Princess Private Equity Holding Ltd NAV increases by 0.7% (4873M)

TIDMPEY TIDMPEYS

RNS Number : 4873M

Princess Private Equity Holding Ltd

30 April 2018

News Release

Guernsey, 30 April 2018

NAV increases by 0.7%

-- Princess Private Equity Holding Limited's (Princess) net asset value increased by 0.7% to EUR 10.93 per share

   --    Portfolio developments were positive (1.1%) and currency movements (-0.2%) were negative 

-- Princess received distributions of EUR 35.6 million and invested EUR 14.8 million over the reporting period

The largest contributor to NAV growth during March was UK-based direct equity investment Permotio International Learning. Permotio was formed in 2013 to create a leading international private schools group through a "buy & build" strategy, in conjunction with a proven management team. The company has since built a platform of 27 schools across eight countries and management continues to work on a pipeline of potential acquisitions of new schools / groups across Europe, the Americas and the Gulf. Permotio generated EBITDA growth of 40.9% during 2017, including the contribution from newly acquired schools and organic growth in student enrollment and fees.

Princess received distributions of EUR 35.6 million during the month, including EUR 19.4 million from the previously announced sale of Trimco International, a leading Asia-headquartered supplier of a full range of garment labels, tags and trimming products, to Affinity Equity Partners. The transaction valued the company at an enterprise value of USD 520 million, generating a 3.4x return on invested capital. Partners Group acquired Trimco in May 2012, attracted by its compelling cash flow generation profile and its decade-long relationships with some of the most prominent apparel brands and retailers. Over the course of Partners Group's ownership, Trimco evolved from an Asia-centric manufacturing specialist into a global leader, via organic growth and targeted add-on acquisitions. Partners Group continues to view Trimco as an attractive investment with further value creation potential and consequently Princess re-invested a portion of the exit proceeds as a co-investment alongside Affinity.

EUR 8.2 million was received following a recapitalization at Action, the European non-food discount retailer, which continues to outperform its investment case. The company reported sales growth of 28% during 2017, driven by a combination of new store openings and like-for-like sales growth. The refinancing together with existing cash was used to fund a dividend to investors, including Princess. The remaining EUR 8.0 million of distributions came predominantly from Princess' mature legacy fund portfolio.

Princess invested a total of EUR 14.8 million during the month, of which EUR 5.7 million was reinvested in Trimco. EUR 6.3 million was invested in SHL, a leading global psychometric testing provider, alongside investment partner Exponent Private Equity Partner (investment amount not publicly disclosed). SHL currently serves around 10'000 customers in 150 countries, mainly consisting of large, global multinational corporations diversified across various industries. SHL is considered an attractive investment opportunity given the growing global talent assessment market, underpinned by tailwinds such as the increasing acceptance of the scientific linkage between assessment results and future job performance, and a drive from corporations to reduce the cost and time to hire and retain employees.

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 EUR 61.9 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:

[e-mail]

www.princess-privateequity.net

Registered Number: 35241

LEI: 54930038LU8RDPFFVJ57

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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April 30, 2018 02:02 ET (06:02 GMT)