Princess Private Equity Holding Ltd NAV increases by 3.1% in December (1805N)

TIDMPEY TIDMPEYS

RNS Number : 1805N

Princess Private Equity Holding Ltd

28 January 2021

News Release

Guernsey, 28 January 2021

NAV increases by 3.1% in December

-- Princess Private Equity Holding Limited's (Princess or the Company) net asset value increased by 3.1% to EUR 13.35 per share

   --    Portfolio developments were positive (+3.3%) and currency movements were negative (-0.1%) 

-- Princess invested EUR 0.1 million during the month and received distributions of EUR 25.7 million

In December, Princess' NAV increased by 3.1%, ending the year on a positive note. The positive performance was driven by a rise in the valuations of both Permotio International Learning (Permotio), an investment vehicle formed to create a leading international schools group through a 'buy and build' strategy, and Hortifruti, a leading natural and fresh foods retailer based in Brazil.

Permotio completed the acquisition of two schools in Canada during December, adding 800 students to the platform. Following these acquisitions, Permotio now operates 48 schools across 13 countries and educates approx. 45 thousand students. The group responded well to COVID-19 disruptions, continuing to deliver lessons via virtual learning where necessary, and implementing strict controls on expenditure. Overall, Permotio increased earnings, with pro forma LTM EBITDA growing by 10% in the period to December 2020.

Hortifruti was also positively revalued over the fourth quarter of 2020. The company generated positive EBITDA growth for the twelve months ending 31 October 2020, reflecting higher average ticket sizes and a recovery in customer traffic from stores which had been impacted by the pandemic, as well as a positive ramp-up in sales from recently opened stores. The company was also able to capitalize on the accelerated movement towards online shopping as a result of digital initiatives first implemented in 2019, resulting in a strong digital sales performance during the pandemic.

Princess received distributions of EUR 25.7 million in December, including EUR 24.1 million from the previously-announced partial realization of PCI Pharma Services (PCI) at a multiple of over 4x invested capital. Princess, alongside other Partners Group clients, will retain a meaningful minority equity stake with governance rights in PCI following the transaction.

Princess will hold its quarterly investor conference on 16 February 2021 at 10:00 GMT / 11:00 CET. During the conference call, Partners Group, the Investment Manager to Princess, will give an update on the recent developments of the Princess portfolio based on unaudited figures as of 31 December 2020. Following the presentation there will be a Q&A session. Please find the dial-in details on the Company's webpage.

Further information is available in the monthly report, which can be accessed via: http://www.princess-privateequity.net/en/investor-relations/financial-reports/ .

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 managed in its investment activities by Partners Group, a global private markets investment management firm with USD 109 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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

STRSEESMAEFSESF

(END) Dow Jones Newswires

January 28, 2021 02:00 ET (07:00 GMT)