Last checked at 
26 Feb 2020 07:00
News Release
Guernsey, 26 February 2020
NAV increases by 0.2% in January
·; Princess Private Equity Holding Limited's (Princess) net asset value increased by 0.2% to EUR 12.59 per share
·; Portfolio developments (+0.2%) and currency movements (+0.2%) were positive
·; Princess invested EUR 27.9 million during the month and received distributions of EUR 10.2 million
Princess invested a total of EUR 27.9 million during the month of January, of which EUR 6.8 million was invested in portfolio company AMMEGA, a global leader in mission critical belting solutions. The additional equity will be used to finance the acquisition of Midwest Industrial Rubber (MIR), the largest lightweight belting fabricator and value-added distributor in the US. Founded in 1980, MIR operates in 29 locations across the US, servicing more than 2'000 large blue-chip customers across approximately 3'500 facilities. It covers a diverse range of end-markets such as prepared foods, agriculture and dairy, hygiene, industrials as well as carton and paper. MIR has long-term relationships with its customers, evidenced by an average relationship length of over 15 years for its top-ten customers, and a retention rate of over 96% across its entire customer base. The acquisition supports the expansion of AMMEGA's business in the Americas, which is expected to grow by 1.5 times in sales, while increasing EBITDA and net synergies, over the next five years.
EUR 11.2 million was invested in eResearch Technology, alongside lead investors Astorg and Nordic Capital. eResearch Technology is a provider of integrated online software application services that enable the pharmaceutical, biotechnology and medical device industries to collect, interpret and distribute cardiac safety and clinical data more efficiently during clinical trials. The investment represents an opportunity to gain exposure to a company with a leading market position in a growing segment with high barriers to entry, supported by market trends driven by digitization of clinical trial tests.
EUR 9.9 million was invested in Allied Universal (fka Universal Services of America), a US-base provider of facility and security services. Princess was previously invested in the business from 2013 until 2015 when Partners Group sold a controlling equity stake to Warburg Pincus. As part of the current transaction, Princess alongside other programs managed/advised by Partners Group, will re-invest in Allied Universal through a new vehicle managed by Warburg Pincus. Since Partners Group's original investment in 2013, Allied Universal has led the industry's consolidation through dozens of complementary acquisitions. Such M&As strengthened Allied Universal's market position in North America, while increasing its service portfolio and expanding into new territories such as Central and Latin America, and the UK. In addition, the company realized considerable cost and operational synergies.
Princess received distributions of EUR 10.2 million during the month, predominantly from the mature legacy fund portfolio.
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 USD 94 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: +44 207 575 2571
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.