SALE OF INNOVIA

RNS Number : 7681S

JPEL Private Equity Limited

23 December 2016

 

JPEL Private Equity Limited

Ground Floor

Cambridge House

Le Truchot, St Peter Port

Guernsey, GY1 1WD

www.jpelonline.com

SALE OF INNOVIA TO CCL INDUSTRIES FOR CAD1.13 BILLION*

·      INNOVIA IS JPEL'S 10th LARGEST INVESTMENT AT 30 SEPTEMBER 2016

·      ESTIMATED JPEL PROCEEDS EXPECTED TO BE APPROXIMATELY EUR 32 MILLION**

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GUERNSEY, 23 DECEMBER 2016

JPEL is pleased to announce that The Smithfield Group LLP ('Smithfield') has agreed to sell Innovia ("Innovia"), the global leader in specialty BOPP films and polymer banknote substrate, to CCL Industries Inc ("CCL"), a world leader in specialty label, security and packaging solutions, for CAD1.13 billion*.  The transaction is subject to regulatory and change of control approvals as well as customary completion conditions and procedures, with closing expected by the end of the first quarter, 2017.  

JPEL holds an indirect interest in Innovia.  The sale of Innovia is likely to result in a realised investment return of approximately 3.2x and a IRR of 50.2% for JPEL, on a Euro basis.**  Based on the sale price, JPEL is expecting to receive proceeds of approximately EUR 32 million, which is approximately EUR 16 million above current carrying value.**

At 30 September 2016, Innovia represented 3.6% of JPEL's total NAV and was JPEL's 10th largest underlying investment.  Innovia is currently valued at 1.6x JPEL's cost at 30 September 2016, on a Euro basis.

* CAD 1.13 billion (Canadian dollars). The exchange rate used was 1.4 C$ / Euro.

** This is an estimate only and is not, and should not, be construed as a profit forecast.  Actual returns to JPEL will only be known once the transaction has been completed.

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About JPEL Private Equity Limited

JPEL Private Equity Limited is a Guernsey registered and incorporated, London Stock Exchange-listed, closed-ended investment company (LSE: JPEL) designed primarily to invest in the global private equity market.  The investment objective of the Company is to achieve both short and long-term capital appreciation by investing in a well-diversified portfolio of private equity fund interests and by capitalising on the inefficiencies of the secondary private equity market.  

ENQUIRIES:

FCF JPEL Management LLC

[e-mail]

 

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