Princess Private Equity Holding Ltd NAV increases by 0.6% (5223S)

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RNS Number : 5223S

Princess Private Equity Holding Ltd

22 December 2016

News Release

Guernsey, 22 December 2016

NAV increases by 0.6%

-- Princess Private Equity Holding Limited's ("Princess") net asset value ("NAV") increased by 0.6% to EUR 9.98 per share, adjusted for the interim dividend of EUR 0.27 per share

   --    Currency movements (+0.7%) and overall portfolio developments (+0.2%) were positive 

-- Princess received distributions of EUR 5.1 million and invested EUR 5.9 million over the reporting period

During November, Princess' portfolio generated distributions of EUR 5.1 million of which EUR 2.4 million stemmed from a dividend payment from Varsity Brands, a US-based manufacturer of sports products. The dividend was funded from balance sheet cash and proceeds from the issuance of two add-on term loans, following the company's successful deleveraging. Varsity Brands has achieved considerable earnings growth since Partners Group's investment in December 2014. EBITDA increased from USD 192.6 million at entry to USD 226.9 million for the twelve months ended 30 September 2016. The company's financial results were supported by organic growth and the recent acquisitions of Lids Team Sports, an athletic apparel and equipment provider, in January 2016; AllGoods, a provider of customized apparel, in December 2015; and The JAM Brands, a cheerleading products provider, in November 2015. The remaining distributions of EUR 2.7 million came mainly from Princess' mature legacy fund portfolio.

Princess made two new private debt investments during the month. EUR 5.1 million was invested in the first lien debt of Logoplaste, in support of the partial acquisition of the company by private equity sponsor Carlyle Group. Founded in 1976 in Portugal, Logoplaste is a designer and manufacturer of rigid plastic packaging solutions to a wide range of blue-chip customers. The company reported revenues of EUR 468 million in 2015 and currently employs 2,000 staff in 16 countries across four continents. Princess also invested EUR 1.3 million in the second lien debt of Acrisure to support the management buyout of the company from Genstar Capital. The transaction includes a significant investment from private equity firm ABRY Partners. Founded in 2005, US-based Acrisure is a regional insurance brokerage organization that provides insurance and risk management solutions. The company operates across 26 states in the US and employs more than 39,700 staff.

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 over EUR 49 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 London Stock Exchange (ticker symbol: PEY). Further information: www.princess-privateequity.net.

Contacts

Princess Private Equity Holding Limited:

[e-mail]

www.princess-privateequity.net

Registered Number: 35241

Investor relations contact

George Crowe

Phone: [phone]

Email: [e-mail]

Media relations contact

Jenny Blinch

Phone: [phone]

Email: [e-mail]

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 company news service from the London Stock Exchange

END

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December 22, 2016 02:05 ET (07:05 GMT)