NAV increases by 3.6% in March

Princess Private Equity Holding Ltd

07 May 2024

 

(LSE: PEYS/PEY)

Princess Private Equity Holding Limited

NAV increases by 3.6% in March

·    NAV increased by 3.6% to EUR 14.67 per share; total net assets at EUR 1'014.20 million

·    Value creation at portfolio level added 4.6%, while currency movements were flat

·    Recently announced sale of SRS Distribution, the second largest portfolio company, was the largest contributor to NAV increase

·    Princess invested EUR 16.7 million and received distributions of EUR 2.4 million

Princess invested EUR 16.7 million, of which EUR 10.1 million was invested in ROSEN Group, a global provider of recurring, regulatory-driven inspection and integrity management services for energy transmission pipelines. Headquartered in Switzerland, ROSEN's core business involves the sending of high-tech, precision sensors through pipelines to detect corrosion or minor cracks, helping customers to optimize throughput and extend the useful life of essential infrastructure assets. Value creation initiatives include sales force and go-to-market optimization, and continued investment in technological innovation, R&D, and capital expenditure. As part of the transaction, the company's founder, Hermann Rosen, retained a significant minority stake and a seat on the board of directors.

EUR 6.4 million was invested in Velvet CARE, one of the leading European manufacturers of hygiene paper products. Headquartered in Klucze, Poland, with a history stretching back to 1897, Velvet CARE is one of the largest independent manufacturers of branded and private-label hygiene paper products, including toilet paper, paper towels, paper tissues, and moist toilet paper, in Central and Eastern Europe. With 850 employees, Velvet CARE distributes finished branded and private-label products via supermarkets, discounters, wholesalers, and other retailers. Its largest markets include Poland, the Czech Republic, and Germany.

During the month, Princess received EUR 2.4 million in distributions predominantly from the mature legacy fund portfolio.

Furthermore Galderma, a global dermatology company that develops, manufactures, and distributes a range of medical and consumer skin health solutions, announced its initial public offering ("IPO") on the SIX Swiss Exchange. Headquartered in Switzerland, the company has a global presence in over 50 locations across 40 countries, offering a portfolio of brands such as Epiduo, Differin, Dysport, Cetaphil, and Benzac. At the end of March, Princess' investment in Galderma was valued at EUR 24.6 million, consistent with February's carrying value. Princess is not expected to receive substantial proceeds in the short-term, while a lock-up period in connection with the IPO has been agreed upon for both selling shareholders and the company.

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 in private equity direct investments. Princess is managed in its investment activities by Partners Group, a global private markets investment management firm with USD 147 billion in investment programs under management in private markets, of which USD 76 billion is in private equity. 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

Investor relations contact: [e-mail] www.princess-privateequity.net

Media relations contact: Jenny Blinch Phone: [phone] E-mail: [e-mail]

Registered Number: 35241   LEI: 54930038LU8RDPFFVJ57

Notes:

1.     Note that references in this announcement to Princess Private Equity Holding Limited have been abbreviated to "Princess" or "Company". References to Partners Group AG have been abbreviated to "Partners Group " or "Investment Manager".

2.     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 Private Equity Holdings. 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 is not for distribution or publication, neither directly nor indirectly, in or into the United States of America, Canada, Australia or Japan.

3.     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.

 

END