NB Private Equity Partners Limited Nb Private Equity: Announces Significant Realisation
December 16 2020 - 2:00AM
UK Regulatory
TIDMNBPE
THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE
UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS
NB Private Equity Partners Announces Significant Realisation
16 December 2020
NB Private Equity Partners ("NBPE" or the "Company") today announces the
realisation of its largest investment, ProAmpac. As of 30 November 2020,
NBPE's combined debt and equity position was held at approximately $49
million of value. NBPE invested in ProAmpac alongside Pritzker Private
Capital in November 2016. The company has performed extremely well over
the life of the investment and we're pleased with this very successful
outcome for NBPE and the continued prospects for the company. A portion
of NBPE's equity investment was re-invested and post this re-investment,
NBPE is expected to receive approximately $44 million of total cash
proceeds. Separately, NBPE expects to receive $5.4 million in connection
with the liquidation of its investment in NB Crossroads Fund XVIII
before year end. Following these realisations, NBPE expects to pay down
$50.0 million on its credit facility.
On a pro forma basis, following these realisations and credit facility
payback:
-- Investment level will be 120%
-- Total credit facility borrowings drawn will be $35.0 million (with $4.0
million of cash on the balance sheet)
-- Fund investments are 1.6% of private equity fair value
A pro forma balance sheet is presented below:
$ in millions 30 November 2020
------------- ---------------------------------------------------------------
NBPE Balance
Sheet
Summary Actual Pro Forma
------------- ------------------------------ -------------------------------
Investment
Value $1,195.8 $1,145.4
------------- ------------------------------ -------------------------------
Cash 3.7 4.0
------------- ------------------------------ -------------------------------
Credit
Facility (85.0) (35.0)
------------- ------------------------------ -------------------------------
ZDPs (152.8) (152.8)
------------- ------------------------------ -------------------------------
Other (6.5) (6.5)
------------- ------------------------------ -------------------------------
NAV $955.1 $955.1
------------- ------------------------------ -------------------------------
Investment
Level 125% 120%
------------- ------------------------------ -------------------------------
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3603 2803
Charles Gorman
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nbpe@kl-communications.com
About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market
leading private equity firms globally. NB Alternatives Advisers LLC (the
"Investment Manager"), an indirect wholly owned subsidiary of Neuberger
Berman Group LLC, is responsible for sourcing, execution and management
of NBPE. The vast majority of direct investments are made with no
management fee / no carried interest payable to third-party GPs,
offering greater fee efficiency than other listed private equity
companies. NBPE seeks capital appreciation through growth in net asset
value over time while paying a bi-annual dividend.
LEI number: 213800UJH93NH8IOFQ77
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent,
employee-owned investment manager. The firm manages a range of
strategies--including equity, fixed income, quantitative and multi-asset
class, private equity, real estate and hedge funds--on behalf of
institutions, advisors and individual investors globally. With offices
in 24 countries, Neuberger Berman's diverse team has over 2,300
professionals. For six consecutive years, the company has been named
first or second in Pensions & Investments Best Places to Work in Money
Management survey (among those with 1,000 employees or more). In 2020,
the
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PRI named Neuberger Berman a Leader, a designation awarded to fewer than
1% of investment firms for excellence in Environmental, Social and
Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+
in every eligible category for our approach to ESG integration across
asset classes. The firm manages $374 billion in client assets as of
September 30, 2020. For more information, please visit our website at
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www.nb.com.
This press release appears as a matter of record only and does not
constitute an offer to sell or a solicitation of an offer to purchase
any security.
NBPE is established as a closed-end investment company domiciled in
Guernsey. NBPE has received the necessary consent of the Guernsey
Financial Services Commission. The value of investments may fluctuate.
Results achieved in the past are no guarantee of future results. This
document is not intended to constitute legal, tax or accounting advice
or investment recommendations. Prospective investors are advised to seek
expert legal, financial, tax and other professional advice before making
any investment decision. Statements contained in this document that are
not historical facts are based on current expectations, estimates,
projections, opinions and beliefs of NBPE's investment manager. Such
statements involve known and unknown risks, uncertainties and other
factors, and undue reliance should not be placed thereon. Additionally,
this document contains "forward-looking statements." Actual events or
results or the actual performance of NBPE may differ materially from
those reflected or contemplated in such targets or forward-looking
statements.
(END) Dow Jones Newswires
December 16, 2020 02:00 ET (07:00 GMT)
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