Princess Private Equity Boosted By Discounter Action In March

LONDON (Alliance News) - Princess Private Equity Holding Ltd, a London-listed private equity and private debt investor, Tuesday said the quarterly revaluation of its direct investment portfolio gave it a boost in March.

Its net asset value - the difference between asset and liabilities - increased by 1.2% to EUR9.53 per share in March.

Action Nederland BV, a non-food discount retailer based in the Netherlands, was written up after reporting that its operating earnings before interest, tax, depreciation and amortisation grew by 36% to EUR226 million in 2015.

Another contributor to Princess' performance was the valuation uplift of VAT Group AG, a supplier of high-end vacuum valves, which increased its Ebitda by 22% to CHF127 million. Partners Group, investment adviser to Princess, announced the initial public offering of VAT on the SIX Swiss Stock Exchange earlier in April.

Following the IPO, Princess's exposure to VAT will be valued based on its share price on the SIX Swiss Stock Exchange. Adjusting for the IPO and subsequent movement in VAT's share price, Princess's face value NAV per share stood at EUR9.80 as of Friday last week.

Princess received distributions of EUR 15.1 million from exited investments and invested EUR 10.1 million in March.

Shares in Princess were up 0.4% at 7.34 pence on Tuesday afternoon.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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