Princess Private Equity Holding Ltd NAV increases by 2.7% (3232D)

TIDMPEY

RNS Number : 3232D

Princess Private Equity Holding Ltd

26 April 2017

News Release

Guernsey, 26 April 2017

NAV increases by 2.7%

-- Princess Private Equity Holding Limited's ("Princess") net asset value ("NAV") increased by 2.7% to EUR 10.77 per share

-- Currency movements (-0.2%) were slightly negative while overall portfolio developments (+3.4%) were positive

-- Princess received distributions of EUR 8.8 million and invested EUR 5.5 million over the reporting period

Princess' NAV benefited from the quarterly revaluation of its direct investment portfolio. The portfolio companies VAT Group AG ("VAT"), Dynacast and Permotio International Learning ("Permotio") were the three largest value drivers. VAT recorded a positive share price development during March (+11.9% in CHF), closing the month at CHF 109.10 per share, compared to CHF 45.00 at IPO in April 2016. For the full-year 2016, VAT's net sales rose 23.6% year on year to CHF 507.9 million coupled with a 31.3% increase in order intakes. For the twelve months ended 31 December 2016, Dynacast's revenue grew by 12.8% year on year to USD 733.0 million, driven by strong growth in demand from key customers in Asia. Permotio reported positive financial figures for the first quarter of 2017. Since Partners Group's initial investment in March 2014, Permotio has acquired six schools in five countries, and continues to execute its business plan to create a leading international private schools group through a "buy and build" strategy.

During the reporting period, Princess invested a total of EUR 5.5 million, of which EUR 2.9 million was allocated to Dynacast, a global manufacturer of precision engineered metal components, in support of the company's acquisition of Signicast, a US-based precision component manufacturer in the investment casting industry. The add-on investment is well-aligned with Dynacast's strategy to expand its client, end market and technological reach through strategic acquisitions that broaden existing capabilities. Signicast's complementary manufacturing technology, product offering and similar culture provide for strong strategic compatibility. The resulting synergies will allow for increased design freedom and greater choices of material, part complexity and volume for customers. This addition will expand Dynacast's footprint to more than 9,500 employees across 27 locations, bolstering the company's position as the foremost global manufacturer of precision metal components.

Distributions during March amounted to EUR 8.8 million, mainly stemming from the legacy fund portfolio (EUR 6.9 million). EUR 0.5 million was received from Global Blue, a Switzerland-based company that provides tax refund and currency transfer services for tourists. The company took advantage of its strong financial performance and re-priced its existing credit facilities, which facilitated a distribution to investors via a dividend payment. The company's management remains focused on driving organic growth and expanding Global Blue's geographical footprint through several value creation projects. For instance, the company has added multiple new merchants, renewed major contracts with key clients and plans on expanding into new markets. Furthermore, a number of cost efficiency programs are being reviewed to further enhance Global Blue's operational efficiency.

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 54 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

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April 26, 2017 02:00 ET (06:00 GMT)