26th May 2009 08:43
News Release
Guernsey, 26 May 2009
Princess partnership successfully exits US medical waste company
MedServe, a US medical waste disposal company and portfolio company of Princess partnership Avista Capital Partners, was sold for a total of USD 185 million to the company's Nasdaq listed competitor Stericycle. Avista orginally invested USD 50 million in MedServe as part of a USD 70 million transaction in September 2006. Private equity sponsorship enabled MedServe to pursue a growth strategy and increase its market share by way of acquiring competitors and capitalizing on consolidation opportunities in the medical waste disposal industry. Following Avista's investment, MedServe completed almost 20 acquisitions during the past two and a half years and its operations comprised 25 locations as at the end of last year.
Dr. Stephan Schäli, Partner and Head Private Capital at Princess' Investment Advisor Partners Group, comments: "Avista's highly successful exit of MedServe demonstrates that quality companies can still be sold at a significant profit despite the challenging market environment. The hands-on approach applied by partnerships in Princess' portfolio such as Avista proves that being operationally active in portfolio companies is particularly important in this difficult market environment."
About Princess
Princess is an investment holding company founded in 1999 and domiciled in Guernsey that invests in private equity and private debt investments. The Company is advised in its investment activities by Partners Group AG, a global alternative asset management firm listed on the SIX Swiss Exchange (ticker symbol: PGHN) with over CHF 24 billion assets under management in private equity, private debt, private real estate, private infrastructure, absolute return strategies and listed alternatives. Princess aims to provide shareholders with long-term capital growth and an attractive dividend yield. Princess is traded on the Frankfurt Stock Exchange (ticker symbol: PEY1) and 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
Media enquiries:
Partners Group AG
Tamara Krebs
Communications
Tel.: +41 41 768 85 26
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 Private Equity Holding Limited. 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.
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.
Approved by Partners Group (UK) Ltd., authorised and regulated by the Financial Services Authority in the United Kingdom.
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