Princess Private Equity Holding Ltd NAV increases by 1.1% (6617Y)

TIDMPEY TIDMPEYS

RNS Number : 6617Y

Princess Private Equity Holding Ltd

23 August 2018

News Release

Guernsey, 23 August 2018

NAV increases by 1.1%

-- Princess Private Equity Holding Limited's (Princess) net asset value increased by 1.1% to EUR 11.19 per share

   --    Portfolio developments (1.3%) and currency movements were positive (0.1%) 

-- Princess received distributions of EUR 13.2 million and invested EUR 69.7 million over the reporting period

Princess received distributions of EUR 13.2 million during the month, including EUR 10.3 million in proceeds from the sale of Varsity Brands, a US-based manufacturer and distributor of sports and affinity products, to Bain Capital. The investment generated a multiple of 3.4x invested capital. Partners Group acquired Varsity Brands in December 2014, attracted by its leading market position across its three business segments: BSN Sports, Varsity Spirits and Herff Jones. Over the holding period, Partners Group has helped BSN Sports and Varsity Spirit execute a numer of add-on acquisitions. Varsity Brands also launched a program to leverage existing product expertise and customer network to drive cross-selling across its three business segments. The remaining EUR 2.9 million of distributions came predominantly from Princess' mature legacy fund portfolio.

Princess invested a total of EUR 69.7 million during the month, of which EUR 22.9 million was invested in Techem, a global market leader in the provision of heat and water sub-metering services. Techem provides sub-metering services to approximately 410'000 customers, including property owners and managers, across 11 million dwellings in over 20 countries. The company's core business comprises installation, monitoring and reading services in addition to providing devices used for sub-metering. Techem is the market leader in Germany, the largest sub-metering market in the world, as well as in an additional 13 European markets. Partners Group was attracted to Techem as it benefits from regulatory-driven demand: sub-metering is mandatory under an EU directive, creating high potential for increased penetration across Europe over the coming years. Partners Group will work closely with Techem's management to expand market share by capitalizing on currently underserved segments and implement an operational excellence program to further transform the existing business model. EUR 22.1 million was invested to fund the acquisitions of global belt manufacturers Megadyne Group and Ammeraal Beltech. The investment in Ammeraal closed during July, with Megayne expected to close later this year. Subject to customary regulatory approvals, Partners Group intends to support a merger of the two companies, which have highly complementary product and service offerings. The merger is underpinned by strong industrial and operating logic and would benefit both companies and their clients, by creating a full-service provider across specialist industrial transmission belting and lightweight conveyor belting. The combined company would become a clear market consolidator in a fragmented industry dominated by small- and medium-sized companies. EUR 23.7 million was called to fund the acquisition of GlobalLogic, a global provider of software product engineering services. The transaction is anticipated to close after month-end. The company helps clients build innovative digital products that enhance customer engagement, and create new revenue streams. Demand for digital product engineering services has grown rapidly, and GlobalLogic has been instrumental in helping brands navigate the digital transformation arena. Partners Group will work closely with GlobalLogic's management team to expand internationally and extend the company's reach into new markets and geographies.

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.

END

STRUOUVRWUAWURR

(END) Dow Jones Newswires

August 23, 2018 02:01 ET (06:01 GMT)