-profit provider of early childhood education and care services in the US. KinderCare operates approximately 1'500 centers nationwide. Following the COVID-19 outbreak, the company faced operational and financial disruptions in March and April due to the closure of many of its centers, additional withdrawals by parents and stay-home orders. To mitigate the financial impact, KinderCare implemented a range of cost and liquidity management measures. The capital infusion supports the company's expected liquidity requirements for the remainder of 2020. With stay-at-home orders being lifted, KinderCare will reopen its remaining centers on a state-by-state basis, strictly adhering to all necessary regulations and guidelines. Approximately 1'400 centers were open as of the end of June. The long-term outlook for the business remains positive with utilization rates expected to increase as states re-open and families return to the workforce.

Princess received distributions of EUR 93.2 million during the month, of which EUR 90.0 million was received from the sale of its stake in Action . The proceeds were used to fully repay the Company's EUR 80 million credit facility. EUR 1.6 million was received from the ongoing sale of shares in Ceridian HCM, following the company's listing on the New York Stock Exchange in April 2018.

Princess will hold its quarterly investor conference call on 7 August 2020 at 10:00 BST / 11:00 CET and will provide a detailed update on the recent portfolio developments. Please find the dial-in details on the Company's webpage.

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 USD 96 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.

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