PEY Princess Private Equity Holding Limited

TIDMPEY TIDMPEYS

RNS Number : 1062D

Princess Private Equity Holding Ltd

29 January 2018

News Release

Guernsey, 29 January 2018

NAV increases by 1.1%

-- Princess Private Equity Holding Limited's (Princess) net asset value increased by 1.1% to EUR 10.73 per share

   --    Portfolio developments were positive (1.4%) and currency movements (-0.2%) were negative 

-- Princess received distributions of EUR 13.5 million and invested EUR 5.2 million over the reporting period

The largest contributor to NAV growth during December was the direct investment in Permotio International Learning (Permotio), an investment vehicle formed to create a leading international schools group through a "buy and build" strategy. Adjusted EBITDA increased during the twelve months to October 2017, reflecting recent acquisitions in the US and Malaysia, fee increases at a number of portfolio schools and a continued focus on cost control. Following the group's October 2017 acquisition of Tenby, a cluster of seven schools in Malaysia, Permotio now has 24 schools in 7 countries, with a pipeline of potential acquisitions at an advanced stage of due diligence. Partners Group continues to work closely with Permotio's management on a number of value creation initiatives to further grow the business, including the addition of further capacity through greenfield development. For instance, the group has completed the construction of one school in the United Arab Emirates, with two more underway in Qatar and the United Arab Emirates.

Princess received distributions of EUR 13.5 million during the month, including EUR 1.3 million of proceeds from the sale of its remaining shares in Food company 1 (a confidential investment), a foodservice distributor based in the US. Since its initial investment in June 2007 Princess has received a total of EUR 6.5 million, representing an investment multiple of 2.3x. Princess also received EUR 1.2 million proceeds from the partial sale of shares in Black Knight Financial Services, a US-based provider of integrated technology, services, data and analytics to lenders and servicers in the mortgage and real estate industries. The transaction was executed at USD 45.07 per share, representing an increase of 83.9% compared to its IPO price of USD 24.50 per share on 20 May 2015. The remaining distributions of EUR 11.0 million came predominantly from Princess' mature legacy fund portfolio.

After month-end, Princess announced the exit of its investment in Trimco International Holdings Limited, a Hong Kong-headquartered apparel-labelling producer, generating an investment multiple of 3.4x. Princess will receive proceeds of approximately USD 23.8 million subject to closing adjustments.

Princess invested a total of EUR 5.2 million during the month, of which EUR 2.2 million was allocated to Hortifruti, the leading natural and fresh foods retailer based in Brazil. To-date Princess has invested EUR 5.5 million in the company. Partners Group initially acquired a significant minority stake in Hortifruti in April 2016, but agreed to acquire full control in order to further accelerate the pace of growth and of its value creation plan. Following the transaction, Partners Group will focus on increasing the pace of store openings while driving same-store sales growth by enhancing Hortifruti's category management, pricing systems and analytics capabilities. Princess also invested EUR 2.5 million in liquid loans for liquidity management purposes.

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 62 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:

princess@partnersgroup.com

www.princess-privateequity.net

Registered Number: 35241

LEI: 54930038LU8RDPFFVJ57

Investor relations contact

George Crowe

Phone: +44 (0)20 7575 2771

Email: george.crowe@partnersgroup.com

Media relations contact

Jenny Blinch

Phone: +41 41 784 65 26

Email: jenny.blinch@partnersgroup.com

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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January 29, 2018 02:00 ET (07:00 GMT)

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