Last checked at 
26 Apr 2016 14:59
News Release
Guernsey, 26 April 2016
Princess NAV increases by 1.2% in March 2016
· Princess Private Equity Holding Limited's ("Princess") net asset value ("NAV") increased by 1.2% to EUR 9.53 per share in March 2016
· Overall portfolio developments were positive (+2.3%) while currency movements were negative (-0.8%)
· Princess received distributions of EUR 15.1 million from exited investments and invested EUR 10.1 million over the reporting period
In March 2016, Princess' NAV benefited from the quarterly revaluation of its direct investment portfolio. Portfolio companies Multiplan, Action and VAT Vakuumventile AG ("VAT") were amongst the largest value drivers. Action, one of Western Europe's largest non-food discount retailers based in the Netherlands, was written up due to EBITDA growth as the company continued its program of new store openings. Another material contributor to Princess' performance was the valuation uplift of VAT. In 2015, the global leader in the production of high-end vacuum valves increased its EBITDA by 22% to CHF 127 million, while also enhancing its EBITDA margin from 28.5% to 30.8%.
During the reporting period, Princess invested a total of EUR 10.1 million, of which EUR 7.7 million was allocated to Guardian Early Learning Group, an early childhood education group in Australia. Founded in 2004, Guardian today owns 71 early learning centers that provide more than 10'000 families and their children with high-quality early learning and care on a daily basis. In addition to its local community centers, Guardian is Australia's leading provider of company-sponsored childcare centers, providing the staff of some of the country's leading corporations with on- or near-site care for their children.
Distributions during the month came predominantly from Princess' legacy third party fund portfolio (EUR 8.6 million). Princess also received a dividend payment of EUR 6.0 million from its investment in Action, following the company's EUR 1.1 billion all-senior debt refinancing. This represents Action's third recapitalization since Partners Group's investment in 2011, supported by strong EBITDA growth over this period.
On Wednesday, 11 May 2016, Partners Group, the Investment Advisor to Princess, will give an update on the recent developments of the Princess portfolio based on unaudited figures as of 31 March 2016. Following the presentation there will be a Q&A session.
Further information is available in the monthly report which can be accessed via:
http://www.princess-privateequity.net/financialreports.
Post month-end, Partners Group announced the successful initial public offering (IPO) of VAT Group AG on the SIX Swiss Stock Exchange on 14 April 2016. Princess will receive gross proceeds of EUR 29.0 million, and will retain an on-going exposure of EUR 38.9 million based on VAT's share price on 22 April 2016. Post-IPO, Princess' exposure to VAT will be valued based on the share price on the SIX Swiss Stock Exchange (ticker: VACN). Adjusting for the impact of the IPO and subsequent development of VAT's share price, Princess' pro-forma NAV per share stood at EUR 9.80 as of 22 April 2016.
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 46 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 London Stock Exchange (ticker symbol: PEY). Further information: www.princess-privateequity.net.
Contacts
Princess Private Equity Holding Limited:
princess@princess-privateequity.net
www.princess-privateequity.net
Registered Number: 35241
Investor relations contact
George Crowe
Phone: +44 (0)20 7575 2771
E-mail: george.crowe@partnersgroup.com
Media relations contact
Partners Group
Jenny Blinch
Phone: +41 41 784 65 26
E-mail: 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.