Patria Private Equity Trust plc
Legal Entity Identifier (LEI):
2138004MK7VPTZ99EV13
15 August 2024
Patria Private Equity Trust plc ("PPET" or "the Company")
announces its estimated net asset value ("NAV") at 31 July
2024
· Estimated NAV at 31 July 2024
was 762.8 pence per share (estimated NAV at 30 June 2024 was 774.0
pence per share)
· Excluding new investments,
98.8% by value of portfolio dated 31 March 2024 (estimated NAV at
30 June 2024 was 96.1% dated 31 March 2024)
· Second interim dividend of
4.2 pence per share paid on 26 July 2024
· PPET paid £15.2 million of
drawdowns to fund existing commitments and received £8.6 million of
distributions during the month of July
· One follow-on co-investment
completed during the month of July
· Outstanding commitments of
£620.3 million at 31 July 2024
· Liquid resources (cash
balances plus undrawn credit facilities) were
£159.5 million as at 31 July
2024
Estimated NAV
At 31 July 2024, PPET's estimated
NAV was 762.8 pence per share (estimated net assets £1,167.9
million)[1], representing a 1.4% per share
decrease from the estimated NAV at 30 June 2024 of 774.0 pence per
share (estimated net assets £1,186.4 million). The 11.2 pence per
share decrease reflected losses arising primarily from a 0.6%
depreciation in the euro versus sterling and a 1.6% depreciation in
the dollar versus sterling during July, in addition to the second
interim dividend payment of 4.2 pence per share (£6.4 million) on
26 July 2024. The NAV movement also includes the positive effects
of the Company's share buy-back program announced in January 2024
which is currently ongoing.
Drawdowns and distributions
PPET paid £15.2 million of drawdowns
to fund existing commitments and received £8.6 million of
distributions during the month of July. Including the funding of a follow-on co-investment, total net
outflows from investment activity amounted to £9.1 million in
July.
Drawdowns during the period were
across several of PPET's fund investments, primarily to fund new
underlying portfolio company investments and management fees.
Notable drawdowns in the portfolio during the month
included:
·
Hg Saturn 3: primarily to fund Visma, a provider
of cloud-based, mission critical business software; and Iris, a
leading global provider of mission-critical software and services
in accountancy, payroll, HR and education; and
·
MED Platform II: to fund Jeisys Medical Inc, a
leading developer, manufacturer, and supplier of energybased
devices for anti-ageing and disease-fighting indications, as part
of a tendor offer to take the company private; and another new
portfolio company which remains undisclosed for the time
being.
The distributions received generated
realised gains and income of £5.2 million largely related to
realisations in PPET's underlying portfolio of companies, the most
notable relating to the sale of SportGroup (a leading designer,
manufacturer and installer of artificial surfaces serving the
global sports flooring, leisure and landscaping and industrial
markets to over 70 countries globally) by Equistone V.
Investment activity
A follow-on investment of €3.0m was
made to PPET's existing co-investment in Goodlife, a leading
manufacturer of frozen snacks in Europe, for the acquisition of
Audens Group Solutions, a leading manufacturer in the Iberian
frozen food market. The combination will result in a highly
complementary group producing and selling innovative frozen food
snacks and meal components across Europe.
Commitments
The Company had £620.3 million of
outstanding commitments at 31 July 2024. The Manager believes that
around £92.6 million of the Company's existing outstanding
commitments are unlikely to be drawn.
Credit facility and cash balances
The Company has a £300.0 million
syndicated revolving credit facility provided by The Royal Bank of
Scotland International Limited, Societe Generale and State Street
Bank International GmbH, and it expires in December 2025. The
Company drew a net total of £1.7 million from the facility during
the month of July, increasing the total drawn balance to £153.3
million at 31 July 2024. The remaining undrawn balance of the
facility at 31 July 2024
was therefore £146.7 million.
In addition, the Company had cash
balances of £12.8 million at 31 July
2024. Liquid resources, calculated as the
total of cash balances and the undrawn balance of the credit
facility, were therefore £159.5 million as at 31 July 2024.
For
further information please contact Alan Gauld and Amber Sarafilovic
at Patria Capital Partners LLP (via SEC Newgate at
PPET@secnewgate.co.uk)
Notes:-
Patria Private Equity Trust plc is
an investment company managed by Patria Capital Partners LLP, the
ordinary shares of which are admitted to listing by the UK Listing
Authority and to trading on the Stock Exchange and which seeks to
conduct its affairs so as to qualify as an investment trust under
sections 1158-1165 of the Corporation Tax Act 2010.
Additional detail about PPET's NAV
and investment diversification can be found on PPET's website
(www.patriaprivateequitytrust.com).
Neither the contents of the Company's website nor the contents of
any website accessible from hyperlinks on the Company's website is
incorporated into, or forms part of, this announcement.