NB Private Equity delivered an NAV return of 45.1% over 2021 helped by its underlying investments generating 27% sales growth and 28% growth in EBITDA. $401m wort of realisations were achieved from the portfolio. Shareholders made a whopping 65% return, helped by a narrowing discount, and have made 500% over the past 10 years, over four and a half times the return on the UK equity market. NB Private Equity declared dividends totalling 72 cents for the period.
14 companies announced full or partial realisations during the year, at an 83% uplift to prior year values (confirming the conservative nature of the NAV) and 3.3x multiple of cost.
The trust started 2022 with a war chest (cash and undrawn credit) of $416m, but aims to be highly selective when making new investments and still had $402m available at end March 2022.
Against a backdrop of falling markets, the trust’s NAV has fallen by 3% over the first three months of 2022, but it has also achieved a further $77m of realisations including:
- MHS Global, NBPE’s fifth largest investment, announced a merger with Fortna and a significant minority investment from Abu Dhabi Investment Authority;
- the remaining assets of Telxius;
- the announced sale of Leaseplan to ALD automotive; and
- the announced sale of Omega Environmental Technologies to Olympus Partners.
The trust’s full annual report is available to read here
NBPE : Good 2021 extends NB Private Equity impressive track record