Last checked at 
25 Jul 2016 07:00
News Release
Guernsey, 25 July 2016
Princess NAV increases by 1.3% in June
· Princess Private Equity Holding Limited's ("Princess") net asset value ("NAV") increased by 1.3% to EUR 9.78 per share
· Overall portfolio developments (+1.8%) were positive while currency movements (-0.1%) were slightly negative
· Princess received distributions of EUR 66.4 million from exited investments and invested EUR 14.0 million
Portfolio companies Action, VAT Group AG (VAT) and KinderCare Education were amongst the largest value drivers in June. Action, one of Western Europe's largest non-food discount retailers based in the Netherlands, was written up due to continued strong earnings growth, as the company continued its program of new store openings. Another material contributor to Princess' performance was VAT which recorded a positive share price development during June (+12.4% in CHF), following its over-subscribed IPO in April. KinderCare Education, a leading provider of early childhood education and care services for children aged six weeks to twelve years old, reported higher than forecasted center occupancy rates and an increase in EBITDA for the second quarter 2016.
Distributions during the month had a positive impact on Princess' net liquidity position. Princess received gross proceeds of EUR 57.7 million following the realization of MultiPlan, Inc., control of which was acquired by Hellman & Friedman. As part of the transaction, Princess retained a minority investment in the company, reinvesting a portion of its proceeds (EUR 9.9 million) alongside Hellman & Friedman to participate in further value creation opportunities, such as the continued development of MultiPlan's fraud, waste and abuse product offering.
Princess also received EUR 4.3 million from the sale of Strategic Partners, a leading US supplier of healthcare apparel. Since investment in August 2012, Strategic Partners has embarked on numerous value creation initiatives, including the development and launch of innovative new products and clothing lines, the optimization of the company's supply chain, and the further broadening of its client base.
During June, Princess invested a total of EUR 14.0 million, of which EUR 9.9 million was allocated to the roll-over investment in MultiPlan, Inc. referred to above. Princess made two new private debt investments during the month, investing EUR 2.1 million in the second lien senior debt of a distributor of radio frequency, microwave and millimeter wave products (company name is subject to confidentiality agreement) and EUR 1.1 million in the first lien debt of Netsmart, a provider of software and technology solutions to the healthcare industry.
Princess will hold an investor conference call on 18 August 2016, at 10:00 BST to update interested parties on the recent developments of the Princess portfolio. The information announced will refer to unaudited figures as of 30 June 2016.
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Date: | Thursday, 18 August 2016
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Time: | 10:00 - 11:00 BST (Dublin, London) 11:00 - 12:00 CET (Zurich, Frankfurt)
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Phone numbers: | +44 (0)203 059 58 62 (from the UK) +41 (0)58 310 50 00 (from Continental Europe) +1 (1)631 570 56 13 (USA)
All lines will be open 10 minutes prior to the beginning of the conference call.
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The results presentation will be available shortly before the call at http://www.princess-privateequity.net/en/investor_relations/web_cast_live-events.php?ml
Further information is available in the monthly report which can be accessed via:
http://www.princess-privateequity.net/financialreports.
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 over EUR 49 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
Email: george.crowe@partnersgroup.com
Media relations contact
Partners Group
Jenny Blinch
Phone: +41 41 784 65 26
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.