PEYS Princess Private Equity Holding Limited

TIDMPEY TIDMPEYS

RNS Number : 2505D

Princess Private Equity Holding Ltd

27 October 2020

News Release

Guernsey, 27 October 2020

NAV increases by 3.8% in September

-- Princess Private Equity Holding Limited's (Princess) net asset value increased by 3.8% to EUR 12.96 per share

   --    Portfolio developments (+4.2%) and currency movements were positive (+0.3%) 

-- Princess invested EUR 5.0 million during the month and received distributions of EUR 11.2 million

In September, Princess' NAV increased in value by 3.8%. The largest value driver was Foncia, a France-based property management and real estate services provider. Foncia continues to steadily ramp-up its activities following the COVID-19-related disruptions earlier in the year, generating positive revenue growth for the twelve months ended 31 August 2020, while maintaining an EBITDA margin of around 25%. There is no expected long-term COVID-19 impact on the business given that the majority of the revenue is recurring, driven by its stock of more than two million properties under management. Another positive value driver was Permotio International Learning (Permotio). After several months of successful distance learning, Permotio's students are gradually returning to school, with the vast majority of schools having reopened by September. Looking ahead Permotio expects to generate like-for-like EBITDA growth of more than 10% for the financial year to August 2021 reflecting a combination of fee increases and cost savings, while continuing to expand its global platform via M&A.

EUR 4.5 million was invested in Rovensa. On behalf of its clients, Partners Group acquired a major equity stake in Rovensa, a leading provider of specialty crop nutrition, biocontrol and crop protection products, in a transaction which valued the company at an enterprise value of around EUR 1.1 billion. The company has approximately 1'440 employees and works with over 1'000 customers in more than 80 countries. Rovensa operates in the agricultural sub-sector, which has a low correlation to GDP and has demonstrated its resilience during the COVID-19 outbreak. Food production has been mostly uninterrupted during the pandemic given sustained demand for food, stability of food prices and the desire of governments to ensure a robust food supply chain. Following the acquisition, Partners Group will work closely with Rovensa to continue developing its biological solutions portfolio and to position the business as a clear global leader, while focusing on a variety of strategic topics, from sales efficiency to product development.

Princess received distributions of EUR 11.2 million during the month, of which EUR 6.5 million was received from GlobalLogic, a global provider of software product engineering services. GlobalLogic remains conservatively capitalized with cash available to support the company's M&A program. EUR 1.9 million was received from the sale of the remaining shares in Ceridian, marking the full exit at an investment multiple of 3.7x the initial EUR 4.5 million investment in 2007. The balance of EUR 2.8 million was received from Princess' mature legacy fund portfolio and other direct investments.

Post month-end, Princess made a EUR 50 million commitment to Partners Group Direct Equity 2019 program ("the Program"). The Program will continue the strategy of predecessor programs, constructing a global portfolio of approximately 20 companies in the extended mid-market. The strategy seeks to identify companies which are well-positioned to benefit from transformative growth trends and to develop them through an active value creation strategy.

Further information is available in the monthly report, which can be accessed via: http://www.princess-privateequity.net/ .

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 managed 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.

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October 27, 2020 03:00 ET (07:00 GMT)

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