Princess Private Equity Holding Ltd Princess publishes November NAV (7041Y)
05 Gennaio 2024 - 8:00AM
UK Regulatory
TIDMPEY TIDMPEYS
RNS Number : 7041Y
Princess Private Equity Holding Ltd
05 January 2024
(LSE: PEYS/PEY)
Princess Private Equity Holding Limited
Princess publishes November NAV
-- Net asset value decreased by 0.9% to EUR 14.47 per share, net
of the interim dividend of EUR 0.365 per share; total NAV at EUR 1
billion
-- The FY 2023 dividend of EUR 0.73 per share, which includes
the first interim dividend paid in June, aligns with the objective
to distribute 5% of opening NAV annually
-- Value creation contributed to NAV (+0.7%), however the gains
were outweighed by adverse currency movements (-1.3%), caused by
the strengthening of the euro against the US dollar
-- Agreed sale of Civica
At portfolio level, PCI Pharma Services ("PCI"), DiversiTech and
Pharmathen, all three companies amongst the top 20 positions, were
notable contributors to value creation during the month. The value
of PCI, a global provider of outsourced pharmaceutical services
based in the US, increased on the back of its continued robust
financial performance driven by continued organic growth across all
segments including its injectable business, Lyophilization Services
of New England.
DiversiTech, a manufacturer of components and supplies for the
US residential heating, ventilation, and air conditioning ("HVAC")
market, experienced an increase in value driven by a healthy
combination of both organic and inorganic growth, which was further
supported by the earlier acquisition of Castel Engineering
(November 2022) and Pro1 Themostats (June 2023). Moreover,
DiversiTech acquired GIA Group, an Italian manufacturer and
supplier of HVAC parts. The acquisition will greatly expand the
product range and services of DiversiTech International, a new
subsidiary business formed after DiversiTech's acquisition of
Castel Engineering.
Pharmathen, a leading developer of advanced drug delivery
technologies for complex pharmaceutical products, appreciated in
value during the month, reflecting its continued strong financial
performance driven by higher-than-expected sales and strong growth
in long-acting injectable products in the US and European market.
The acquisition of a Greek developer and manufacturer of peptide
active pharmaceutical ingredients offers valuable vertical
integration and enhances the company's development capabilities,
contributing to a positive outlook for future growth.
Finally, Partners Group, acting on behalf of its clients, has
agreed to sell Civica, a global provider of cloud software
solutions for the public sector. Partners Group acquired Civica in
2017 and has since transformed Civica 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 topline growth, developed
a cloud offering, built out its offshore R&D operations, and
executed 24 highly complementary add-on acquisitions. The sale is
expected to complete in Q2 2024.
Further information is available in the monthly report, which
can be accessed via:
http://www.princess-privateequity.net/en/investor-relations/financial-reports/.
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:
princess@partnersgroup.com
www.princess-privateequity.net
Investor relations contact: Media relations contact:
Sarah Page Jenny Blinch
Phone: +44 20 7575 2695 Phone: +41 41 784 65 26
E-mail: sarah.page@partnersgroup.com E-mail: jenny.blinch@partnersgroup.com
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.
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END
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