Sale of Civica

Princess Private Equity Holding Ltd

22 November 2023

 

(LSE: PEYS/PEY)

Princess Private Equity Holding Limited

Sale of Civica

Princess Private Equity Holding Limited is pleased to inform you that Partners Group, Princess' Investment Manager, is selling Civica, a global provider of cloud software solutions for the public sector, to Blackstone.

·    Over 6,000 organisations use Civica's solutions to deliver critical services

·    Civica has high customer retention rates and benefits from strong recurring revenues

·    Partners Group acquired Civica in 2017 and transformed it into a pure software business

·    As of 30 September, Civica represented 2.8% of Princess' NAV

·    Completion of the transaction is subject to customary regulatory approvals and closing is expected in Q2 2024

Headquartered in the UK, Civica provides cloud software solutions to over 6,000 organisations across seven countries that deliver critical services to citizens. Civica's solutions are designed to help public bodies, including local councils, government departments, health and social care providers, and schools, operate more effectively through automating and streamlining services. The company has a comprehensive product portfolio covering workflow and automation, risk and compliance, workforce management, financial management, and data analytics and insights. Given Civica's role in supporting the delivery of critical services, the company maintains high customer retention rates and benefits from strong recurring revenues. Civica is well-positioned to continue capitalising on broad growth trends within the software market as organisations look to further digitise to provide better services and save money.

Partners Group acquired Civica in 2017 and has since transformed the company into a pure software business, pivoting away from its previous services such as IT management. This has driven Civica's strong growth, with EBITDA doubling since Partners Group's investment. During Partners Group's ownership, Civica has accelerated organic top line growth, developed a cloud offering, built out its offshore R&D operations, and executed 24 highly complementary add-on acquisitions. Together with the management team, Partners Group has also defined overarching functional priorities that will guide Civica's next phase of growth.

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 142 billion in investment programs under management in private markets, of which USD 74 billion 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: Sarah Page Phone: [phone] E-mail: [e-mail]

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