Princess Private Equity Holding Ltd Sale of Civica (3402U)
November 22 2023 - 6:30AM
UK Regulatory
TIDMPEY TIDMPEYS
RNS Number : 3402U
Princess Private Equity Holding Ltd
22 November 2023
(LSE: PEYS/PEY)
Princess Private Equity Holding Limited
Sale of Civica
Princess Private Equity Holding Limited is pleased to inform you
that Partners Group, Princess' Investment Manager, is selling
Civica, a global provider of cloud software solutions for the
public sector, to Blackstone.
-- Over 6,000 organisations use Civica's solutions to deliver critical services
-- Civica has high customer retention rates and benefits from strong recurring revenues
-- Partners Group acquired Civica in 2017 and transformed it into a pure software business
-- As of 30 September, Civica represented 2.8% of Princess' NAV
-- Completion of the transaction is subject to customary
regulatory approvals and closing is expected in Q2 2024
Headquartered in the UK, Civica provides cloud software
solutions to over 6,000 organisations across seven countries that
deliver critical services to citizens. Civica's solutions are
designed to help public bodies, including local councils,
government departments, health and social care providers, and
schools, operate more effectively through automating and
streamlining services. The company has a comprehensive product
portfolio covering workflow and automation, risk and compliance,
workforce management, financial management, and data analytics and
insights. Given Civica's role in supporting the delivery of
critical services, the company maintains high customer retention
rates and benefits from strong recurring revenues. Civica is
well-positioned to continue capitalising on broad growth trends
within the software market as organisations look to further
digitise to provide better services and save money.
Partners Group acquired Civica in 2017 and has since transformed
the company 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 top line growth, developed a cloud offering,
built out its offshore R&D operations, and executed 24 highly
complementary add-on acquisitions. Together with the management
team, Partners Group has also defined overarching functional
priorities that will guide Civica's next phase of growth.
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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