REG - Partners Grp Pvt Eqt Partners Grp E-PEYS - Portfolio company prices IPO and lists on NYSE

Partners Private EquityAnnouncement

10/10/2024 07:15

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RNS Number : 6851H  Partners Group Private Equity Ltd  10 October 2024

(LSE: PEYS/PEY)

 

Partners Group Private Equity Limited

 

Portfolio company KinderCare prices IPO and lists on New York Stock Exchange

 

·    KinderCare is the seventh largest portfolio company for PGPE Ltd, at
3.6% NAV as of latest published NAV

·    KinderCare priced its initial public offering of 24,000,000 shares of
common stock at USD 24.00 per share, amounting to USD 576 million i 

·    Based on the closing share price of USD 26.13 after KinderCare's
first trading day, the market cap stands at USD 3.0 billion

·    The shares are listed on the New York Stock Exchange under the symbol
KLC

·    KinderCare is the largest private provider of high-quality early
childhood education in the US by center capacity with the ability to serve
over 200,000 children across its more than 2,400 centers and sites

 

Partners Group, the Investment Manager of PGPE Ltd and one of the largest
firms in the global private markets industry, acting on behalf of its clients,
announces that shares in its portfolio company KinderCare Learning Companies
("KinderCare" or "the company"), a leading early childhood education services
provider in the US, began trading on the New York Stock Exchange on 9 October
2024, following the pricing of its initial public offering ("IPO").
KinderCare's stock is listed under the ticker "KLC".

 

The IPO of 24,000,000 shares of KinderCare's common stock priced at USD 24.00
per share. Following the IPO, funds affiliated with or advised by affiliates
of Partners Group hold approximately 71% of KinderCare's common stock. Based
on the closing price of USD 26.13 per share after KinderCare's first trading
day on the New York Stock Exchange, this implies an exposure of approximately
EUR 53 million ii  (or USD 58 million) for PGPE Ltd, representing an uplift of
approximately 50% over the carrying value of EUR 35 million (USD 39 million)
as of 31 August 2024. PGPE Ltd is not expected to receive proceeds in the
short-term, while a lock-up period of 180 days in connection with the IPO has
been agreed upon for both pre-IPO stockholders, the company and its officers
and directors. KinderCare is a parent holding company with operations
conducted through its wholly owned subsidiaries for its portfolio of brands:
KinderCare Learning Centers, Crème Schools, and Champions.

 

Founded in 1969, KinderCare is the largest provider of high-quality early
childhood education in the US by center capacity, with the ability to serve
over 200,000 children across 2,400 centers and sites and employing more than
43,000 teachers and staff. KinderCare offers differentiated flexible childcare
solutions to meet today's dynamic work environment across its family of
brands. KinderCare Learning Centers provide community-based centers that offer
early childhood education and care for children from six weeks to 12 years
old. Crème Schools provides a premium early education model using a variety
of themed classrooms for children from six weeks to 12 years old. Champions
offers before- and after-school programs for school-age children. KinderCare
also partners with employers nationwide to address the childcare needs of
today's dynamic workforce - through customized family care benefits for
organizations, including care for young children on or near the site where
their parents work, tuition benefits, and backup care where KinderCare
programs are located. The focus of KinderCare's management on creating an
inclusive work culture has led to high levels of employee engagement,
resulting in the company winning the Gallup Exceptional Workplace Award
consecutively for the last eight years - one of only two current organizations
worldwide to achieve this milestone for eight consecutive years.

 

Partners Group acquired KinderCare in 2015, supporting KinderCare's business
transformation to optimize center footprint, drive compound same-center
revenue growth, and increase same-center occupancy. KinderCare has also
invested in its curriculum, human capital, and technology infrastructure to
accelerate growth and strengthen its commitment to quality.

 

Further information is available in the press release
(https://www.partnersgroup.com/en/news-and-views/press-releases/investment-news/detail?news_id=0eb1282e-892c-4d7b-b244-f5196e414fd7)
issued by Partners Group.

 

 

Ends.

 

About Partners Group Private Equity Limited

PGPE Ltd (formerly Princess Private Equity Holding Limited) is an investment
holding company founded in 1999 and domiciled in Guernsey. It invests in
private equity direct investments. PGPE Ltd is managed in its investment
activities by Partners Group, a global private markets investment management
firm with USD 149 billion in investment programs under management in private
markets, of which USD 76 billion is in private equity. PGPE Ltd aims to
provide shareholders with long-term capital growth and an attractive dividend
yield. PGPE Ltd is traded on the Main Market of the London Stock Exchange
(ticker: PEY for the Euro Quote; PEYS for the Sterling Quote).

 

Contacts

Partners Group Private Equity Limited:

pgpe-ltd@partnersgroup.com

www.partnersgroupprivateequitylimited.com

 

 Investor relations contact:                  Media relations contact:

 Andreea Mateescu                             Jenny Blinch

 Phone: +41 41 784 66 73                      Phone: +41 41 784 65 26

 E-mail: andreea.mateescu@partnersgroup.com   E-mail: jenny.blinch@partnersgroup.com

 

Registered Number: 35241   LEI: 54930038LU8RDPFFVJ57

Notes:

1.     Note that references in this announcement to Partners Group Private
Equity Limited have been abbreviated to "PGPE Ltd" 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 Partners
Group Private Equity Limited. 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 PGPE Ltd' website nor the contents of any website
accessible from hyperlinks on PGPE Ltd' website (or any other website) is
incorporated into, or forms part of, this announcement.

 

 i  USD 576 million, less underwriting discounts and commissions

 ii  EUR amounts are estimated converting expected USD amounts using FX rate
as of 9 October 2024

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