- Princess Private Equity (PEY) announced an update for the month of May with NAV improving by 2%. The positive performance was mainly driven by positive foreign exchange movements as the Euro depreciated in May against the US dollar. A number of portfolio companies also materially contributed, with KinderCare being the most notable. KinderCare is the largest for-profit provider of early childhood education and care services in the US, which has seen double-digit growth in revenue and EBITDA, mainly attributable to strong enrolment rates. Techem, a global sub-metering services provider, was also a large contributor, whose valuation increased on the back of robust financial performance supported by regulatory tailwinds and long-term contracts with customers.
- Acuity RM Group (ACRM, formerly Drumz and before that Energiser Investments) confirmed its previously announced board changes with Simon Marvell retiring as a director of the company. Kerry Chambers has been appointed as a director and CEO.
- ICG Enterprise Trust (ICGT) has announced that it is making a €10m co-investment alongside Cinven, a leading international private equity manager, to support the acquisition of Archer. Upon completion of the transaction, ICGT will hold both a direct investment in Archer and a primary investment, via its position as a limited partner in the Cinven fund. Archer is a leading provider of governance, risk and compliance software globally in a highly fragmented market. Founded in 2000, Archer has a 20+ year track record of providing integrated risk management and software solutions to a diverse and growing customer base of large and mid-sized enterprises. Archer has a strong global footprint, with operations in the US, Europe, the Middle East, and Asia/Pacific. Cinven will work in close partnership with management to continue internationalising the business, including executing opportunities to expand Archer’s presence in key markets and verticals across both North America and Europe.
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