Princess Private Equity has announced that Partners Group, the investment advisor to Princess Private Equity Holding (Princess), has agreed the sale of Trimco International Holdings Limited (Trimco), to funds advised by Affinity Equity Partners. The sale is for a total consideration of USD$520m, generating a 3.4x return on the original investment for Partners Group’s programs. Princess says that it will receive proceeds of approximately US$24.4m subject to closing adjustments, which compares to a carrying value of US$24.9m (EUR 20.9m) at 30 November 2017.
About Trimco International Holdings and Partners Group
Founded in Hong Kong in 1978, Trimco provides a full range of garment labels, tags and trimming products to apparel brands and retailers worldwide. Partners Group acquired Trimco in May 2012, and has subsequently worked alongside the senior management team, led by Miranda Kong, the Group CEO and Founder, to oversee a period of expansion. During this period, Partners Group say that Trimco quadrupled its business and grew from an Asia-centric manufacturing specialist into a global leader in its field. Partners Group highlight that a notable add-on acquisition during its five-year holding period included the 2015 purchase of Denmark-headquartered A-Tex, also a global provider of brand identity products including labels, hang-tags, packaging solutions and in-store decorations for leading European and US fashion brands. Trimco currently serves more than 500 clients worldwide and has grown from 400 employees in 2012 to more than 1,450 employees today. Trimco is headquartered in Hong Kong.
About Princess Private Equity
Princess Private Equity is an investment holding company domiciled in Guernsey that invests in private market investments. Investments include primary and secondary fund investments, direct investments and listed private equity. Princess aims to provide shareholders with both long-term capital growth and an attractive dividend yield. The portfolio has traditionally encompassed a broad sectoral exposure with large geographic exposures to Europe and North America. Buyouts transactions have traditionally dominated the portfolio, with a strong emphasis on small/mid-caps, whilst smaller allocations are made to special situations, mezzanine, venture and growth financing transactions.
Early in September 2017, the company introduced a sterling line of stock, PEYS, that is indistinguishable from the Euro line of stock except in regards to the currency it trades in. NB the PEYS portfolio is not hedged back into sterling.
Princess Private Equity to receive US$24m from sale of Trimco International : PEY