Princess Private Equity Holding Ltd NAV increases by 2.7% (0444W)

TIDMPEY TIDMPEYS

RNS Number : 0444W

Princess Private Equity Holding Ltd

30 July 2018

News Release

Guernsey, 30 July 2018

NAV increases by 2.7%

-- Princess Private Equity Holding Limited's (Princess) net asset value increased by 2.7% to EUR 11.06 per share, net of the interim dividend of EUR 0.28 per share

   --    Portfolio developments were positive (3.4%) and currency movements were negative (-0.2%) 

-- Princess received distributions of EUR 12.6 million and invested EUR 24.9 million over the reporting period

The direct investments Permotio International Learning (Permotio) and Varsity Brands were the largest contributors to NAV growth during June. Permotio, an investment vehicle formed to create a leading international schools group through a "buy and build" strategy, was positively revalued reflecting an increase in EBITDA driven by M&A activity. During the first half of 2018, the group continued to grow via the acquisition of schools in the UK, Costa Rica and Spain. Since Partners Group's initial investment in October 2013, Permotio has built a platform of 32 schools across nine countries, and continues to work on an active pipeline of potential acquisitions. Varsity Brands, a US-based manufacturer and distributor of sports and affinity products to the K-12 and collegiate student market, was written up over the second quarter of 2018 to reflect its sale to Bain Capital. The exit valuation represents an uplift of over 80% compared to Varsity's carrying value as of 31 May 2018. Princess will receive proceeds of approximately EUR 9.7 million following the closing of the transaction. Since the initial investment in December 2014, Partners Group has helped the BSN Sports and Varsity Spirit business segments expand their market share by completing numerous add-on acquisitions. Varsity Brands also launched the corporate IMPACT program, which leverages existing product expertise and customer networks to drive cross-selling across business segments.

Princess received distributions of EUR 12.6 million during the month, including EUR 3.6 million in proceeds from the realization of the debt investment in Cooperation Pharmaceutique Francaise. The remaining EUR 9.0 million of distributions came predominantly from Princess' mature legacy fund portfolio.

Princess invested a total of EUR 24.9 million during the month, of which EUR 14.1 million was invested in SRS Distribution ("SRS"). SRS is the third largest roofing products distributor in the United States and is considered an attractive investment due to its proven multi-pronged growth strategy, world-class management team and defensible market position. EUR 8.6 million was invested in Amann Girrbach, a developer and manufacturer in digital dentistry, which offers integrated and comprehensive solutions for the in-lab and chairside computer-aided design and computer-aided manufacturing market. The company benefits from strong secular tailwinds, a leading market position in Europe and a significant market opportunity in the US and China.

Princess will hold its quarterly investor conference call on 15 August 2018 10:00 AM BST / 11:00 AM CET and will provide a detailed update on the recent portfolio developments. Please find the dial in details on the Princess' 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 EUR 67.1 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 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 [e-mail] or visit www.rns.com.

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July 30, 2018 02:00 ET (06:00 GMT)