24th Mar 2015 10:52
LONDON (Alliance News) - Princess Private Equity Holding Ltd Tuesday said its net asset value increased by 0.8% in February, boosted by developments in its portfolio and positive currency movements.
In a statement, the private equity investor said its NAV per share amounted to EUR8.87 at the end of February.
It deployed EUR0.7 million to new investments and received distributions of EUR4.2 million in that month.
"In February, Princess made an add-on direct investment, providing EUR0.5 million of mezzanine financing to a manufacturer of engineered structures for the power and wireless markets. The company will use the funds to support the acquisition of one of the largest providers of engineered, tubular steel structures used in electricity transmission and distribution," Princess said.
"The acquisition is envisaged to increase revenues through cross-selling opportunities, as well as provide cost synergies by streamlining manufacturing operations. Princess first invested in the company in 2012. Following the add-on investment, Princess' total exposure amounts to EUR1.5 million. The investment is confidential due to contractual obligations," Princess added.
The company also said that most of its distributions came from its mature legacy fund portfolio.
Princess shares were up 0.1% at EUR7.78 on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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