PRINCESS PRIVATE EQUITY HOLDING LIMITED P R I N C E S S P R I V A T E E Q U I T Y H O L D I N G L I M I T E D
M o n t h l y r e p o r t a s o f 3 0 J u n e 2 0 2 1
NAV increases by 4.8% in June
- Princess Private Equity Holding Limited's (Princess or the Company) net asset value increased by 4.8% to EUR 15.24 per share
- Portfolio developments (+4.8%) and currency movements (+0.1%) were positive
- Princess invested EUR 6.4 million and received distributions of EUR 34.2 million
In June, Princess' NAV increased by 4.8%, bring performance for the first half-year to +16.7%. The positive performance was driven by a number of portfolio companies. Amongst the largest value drivers was Foncia, a property management and real estate services provider in France. The company continues to strengthen its position in the French market via M&A, with close to 50 acquisitions closed in FY2021. Foncia has also hired new country heads to lead the company's expansion in the German and Belgian markets. SPi Global, a content and data solutions provider, was positively revalued. Performance has been strong across all divisions: the edtech solutions business unit has achieved strong growth on the back of robust e-learning tailwinds continuing in 2021; the data solutions business has seen robust sales momentum with several new account wins; and research content services continues to outperform budget. SPi has been rebranded to 'Straive', which reflects the company's transformation from a content services provider to a content, data, and edtech solutions player.
Princess received distributions of EUR 34.2 million, including proceeds of EUR 26.8 million following the exit of Cerba HealthCare, a leading player in medical diagnostics. Over its four-year period of ownership, Partners Group worked alongside Cerba's management team to enhance its operations in new markets and expand its international footprint. Further, Princess received distributions of EUR 6.1 million which stemmed from SRS Distribution, a US distributor of roofing products, supported by strong same-store-sales growth. SRS remains highly acquisitive and recently expanded its regional presence in Chicago with acquisitions of three additional distributors, bringing the number of locations to 460 across 44 states.
Key figures
In EUR | 31.05.2021 | 30.06.2021 |
NAV per share | 14.54 | 15.24 |
Share price | 13.00 | 12.90 |
Discount to NAV | -10.6% | -15.3% |
Portfolio (in million) | 1'025.13 | 1'074.95 |
Net current assets (in million) | -19.65 | -21.25 |
Net asset value (in million) | 1'005.48 | 1'053.69 |
Unfunded commitments (in million) | 116.79 | 114.47 |
Undrawn credit facility (in million) | 69.00 | 53.00 |
Dividend LTM | 0.625 | 0.625 |
Dividend yield | 4.8% | 4.8% |
Key figures in GBP
In GBP | 31.05.2021 | 30.06.2021 |
NAV per share | 12.51 | 13.07 |
Share price | 10.90 | 10.98 |
NAV performance since inception (total return)
400 | 50% | |
300 | 25% | |
200 | ||
100 | 0% | |
0 | 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 | -25% |
- Princess ■ MSCI World TR ■ Performance (RHS)
Princess invested EUR 6.4 million in Axia Women's Health, a leading women's healthcare provider in the US. Axia provides a highly integrated platform of non-clinical business and administrative support services to its network of physician practices across the US. Axia has partnered with more than 80 care centers comprising 150 locations, which offer a wide range of care, including obstetrics, gynecology, laboratory, mammography, urogynecology, fertility, and other sub-specialties. Partners Group will work closely with Axia's management team on a range of value creation initiatives such as expanding in-demand ancillary services; improving patient experience, out- comes, and engagement; and continued accretive M&A in both its existing geographical footprint and new regions.
Princess will hold a quarterly investor update on 17 August 2021 at 10:00 BST / 11:00 CET. During the webcast, Partners Group, the Investment Manager to Princess, will give an update on the recent developments of the Princess portfolio based on unaudited figures as of 30 June 2021. Please find the registration detailson the Company's webpage or register directly here.
Total return in EUR (%)
YTD | 1 year | 3 years | 5 years | |
Princess NAV | 16.7 | 34.6 | 57.0 | 97.0 |
Princess share price | 9.8 | 41.5 | 45.7 | 124.8 |
MSCI World TR | 16.7 | 31.7 | 49.7 | 87.2 |
Largest ten direct investments
% of NAV | |||||
1. | International Schools Partnership | WEU | Consumer | 13.5 | |
discretionary | |||||
2. | GlobalLogic Inc. | NAM | Information | 10.0 | |
technology | |||||
3. | Foncia | WEU | Financials | 5.0 | |
4. | Ammega (Megadyne - Ammeraal Beltech) | WEU | Industrials | 3.5 | |
5. | KinderCare Education | NAM | Consumer | 3.4 | |
discretionary | |||||
6. | Fermaca | ROW | Energy | 3.2 | |
7. | Techem Metering GmbH | WEU | Industrials | 3.1 | |
8. | Vishal Mega Mart | APC | Consumer | 3.1 | |
discretionary | |||||
9. | SRS Distribution, Inc. | NAM | Materials | 3.1 | |
10. | Hearthside Food Solutions | NAM | Consumer | 2.5 | |
staples | |||||
Monthly NAV performance (total return)
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
2016 | -1.1% | 0.1% | 1.2% | 2.0% | 2.1% | 1.3% | -0.0% | 2.1% | 1.8% | 0.3% | 0.6% | 1.8% | 12.9% |
2017 | 1.0% | 2.1% | 2.7% | 1.1% | -0.0% | 1.6% | -0.4% | -0.2% | 1.8% | 0.4% | -0.5% | 1.1% | 11.2% |
2018 | 0.2% | 1.0% | 0.7% | 0.8% | 0.2% | 2.7% | 1.1% | 0.2% | 2.1% | -0.6% | -0.2% | -1.6% | 6.8% |
2019 | 0.7% | 1.8% | 3.0% | 0.6% | 0.8% | 2.3% | 0.4% | -0.2% | 4.2% | -0.4% | 0.5% | 5.7% | 21.1% |
2020 | 0.2% | -1.0% | -14.1% | 5.6% | 3.0% | 2.9% | 2.3% | 3.1% | 3.8% | -0.8% | 3.1% | 3.1% | 10.0% |
2021 | 0.1% | 0.9% | 7.3% | 1.5% | 1.2% | 4.8% | 16.7% |
P R I N C E S S P R I V A T E E Q U I T Y H O L D I N G L I M I T E D
M o n t h l y r e p o r t a s o f 3 0 J u n e 2 0 2 1
Princess Private Equity Holding Limited (Princess or the Company) is an investment holding company listed on the London Stock Exchange. The Company's investment objective is to provide shareholders with long-term capital growth and an attractive dividend yield by investing in a global portfolio of private companies. Princess is managed in its investment activities by Partners Group, a global private markets investment management firm with USD 119 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure.
Information
For further information please visit:
www.princess-privateequity.net
Investor Relations
Phone: +44 (0) 1481 711 690
Fax: +44 (0) 1481 730 947 princess@partnersgroup.com
Registered Office
Princess Private Equity Holding Limited
Tudor House
P.O. Box 477
Guernsey, GY1 6BD
Key facts
Stock exchange | London |
Reuters Euro Quote | PEY.L |
Reuters Sterling Quote | PEYS.L |
Bloomberg Euro Quote | PEY LN |
Bloomberg Sterling Quote | PEYS LN |
ISIN (Euro and Sterling Quote) | GG00B28C2R28 |
Sedol Euro Quote | B28C2R2 |
Sedol Sterling Quote | BF012D4 |
Product life start date | 12.05.1999 |
Shares outstanding | 69'151'168 |
Portfolio composition
Investments by regional focus | |||||
A | Europe | 44% | |||
D | B | North America | 41% | ||
C | Asia-Pacific | 8% | |||
C | |||||
D | Rest of World | 7% | |||
A | |||||
B | |||||
Investments by financing category | |||||
A | Small/Mid-cap | 58% | |||
E | F | B | Large/mega-large-cap | 17% | |
D | C | Growth | 11% | ||
D | Special situations | 8% | |||
C | E | Venture capital | 5% | ||
F | Mezzanine | 1% |
A
B
Investments by transaction type | |||
A | Direct | 95% | |
B | B | Primary | 5% |
A
Key figures in GBP EUR NAV converted to GBP at month-end GBP/EUR exchange rate from Bloomberg. NAV performance since inception (total return) Indexed to 100. Since inception of Princess Private Equity Holding Limited. Princess: based on monthly total return valuations. MSCI World TR: Bloomberg NDDUWI Index in EUR. Largest ten direct investments Based on net asset value. Portfolio composition Based on total value of investments.
This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the product described herein. This report was prepared using financial information contained in the company's books and records as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This report describes past performance, which may not be indicative of future results. The company does not accept any liability for actions taken on the basis of the information provided. Please consult the constituent documents for a more complete description of the terms.
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Disclaimer
Princess Private Equity Holding Limited published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 06:02:04 UTC.
