News

November 13, 2018

Spice Private Equity Ltd. reports 3Q18 NAV of USD 208.8 million or USD 39.11 per share. NAV discount stands at 36%.

Zug, 13 November 2018

 

The Net Asset Value (“NAV”) of Spice Private Equity Ltd. (the "Company", ticker symbol "SPCE") reached USD 208.8 million (USD 39.11/share) as of 30 September 2018, compared to 30 June 2018 value of USD 214.5 million (USD 40.16/share).

The Company’s share price decreased by 7.4% from USD 27.00 as of 30 June 2018 to USD 25.00 as of 30 September 2018. As a result, NAV discount increased to 36.1% from 32.8% in 2Q18.

 

For further details about our investment portfolio, please check the recently published 2018 half-year report in our website.

 

About Spice Private Equity Ltd.       

Spice Private Equity Ltd. is an investment company focused on global private equity investments. Its investments are managed by GP Advisors (Bermuda), Ltd., a whole subsidiary of GP Investments, Ltd. a leading alternative investments firm known for its operationally oriented approach and active management model. Spice Private Equity Ltd. is listed on the SIX Swiss Exchange under the ticker symbol SPCE.

 

 

For further information, please contact

Rodrigo Boscolo
Investor & Media Relations
Phone: +41 41 710 70 60
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

 

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September 22, 2018

Spice Private Equity Ltd. announces its results for the first half of 2018. semester highlights include the conclusion of two new direct investments: foodfirst global restaurants (bravo brio restaurant group) and the craftory. additionally, the board of directors proposed a new dividend policy, to start in 2019.

Zug, 22 September 2018 - Spice Private Equity Ltd (the “Company”, or “Spice PE”, ticker symbol “SPCE”) today releases its 1H18 results:

 

Spice PE announced two new direct investments in 1H18. First, Spice PE committed a total of USD 60 million to The Craftory, an investment holding company created to invest in challenger brands within the fast-moving consumer goods space. Subsequently, in May, a majority stake was acquired in FoodFirst Global Restaurants (Bravo Brio Restaurant Group) for USD 60 million. The company is a leading US-based owner and operator of two distinctive Italian restaurant brands: BRAVO! Cucina Italiana and BRIO Tuscan Grille.

 

During the semester, Spice PE’s net asset value (“NAV”) per share decreased by 4.3% in the semester, reaching USD 40.16 as of 30 June 2018, compared to USD 41.96 on 31 December 2017, mainly driven by unrealized losses in the current investment portfolio. Total NAV evolved from USD 224.2 million to USD 214.5 million. During the same period, share price fell 6.6%, from USD 28.90 to USD 27.00. Accordingly, the share price’s discount to NAV rose to 33%.

 

Finally, in May 2018, the Board of Directors decided to propose the creation of a dividend policy, starting in 2019. The proposal will be brought to shareholders for approval at the appropriate Annual General Meeting.

 

For the full report, please refer to the Company's website.

 

For further information, please contact:

Rodrigo Boscolo
Investor & Media Relations
Phone: +41 41 710 70 60
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

   

 

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August 14, 2018

Spice Private Equity Ltd. reports 2Q18 NAV of USD 214.5 million or USD 40.16 per share. NAV discount decreases to 32.8%.

Zug, 14 August 2018

 

The Net Asset Value (“NAV”) of Spice Private Equity Ltd. (the "Company", ticker symbol "SPCE") reached USD 214.5 million (USD 40.16/share) as of 30 June 2018, compared to 31 March 2018 value of USD 229.6 million (USD 42.97/share).

 

The Company’s share price decreased by 2.2% from USD 27.60 as of 31 March 2018 to USD 27.00 as of 30 June 2018. As a result, NAV discount decreased to 32.8% from 35.8% in 1Q18.

 

For further details, the Half-year Report 2018 will be published on 21 September 2018.

 

About Spice Private Equity Ltd.

Spice Private Equity Ltd. is an investment company focused on global private equity investments. Its investments are managed by GP Advisors (Bermuda), Ltd., a whole subsidiary of GP Investments, Ltd. a leading alternative investments firm known for its operationally oriented approach and active management model. Spice Private Equity Ltd. is listed on the SIX Swiss Exchange under the ticker symbol SPCE.

 

For further information, please contact:

Rodrigo Boscolo
Investor & Media Relations
Phone: +41 41 710 70 60
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

   

 

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May 30, 2018

All AGM proposals passed

Zug, 30 May 2018

 

Spice Private Equity Ltd ("the Company"; ticker symbol “SPCE”) today announces that at this year’s Annual General Meeting of the Company, all agenda items were passed with an overwhelming majority.

  1. Approval of the statutory 2017 Annual Financial Statements (Einzelabschluss) and the Group Financial Statements (Konzernrechnung) as per 31 December 2017
  2. Decision on the elimination of loss of capital situation and appropriation of accumulated loss
  3. Renewal of authorized capital (modification of Articles of Association)
  4. Discharge of the Board of Directors
  5. Approval of the aggregate amount of compensation of the board of directors
  6. Elections

    6.1 Re-election of the following members of the Board of Directors for a term of office until the next Annual General Meeting:

          6.1.1 Mr Christopher Bedford Brotchie

          6.1.2 Mr Fersen Lamas Lambranho

          6.1.3 Mr David Emery

          6.1.4 Mr Christopher Wright

          6.1.5 Mr Alvaro Lopes da Silva Neto
    6.2 Re-election of Mr Christopher Bedford Brotchie as Chairman of the Board
          of Directors for a term of office until the next Annual General Meeting
    6.3 Re-election of all members of the Board of Directors as members of the
          Compensation Committee for a term of office until the next
          Annual General Meeting
    6.4 Re-election of Mr Stefan Koller, Attorney, Zug, as independent proxy
          for a term of office until the end of the Annual General Meeting 2019
    6.5 Re-election of PricewaterhouseCoopers Ltd, Zurich, as auditor for
          the business year 2018

About Spice Private Equity Ltd.

Spice Private Equity Ltd. is an investment company focused on global private equity investments. Its investments are managed by GP Advisors (Bermuda), Ltd., a whole subsidiary of GP Investments, Ltd. a leading alternative investments firm known for its operationally oriented approach and active management model. Spice Private Equity Ltd. is listed on the SIX Swiss Exchange under the ticker symbol SPCE.

 

 

For further information, please contact:

Rodrigo Boscolo
Investor & Media Relations
Phone: +41 41 710 70 60
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

   

 

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May 29, 2018

Spice Private Equity, Ltd. to propose launch of dividend program starting in 2019

Zug, 29 May 2018

 

As part of its long term strategy to maximize shareholder value, the board of directors of Spice Private Equity, Ltd. (“Spice PE”) continuously assesses alternatives to optimise the return of capital to shareholders. After thorough consideration, the board is pleased to announce that it intends to propose the creation of a dividend policy starting in 2019.

 

The program would have a three-year term, ensuring predictability as well as gradually increasing dividends. The objective is to propose minimum target payouts of USD 5.0m, USD 5.5m and USD 6.0m in 2019, 2020 and 2021 respectively, with the specific payouts to be decided based upon Spice PE’s liquidity position, the performance of its investment portfolio and the board’s assessment of new potential investments or divestments. Based on the current number of shares outstanding and the share price as of 29 May 2018, the proposed minimum target payout of USD 5.0m in 2019, if declared, would represent an annualized dividend yield of 3.52%. Any specific annual dividend payments will be brought to shareholders for approval at the appropriate Annual General Meeting.

 

About Spice pe

Spice PE is a Swiss investment company focused on global private equity investments. Spice PE has over a decade of operating history and is managed by GP Advisors (Bermuda), Ltd., a subsidiary of GP Investments, Ltd. The company is listed on the SIX Swiss Exchange under the ticker symbol “SPCE”.

 

 

For further information, please contact:

Rodrigo Boscolo
Investor & Media Relations
Phone: +41 41 710 70 60
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

   

 

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May 24, 2018

spice private equity ltd. concludes bbrg acquisition

Zug, 24 May 2018

 

Spice Private Equity Ltd. (“Spice PE”), a Swiss investment company focused on private equity investments, hereby announces, in the context of the transaction disclosed in the Press Release of March 8, 2018, regarding the acquisition of Bravo Brio Restaurant Group, Inc. (NASDAQ:BBRG) (“BBRG”, “Bravo Brio”) by an affiliate of Spice PE (“Transaction”), all precedent conditions have been satisfied and the completion of the Transaction occurred on May 24, 2018, at which time BBRG’s common stock ceased trading on NASDAQ.

 

About Spice pe

Spice PE is a Swiss investment company focused on global private equity investments. Spice PE has over a decade of operating history and is managed by GP Advisors (Bermuda), Ltd., a subsidiary of GP Investments, Ltd. The company is listed on the SIX Swiss Exchange under the ticker symbol “SPCE”.

 

ABOUT bravo brio

Bravo Brio is a leading owner and operator of two distinct Italian restaurant brands, BRAVO! Cucina Italiana and BRIO Tuscan Grille. BBRG has positioned its brands as multifaceted culinary destinations that deliver the ambiance, design elements and food quality reminiscent of fine dining restaurants at a value typically offered by casual dining establishments, a combination known as the upscale affordable dining segment. Each of BBRG's brands provides its guests with a fine dining experience and value by serving affordable cuisine prepared using fresh flavorful ingredients and authentic Italian cooking methods, combined with attentive service in an attractive, lively atmosphere. BBRG strives to be the best Italian restaurant company in America and is focused on providing its guests an excellent dining experience through consistency of execution.

 

For further information, please contact:

Rodrigo Boscolo
Investor & Media Relations
Phone: +41 41 710 70 60
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

   

 

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May 22, 2018

BBRG Transaction shareholder approval

Zug, 22 May 2018

 

Spice Private Equity Ltd. (“Spice PE”), a Swiss investment company focused on private equity investments, hereby announces, in the context of the transaction disclosed in the Press Release of March 8, 2018, by which an affiliate of Spice PE and Bravo Brio Restaurant Group, Inc. (NASDAQ:BBRG) (“BBRG”, “Bravo Brio” or the “Company”) entered into a merger agreement, under which an affiliate of Spice PE will acquire the Company for a total enterprise value of approximately US$ 100 million (“Transaction”):

 

On the date hereof, at a Special General Meeting of Shareholders, the Company’s shareholders approved the Transaction.

 

The Transaction is expected to close on May 24, 2018, at which time BBRG’s common stock will cease trading on the NASDAQ.

 

About Spice pe

Spice PE is a Swiss investment company focused on global private equity investments. Spice PE has over a decade of operating history and is managed by GP Advisors (Bermuda), Ltd., a subsidiary of GP Investments, Ltd. The company is listed on the SIX Swiss Exchange under the ticker symbol “SPCE”.

 

ABOUT bravo brio

Bravo Brio is a leading owner and operator of two distinct Italian restaurant brands, BRAVO! Cucina Italiana and BRIO Tuscan Grille. BBRG has positioned its brands as multifaceted culinary destinations that deliver the ambiance, design elements and food quality reminiscent of fine dining restaurants at a value typically offered by casual dining establishments, a combination known as the upscale affordable dining segment. Each of BBRG's brands provides its guests with a fine dining experience and value by serving affordable cuisine prepared using fresh flavorful ingredients and authentic Italian cooking methods, combined with attentive service in an attractive, lively atmosphere. BBRG strives to be the best Italian restaurant company in America and is focused on providing its guests an excellent dining experience through consistency of execution.

 

For further information, please contact:

Rodrigo Boscolo
Investor & Media Relations
Phone: +41 41 710 70 60
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

   

 

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May 11, 2018

Spice Private Equity Ltd., to invest in the craftory, ltd., a next generation consumer goods company established to back challenger brands

Zug, 11 May 2018

 

Spice Private Equity, Ltd. (“Spice PE”) hereby announces the signing of an agreement by which Spice PE, indirectly through an affiliate, has committed to invest up to $60 million in The Craftory, Ltd. (“The Craftory” or the “Company”), a next-generation consumer goods company established to back challenger brands. Spice PE, together with other investors, will provide The Craftory with nearly $300 million of permanent capital. Spice PE will exert significant governance at The Craftory with direct representation at The Company’s board of directors.

 

The Craftory is a revolutionary concept: a new investment company dedicated entirely to backing disruptive new challengers in the consumer goods space. Founded by Elio Leoni-Sceti and Ernesto Schmitt, plus a dedicated team of brand and digital experts, The Craftory presents the new model of growth in fast-moving consumer goods: its capital is permanent, its principals are entrepreneurs and brand experts themselves, and its focus is on amplification: multiplying the impact and reach of its brands from tens of thousands to hundreds of millions of consumers, without compromising the brands’ mission or purpose.

 

The Craftory delivers amplification through focus on the following three skills: expertise in brand creation and storytelling, expertise in digital activation platforms, and expertise in scale-up efficiency. The Company has the capital, expertise, knowledge and empathy to amp the challengers in its portfolio employing these value pillars.

 

“These are immensely exciting times for bold, mission-driven entrepreneurs taking aim at Big Business in consumer goods. The tide of history has turned. Consumer preference goes to brands with a story to tell and a genuine purpose to achieve” said Leoni-Sceti.  “Think of the Craftory as a virtual Google Campus for challenger brands: a home for like-minded entrepreneurs sharing the same values and mission, supported by the capital and expertise they need to succeed at tremendous scale” said Schmitt.

 

“The consumer goods space is transforming quickly in the face of new technologies and evolving consumer desires. We believe this investment in The Craftory represents a unique opportunity for Spice PE to diversity its asset base by investing alongside seasoned professionals with the relevant skillsets and industry relationships to enable the boldest challenger brands to become global leaders” said Antonio Bonchristiano, Chief Executive Officer of GP Investments, Ltd.

 

The Craftory will be based in London and will focus on acquiring & scaling high-growth consumer brands with more than $10 million revenues in health and beauty care, personal care (including male grooming and feminine hygiene); health food and snacks; beer, wine & spirits; tea, coffee and soft drinks; chocolate; household care; perfumes & fragrance; pet care; and any blended, multi-category plays.

 

About Spice Private Equity Ltd.

Spice Private Equity Ltd. is a Swiss investment company focused on private equity investments. Spice Private Equity Ltd. has over a decade of operating history and is managed by GP Advisors, part of GP Investments Group. The company is listed on the SIX Swiss Exchange under the ticker symbol “SPCE”.

 

For further information, please contact:

Rodrigo Boscolo
Investor & Media Relations
Phone: +41 41 710 70 60
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

   

 

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May 3, 2018

Spice Private Equity Ltd. reports 1Q18 NAV of USD 229.6 million or USD 42.97 per share. NAV discount increases to 35.8%.

Zug, 3 May 2018

 

The Net Asset Value (“NAV”) of the Company reached USD 229.6 million (USD 42.97/share) as of 31 March 2018, an increase of 2.4% when compared to 31 December 2017 value of USD 224.2 million (USD 41.96/share).

 

The Company’s share price decreased by 4.5% from USD 28.90 as of 31 December 2017 to USD 27.60 as of 31 March 2018. As a result, NAV discount increased to 35.8% from 31.1% in December 2017.

 

About Spice Private Equity Ltd.

Spice Private Equity Ltd. is a Swiss investment company focused on private equity investments. Spice Private Equity Ltd. has over a decade of operating history and is managed by GP Advisors, part of GP Investments Group. The company is listed on the SIX Swiss Exchange under the ticker symbol “SPCE”.

 

For further information, please contact:

Rodrigo Boscolo
Investor & Media Relations
Phone: +41 41 710 70 60
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

   

 

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April 27, 2018

Spice Private Equity Ltd announces the end of its share buyback program on 26 April 2018 and the number of repurchased shares

Zug, 27 April 2018

 

Spice Private Equity Ltd. (the “Company”, ticker symbol “SPCE”) announces the completion of its share buyback program on 26 April 2018, which was launched on 26 April 2017. In the share buyback program, the Company has repurchased 3’100 registered shares
(corresponding to 0.06% of the share capital at the beginning of the share buyback program; the "shares"). All shares were repurchased on the second trading line at SIX Swiss Exchange between 26 April 2017 and 26 April 2018. This announcement complies with all applicable regulations of the Takeover Board.


It is intended that approval for the cancellation of all shares repurchased via second trading line by means of a share capital reduction will be sought at the Annual General Meeting on 30 May 2018.

 

About Spice Private Equity Ltd.

Spice is an investment company focused on global private equity investments. Its investments are managed by GP Advisors, a whole subsidiary of GP Investments, Ltd. a leading alternative investments firm known for its operationally oriented approach and active management model. Spice is listed on the SIX Swiss Exchange under the ticker symbol SPCE.

 

For further information, please contact:

Rodrigo Boscolo
Investor & Media Relations
Phone: +41 41 710 70 60
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

   

 

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March 29, 2018

Spice Private Equity Ltd reports 2017 results – an eventful year focused on its new investment strategy, with two important acquisitions during the period.

Zug, 29 March 2018 – Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) today released its 2017 results:

 

2017 was a truly remarkable year for Spice Private Equity. Following the comprehensive review of our investment guidelines in 2016 we took a major step towards the implementation of our new strategy by investing USD 55 million in two direct investments; LEON Restaurants Ltd. (“LEON” or “LEON Restaurants”) and Rimini Street, Inc. (“Rimini” or “Rimini Street”) in which Spice is playing a leading and active role. Concurrently, we were able to improve our liquidity by collecting in full USD 75 million in proceeds resulting from the earlier sale of legacy assets. This puts us in a strong position, with a debt-free balance sheet and ample liquidity to pursue prudent and opportunistically further investments in a variety of sectors.

 

Given our significant cash position and allocation to new investments, NAV per share was largely unchanged from 2016 to 2017, with a slight decrease of 0.8%.

 

The new direct investments (Leon and Rimini Street) that were added to our portfolio in 2017 represented more than 27% of Spice’s total NAV as of 31 December 2017, with their performance posting an appreciation of USD 4.1 million within the annual results. The performance of our Legacy Portfolio (including our remaining funds portfolio and the Africa Oil co-investment) generated a positive total of USD 1.0 million, mainly due to the positive amount of USD 3.6 million in realized returns from distributions, which are mostly related to proceeds from the conclusion of the Magnesita-RHI merger transaction. Our Legacy Portfolio has also contributed positively to our performance with USD 0.5 million in dividends received, again largely driven by RHI-Magnesita.

 

Spice’s expenses (excluding transaction costs) totaled USD 6.8 million in 2017, representing a reduction of 13% versus 2016 and 22% versus 2015. This reflects the significant impact of the cost-cutting efforts implemented throughout the last two years. Results were also impacted by one-off transaction costs of USD 2.0 million, due to the increase in investment activities in 2017.

 

The Company generated other positive results (mainly financial results) of USD 1.4 million in 2017. Considering revenues and expenses, the result for the year was therefore negative by USD 1.7 million.

 

Thanks to the two new transactions, Spice was able to increase its private equity investments allocation to almost 50% of total NAV at the end of 2017, compared to nearly 20% in 2016. Nevertheless, the Company’s liquidity position remains strong. This enables Spice to continue pursuing attractive opportunities, as in the case of the announced transaction with Bravo Brio, which remains subject to closing conditions.

 

Finally, the Company’s share price increased by 11.2% during 2017, reaching USD 28.90 compared to USD 26.00 in 31 December 2016.The discount to NAV thus decreased by 7.4 percentage points, to 31.1%, as of 31 December 2017.

 

The 2017 Annual Report is available on the Company's website.

 

For further information, please contact:

Rodrigo Boscolo
Investor & Media Relations
Phone: +41 41 710 70 60
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

   

 

 

Press Release - Download PDF

Annual Report 2017 - Download PDF


March 8, 2018

Bravo Brio Restaurant Group to be acquired by Spice Private Equity

Zug, 8 March 2018


Spice Private Equity Ltd. (“Spice”), a Swiss investment company focused on private equity investments, GP Investments, Ltd. (“GP”), a leading private equity and alternative investment firm and Bravo Brio Restaurant Group, Inc. (NASDAQ:BBRG) (“BBRG” or the “Company”), owner and operator of the BRAVO! Cucina Italiana and BRIO Tuscan Grille restaurant concepts, today announced a merger agreement under which an affiliate of Spice will acquire the Company for a total enterprise value of approximately $100 million. The transaction proceeds will be funded by Spice, along with certain third party financing sources.


Under the terms of the merger agreement, BBRG’s shareholders will receive $4.05 per share in cash. The purchase price represents a premium of approximately 37% over the volume weighted average price of the Company’s shares for the 90-day period immediately preceding the date of the agreement. BBRG will report annual sales in excess of $400 million for the year ended December 31, 2017, and owns and operates 110 locations in 32 states across the country.


The merger agreement has been unanimously approved by BBRG’s Board of Directors. The transaction is subject to shareholder approval and other customary closing conditions and is expected to be completed by the end of the second quarter of 2018.
“Our Board of Directors, in consultation with our outside advisors, has evaluated all options available to BBRG, and we are confident that this transaction maximizes value for our shareholders,” said Alton F. (“Rick”) Doody III, Chairman of the Board of BBRG, “GP has a distinguished track record of being an active and valuable partner to its invested companies through its operationally-oriented approach, which we expect will greatly enhance our ability to maximize the potential of our Bravo Brio brands nationwide.”


“Bravo Brio has two best-in-class Italian restaurant brands, an enduring culture, and a team committed to delivering exceptional dining experiences to its guests. We are pleased to be partnering with the Company and its leadership to build an even stronger foundation for value creation and profitable growth,” said Antonio Bonchristiano, Chief Executive Officer of GP Investments, Ltd. “As a private entity, we will have greater flexibility to take a long-term view as we invest in Bravo Brio’s future growth and expansion, which will drive rewards for the Company and our investors.”


Upon closing of the transaction, BBRG will continue to be operated as an independent company and remain based in Columbus, Ohio.


Dechert LLP served as legal advisor and Piper Jaffray & Co. served as financial advisor to BBRG. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to GP.


About Spice Private Equity Ltd.

Spice Private Equity Ltd. is a Swiss investment company focused on private equity investments. Spice Private Equity Ltd. has over a decade of operating history and is managed by GP Advisors, a subsidiary of GP. The company is listed on the SIX Swiss Exchange under the ticker symbol SPCE. For more information, visit www.spice-private-equity.com.


About GP Investments, Ltd.

GP Investments is a leading alternative investment firm. Since its founding in 1993, GP Investments has raised $5 billion from investors worldwide and has completed investments in more than 50 companies and has executed over 20 equity capital market transactions. GP Investments has a consistent and disciplined investment strategy targeting established companies that have the potential to grow and be more efficient and profitable by becoming leaders in their industries. Since 2006, GP Investments has been listed on the Brazilian Stock Exchange (B3 S.A. – Brasil, Bolsa, Balcão) under the ticker symbol GPIV33 and on the Luxembourg Stock Exchange. The firm currently has offices in São Paulo, New York, London and Bermuda. For more information, visit www.gp-investments.com.


About Bravo Brio Restaurant Group, Inc.

Bravo Brio Restaurant Group, Inc. is a leading owner and operator of two distinct Italian restaurant brands, BRAVO! Cucina Italiana and BRIO Tuscan Grille. BBRG has positioned its brands as multifaceted culinary destinations that deliver the ambiance, design elements and food quality reminiscent of fine dining restaurants at a value typically offered by casual dining establishments, a combination known as the upscale affordable dining segment. Each of BBRG's brands provides its guests with a fine dining experience and value by serving affordable cuisine prepared using fresh flavorful ingredients and authentic Italian cooking methods, combined with attentive service in an attractive, lively atmosphere. BBRG strives to be the best Italian restaurant company in America and is focused on providing its guests an excellent dining experience through consistency of execution.

 

Contacts for BBRG:

Investor Relations
Raphael Gross / Dara Dierks
(203) 682-8253 / (646) 277-1212


Media Relations
Jake F. Malcynsky
(203) 682-8375

Contacts for GP Investments:
Investor Relations
Joel La Banca Neto
+55 11 3556-5505


Media Relations
Brooke Flohr
(646) 805-2823

Contact for Spice:
Investor & Media Relations
Rodrigo Boscolo
+41 41 710 70 60

 

 

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November 14, 2017

Spice Private Equity Ltd. reports 3Q17 NAV of USD 219.0 million or USD 40.97 per share. NAV discount decreases to 30%

Zug, 14 November 2017 – The Net Asset Value (“NAV”) of the Company reached USD 219.0 million (USD 40.97/share) as of 30 September 2017, a decrease of 1.7% when compared to 30 June 2017 value of USD 222.6 million (USD 41.67/share).
The Company’s share price increased by 1.6% from USD 28.25 as of 30 June 2017 to USD 28.70 as of 29 September 2017. As a result, NAV discount decreased to 30% from 32% in June 2017.

 

For further information, please contact:
Rodrigo Boscolo
Investor & Media Relations
GP Advisors Ltd, Zurich
Phone: +41 41 710 70 60
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

 

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October 11, 2017

Spice Private Equity Ltd. announces the investment in Rimini Street, Inc., a global provider of enterprise software support products and services

Zug, 11 October 2017

 

Spice Private Equity Ltd (the “Company” or “Spice”) hereby announces the closing of the investment in Rimini Street, Inc (“Rimini” or “Rimini Street”). The company will be listed on the Nasdaq exchange and begin trading today as “RMNI”.

 

The transaction, as part of the business combination of GP Investments Acquisition Corp. (“GPIAC”) and Rimini Street Inc., raised $50 million for Rimini Street and proceeds will be used to provide additional liquidity to the balance sheet, reduce total debt and pay transaction expenses. Spice invested $24 million and GP Investments (“GP”) invested $12 million, totaling a combined investment of $36 million. As a result, Spice and GP will have stakes of 5.1% and 2.5%, respectively, in Rimini Street, already including the sponsor shares from GPIAC, as per the terms and conditions agreed upon its IPO in 2015.

 

Spice and GP will be able to benefit from significant governance of the combined company, working closely with Rimini Street’s management team and with two representatives of GP joining the board of directors.

 

Rimini Street is a global provider of enterprise software support products and services, and the leading third-party support provider for Oracle and SAP software products. The company has redefined enterprise software support services since 2005 with an innovative, award-winning program that enables licensees of IBM, Microsoft, Oracle, SAP and other enterprise software vendors to save up to 90 percent on total support costs. Clients can remain on their current software release without any required upgrades for a minimum of 15 years. Over 1,330 global Fortune 500, midmarket, public sector and other organizations from a broad range of industries currently rely on Rimini Street as their trusted, third-party support provider.

 

“Rimini Street has delivered 46 consecutive quarters of revenue growth by providing value-driven, innovative support solutions and exceptional service that meet the global needs of enterprise software licensees. With the completion of this merger and transition to being a publicly-traded stock, the combined business is better positioned to further capitalize on the $160 billion global addressable market for software maintenance and support,” said Seth Ravin, Rimini Street CEO. “The Company will leverage the additional opportunities afforded by the merger, investment raise and access to capital markets to expand our distinctive service offerings and capabilities in new markets and regions organically or through strategic acquisitions.”

 

“As a high-growth company capitalizing on a large, global addressable market, Rimini Street presents an attractive investment opportunity. The Company’s client value proposition, seasoned management team, track record of execution and years of consecutive growth are very compelling,” said Antonio Bonchristiano, CEO of GP Investments, Ltd. “Rimini Street is a proven innovator and market disruptor.”

 

The investment in Rimini Street is the second made in accordance with Spice’s new investment strategy, as per the new Investment Guidelines. The Company remains active in searching for attractive investment opportunities.

 

To learn more about the company, please visit  www.riministreet.com

 

Additional Information

For further information related to this transaction please access Rimini Street’s press release filed today with the Securities and Exchange Commission (“SEC”) or contact the company’s investor relation department.

 

For further information, please contact:

Rodrigo Boscolo
Investor & Media Relations
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

 

About Spice Private Equity Ltd.

Spice Private Equity Ltd. is a Swiss investment company focused on private equity investments. Spice Private Equity Ltd. has over a decade of operating history and is managed by GP Advisors, part of GP Investments Group. The company is listed on the SIX Swiss Exchange under the ticker symbol “SPCE”.
 

 

Disclaimer

 

This ad hoc information contains forward-looking statements, which involve certain risks, uncertainties and changes that cannot be foreseen and are beyond Spice Private Equity Ltd.’s ability to control. Therefore, Spice Private Equity Ltd. cannot provide any assurance with respect to the correctness of such forward-looking statements and their effects on the financial situation of Spice Private Equity Ltd. or on the market in which the shares and other securities of Spice Private Equity Ltd are traded.

 

THIS MEDIA INFORMATION DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. IT IS NOT BEING ISSUED IN COUNTRIES WHERE THE DISSEMINATION OF THE INFORMATION CONTAINED HEREIN MAY BE RESTRICTED OR PROHIBITED BY LAW. IN PARTICULAR, THIS MEDIA INFORMATION IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO U.S. PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES.

 

ANY NON-COMPLIANCE WITH SUCH RESTRICTIONS MAY RESULT IN AN INFRINGEMENT OF U.S. SECURITIES LAWS. SECURITIES OF SPICE PRIVATE EQUITY LTD. ("COMPANY") ARE NOT BEING PUBLICLY OFFERED OUTSIDE OF SWITZERLAND. IN PARTICULAR, THE SECURITIES OF THE COMPANY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT THE REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES LAWS. THIS DOCUMENT DOES NOT CONSTITUTE A PROSPECTUS ACCORDING TO ART. 652A OF THE SWISS CODE OF OBLIGATIONS OR ART. 27 ET SEQ. OF THE LISTING RULES OF SIX SWISS EXCHANGE.

 

This media information is for distribution in the United Kingdom only to (a) persons outside the United Kingdom; (b) those persons falling within the definition of Investment Professionals (as set forth in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the Order)) or within Article 43 (members and creditors of certain bodies corporate) or Article 49 (high net worth companies, unincorporated associations etc.) of the Order, or other persons to whom it may lawfully be communicated in accordance with the Order; or (c) any person to whom it may otherwise lawfully be communicated (such persons together being Relevant Persons). This media information is only available to Relevant Persons and the transaction contemplated herein will be available only to, or engaged in only with Relevant Persons, and this media information must not be acted on or relied upon by persons other than Relevant Persons.

 

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September 15, 2017

Spice Private Equity Ltd reports 1H 2017 results. Reported NAV of USD 222.6 million or USD 41.67 per share. NAV discount decreased to 32%.

Zug, 15 September 2017 – Spice Private Equity Ltd (the “Company”, or “Spice”, ticker symbol “SPCE”) today releases its 1H2017 results:

 

The Net Asset Value (“NAV”) of the Company reached USD 222.6 million (USD 41.67/share) as of 30 June 2017, a decrease of 1.5% when compared to 31 December 2016 value of USD 226.0 million (USD 42.28/share).

 

The Company’s share price increased by 8.6% from USD 26.00 as of 31 December 2016 to USD 28.25 as of 30 June 2017. As a result, NAV discount decreased to 32% from 39% in December 2016.

 

The slight decrease in NAV during the period is mainly due to the performance of the current invested portfolio, which declined in value by USD 0.8 million. The NAV mark down is driven by Africa Oil Corporation (which represented USD -1.4 million or -28%), Quvat Capital Partners II and Global Emerging Markets Funds Portfolio (both together represented USD -1.6 million or -5%).

 

Offsetting negative impacts, the Latam Funds Portfolio NAV appreciated by USD 2.2 million (+25%), mainly due to Magnesita’s strong share performance following the announced merger with RHI.

 

The Company ended the first half of 2017 with a very strong liquidity position of USD 138.0 million, in addition to a total of USD 37.6 million to be received until the end of 2017. With an invested portfolio consisting largely of mature funds and direct investments, Spice expects minimal capital calls to be made out of remaining outstanding commitments. As a result, the Company is currently very active in searching for attractive investment opportunities, having built a strong pipeline.

 

In pursuing Spice’s new strategy as per the new Investment Guidelines amended on 5 July, 2016, the Company announced and subsequently completed the acquisition of a significant minority stake in LEON Restaurants Ltd. (“LEON”), a UK based naturally fast food chain. Total capital invested amounted approximately GBP 25 million. The investment in LEON represents a milestone for Spice as the first transaction following the Company’s new investment strategy, which focuses on direct investments.

 

The 2017 Mid-Year Report is available on the Company's website http://www.spice-private-equity.com/userfiles/file/Download%20Center/Annual%20Reports/2017/Spice-Private-Equity-Semi-Annual-Report-2017.pdf

 

For further information, please contact:

Rodrigo Boscolo

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 41 710 70 60

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

About Spice Private Equity Ltd

Spice Private Equity Ltd. is a Swiss investment company focused on private equity investments. Spice Private Equity Ltd. has over a decade of operating history and is managed by GP Advisors, part of GP Investments Group. The company is listed on the SIX Swiss Exchange under the ticker symbol “SPCE”.

 

Disclaimer

This ad hoc information contains forward-looking statements, which involve certain risks, uncertainties and changes that cannot be foreseen and are beyond Spice Private Equity Ltd.’s ability to control. Therefore, Spice Private Equity Ltd. cannot provide any assurance with respect to the correctness of such forward-looking statements and their effects on the financial situation of Spice Private Equity Ltd. or on the market in which the shares and other securities of Spice Private Equity Ltd are traded.

 

THIS MEDIA INFORMATION DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. IT IS NOT BEING ISSUED IN COUNTRIES WHERE THE DISSEMINATION OF THE INFORMATION CONTAINED HEREIN MAY BE RESTRICTED OR PROHIBITED BY LAW. IN PARTICULAR, THIS MEDIA INFORMATION IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO U.S. PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES.

 

ANY NON-COMPLIANCE WITH SUCH RESTRICTIONS MAY RESULT IN AN INFRINGEMENT OF U.S. SECURITIES LAWS. SECURITIES OF SPICE PRIVATE EQUITY LTD. ("COMPANY") ARE NOT BEING PUBLICLY OFFERED OUTSIDE OF SWITZERLAND. IN PARTICULAR, THE SECURITIES OF THE COMPANY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT THE REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES LAWS. THIS DOCUMENT DOES NOT CONSTITUTE A PROSPECTUS ACCORDING TO ART. 652A OF THE SWISS CODE OF OBLIGATIONS OR ART. 27 ET SEQ. OF THE LISTING RULES OF SIX SWISS EXCHANGE.

 

This media information is for distribution in the United Kingdom only to (a) persons outside the United Kingdom; (b) those persons falling within the definition of Investment Professionals (as set forth in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the Order)) or within Article 43 (members and creditors of certain bodies corporate) or Article 49 (high net worth companies, unincorporated associations etc.) of the Order, or other persons to whom it may lawfully be communicated in accordance with the Order; or (c) any person to whom it may otherwise lawfully be communicated (such persons together being Relevant Persons). This media information is only available to Relevant Persons and the transaction contemplated herein will be available only to, or engaged in only with Relevant Persons, and this media information must not be acted on or relied upon by persons other than Relevant Persons.

August 7, 2017

Spice Private Equity Ltd. announces the closing of the share purchase agreement to acquire a significant stake in LEON, a UK based naturally fast food chain

Zug, 07 August 2017

 

Spice Private Equity Ltd (the “Company” or “Spice”), in connection with the subject matter informed in the Press Release disclosed on 19 May, 2017, hereby announces the closing of the purchase agreement to acquire a significant minority stake in LEON Restaurants Ltd. (“LEON”), a UK based naturally fast food chain. Total capital invested will be approximately GBP 25 million.

 

LEON is a quick service restaurant chain based in the UK, with two restaurants in the Netherlands. The founders set out to prove that it was possible to serve fast food that both tastes good and does you good. The menu is inspired by the flavors, variety and natural healthiness of Mediterranean cooking, and prices are reasonable, so that everyone can eat well.

 

The investment in LEON represents a milestone for Spice as the first transaction following Spice’s new investment strategy, as per the Investment Guidelines amended on 5 July, 2016, that focuses on direct investments. The Company remains active in searching for interesting opportunities and continues pursuing a strong pipeline. 

 

For further information, please contact:

Rodrigo Boscolo

Investor & Media Relations

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

About Spice Private Equity Ltd.

Spice Private Equity Ltd. is a Swiss investment company focused on private equity investments. Spice Private Equity Ltd. has over a decade of operating history and is managed by GP Advisors, part of GP Investments Group. The company is listed on the SIX Swiss Exchange under the ticker symbol “SPCE”.

 

 

 

Disclaimer 

 

This ad hoc information contains forward-looking statements, which involve certain risks, uncertainties and changes that cannot be foreseen and are beyond Spice Private Equity Ltd.’s ability to control. Therefore, Spice Private Equity Ltd. cannot provide any assurance with respect to the correctness of such forward-looking statements and their effects on the financial situation of Spice Private Equity Ltd. or on the market in which the shares and other securities of Spice Private Equity Ltd are traded. 

 

THIS MEDIA INFORMATION DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. IT IS NOT BEING ISSUED IN COUNTRIES WHERE THE DISSEMINATION OF THE INFORMATION CONTAINED HEREIN MAY BE RESTRICTED OR PROHIBITED BY LAW. IN PARTICULAR, THIS MEDIA INFORMATION IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO U.S. PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. 

 

ANY NON-COMPLIANCE WITH SUCH RESTRICTIONS MAY RESULT IN AN INFRINGEMENT OF U.S. SECURITIES LAWS. SECURITIES OF SPICE PRIVATE EQUITY LTD. ("COMPANY") ARE NOT BEING PUBLICLY OFFERED OUTSIDE OF SWITZERLAND. IN PARTICULAR, THE SECURITIES OF THE COMPANY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT THE REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES LAWS. THIS DOCUMENT DOES NOT CONSTITUTE A PROSPECTUS ACCORDING TO ART. 652A OF THE SWISS CODE OF OBLIGATIONS OR ART. 27 ET SEQ. OF THE LISTING RULES OF SIX SWISS EXCHANGE. 

 

This media information is for distribution in the United Kingdom only to (a) persons outside the United Kingdom; (b) those persons falling within the definition of Investment Professionals (as set forth in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the Order)) or within Article 43 (members and creditors of certain bodies corporate) or Article 49 (high net worth companies, unincorporated associations etc.) of the Order, or other persons to whom it may lawfully be communicated in accordance with the Order; or (c) any person to whom it may otherwise lawfully be communicated (such persons together being Relevant Persons). This media information is only available to Relevant Persons and the transaction contemplated herein will be available only to, or engaged in only with Relevant Persons, and this media information must not be acted on or relied upon by persons other than Relevant Persons.

 

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May 19, 2017

Spice private equity ltd reports all agm proposals passed

Zug, 19 May 2017 – Spice Private Equity Ltd ("the Company" ticker symbol “SPCE”) today announces that at this year’s Annual General Meeting of Spice Private Equity Ltd, all agenda items were passed with an overwhelming majority.

 

1. Approval of the Annual Report, the statutory Annual Financial Statements (Einzelabschluss) and the Group Financial Statements (Konzernrechnung) as per 31 December 2016
2. Balance sheet profit of CHF 3'729'553.61 to be carried forward
3. Granting of discharge in favour of all members of the Board of Directors active in the financial year 2016
4. Approval of a fixed compensation of the Board of Directors of not more than CHF 420'000.00 for the period starting on the Annual General Meeting 2017 and ending on the Annual General Meeting 2018
5. Elections
  5.1 Re-election of the following members of the Board of Directors for a term of office until the next Annual General Meeting:
    5.1.1 Mr Christopher Bedford Brotchie
    5.1.2 Mr Fersen Lamas Lambranho
    5.1.3 Mr David Emery
    5.1.4 Mr Christopher Wright
    5.1.5 Mr Alvaro Lopes da Silva Neto
  5.2 Re-election of Mr Christopher Bedford Brotchie as Chairman of the Board of Directors for a term of office until the next Annual General Meeting
  5.3 Re-election of all members of the Board of Directors as members of the Compensation Committee for a term of office until the next Annual General Meeting
  5.4 Re-election of Mr Stefan Koller, Attorney, Zug, as independent proxy for a term of office until the end of the Annual General Meeting 2018
  5.5 Re-election of PricewaterhouseCoopers Ltd, Zurich, as auditor for the business year 2017

 


For further information, please contact:
Meton Morais
Investor & Media Relations
GP Advisors Ltd, Zurich
Phone: +41 44 578 50 50
Email:investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

 

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May 19, 2017

Spice Private Equity Ltd. announces it has entered into a purchase Agreement to acquire a significant stake in leon, a UK based naturally fast food chain

Zug, 19 May 2017

Spice Private Equity Ltd (the “Company” or “Spice”) announces today that its subsidiary Spice Private Equity (Bermuda) Ltd. has entered into a purchase agreement to acquire a significant minority stake in LEON Restaurants Ltd (“LEON”), subject to general closing conditions. The total capital invested by Spice will be approximately GBP 25m.

 

LEON is a quick service restaurant chain based in the UK, with two stores in the Netherlands. The founders set out to prove that it was possible to serve fast food that both tastes good and does you good. The menu is inspired by the flavors, variety and natural healthiness of Mediterranean cooking, and prices are reasonable, so that everyone can eat well. Spice’s investment will help LEON to pursue its growth plan in the UK and internationally. With the transaction, we expect Spice to become the largest shareholder of LEON and to benefit from relevant governance within the company, working in partnership with the CEO and Co-founder, John Vincent and Active, a long standing investor in the business.

 

The investment in LEON represents a milestone for Spice as the first made in accordance with Spice’s new investment strategy, as per the Investment Guidelines amended on 5 July, 2016, that focuses on direct investments. The Company remains active in searching for interesting opportunities and continues pursuing a strong pipeline.

 

“LEON is a disruptive fast-food model that was born in the UK but has an immense potential to become global. We see LEON as an opportunity to replicate the great success of a former investment, Fogo de Chão, a Brazilian steakhouse that expanded into the US and is now listed on the NASDAQ”, says Mr. Fersen Lambranho, member of the Board of Directors of Spice and Chairman of GP Investments, the controlling shareholder and manager of Spice.

 

“To be successful LEON needs the right purpose, the right leaders and the right investors. To become the world's leading naturally fast food company we need partners who share the vision and can help make it happen. We are fortunate to have been approached by many potential partners. The decision to say yes to Spice was because of the high regard I have for the individuals of GP Investments, who manage Spice. I am also delighted that Active, our existing investor who has been so helpful to our growth, is participating in this fundraising too”, says Mr. John Vincent, LEON’s Co-Founder and CEO.

 

Spice will keep the market and its shareholders informed about any updates regarding the transaction.

 

For further information, please contact:
Meton Morais
Investor & Media Relations
GP Advisors Ltd, Zurich
Phone: +41 44 578 50 50
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

 

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April 25, 2017

Spice Private Equity Ltd. informs about its 1Q17 NAV/share and announces the repurchase of its own shares via second trading line to start on 26 April 2017

The Net Asset Value (“NAV”) of Spice Private Equity Ltd. (the “Company”, ticker symbol “SPCE”) was USD 220‘811‘696 representing an NAV of USD 41.17 per share as of 31 March 2017.


On 27 March 2017, the Company informed on the decision by the Board of Directors to launch a share repurchase program at market price for a one year period, for up to 7.2% (equivalent to 20% of the Company’s free float) of the issued share capital for the purpose of cancellation of such shares. Based on the current outstanding number of 5’363’717 registered shares the maximum repurchase volume amounts to 386’187 registered shares.


Following the program approval, the Company decided to execute such repurchase of own shares via a second trading line on SIX Swiss Exchange. The repurchase of shares will be booked against share capital reserves of the Company and thus be treated like the repayment of share capital. Trading on the second trading line will commence on 26 April 2017 and will be sustained until 26 April 2018 at the latest. The Company retains the right to terminate the program at any time and has no obligation to purchase own shares under this share repurchase program. Neue Helvetische Bank AG, Zurich, has been mandated to execute the share repurchase program.

 

For further information, please contact:
Meton Morais
Investor & Media Relations
GP Advisors Ltd, Zurich
Phone: +41 44 578 50 50
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

 

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March 27, 2017

Spice Private Equity Ltd announces the approval of a share buyback program

Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) announces the approval of a share buyback program.

 

At its meeting on March 20th 2017, the Board of Directors unanimously approved the launch of a Share Repurchase Program for up to 7.2% (equivalent to 20% of the Company’s free float) of the issued share capital for the purpose of cancellation of such shares. The buyback shall be at market prices and this first programme shall last for a maximum of one year.

 

The implementation is conditional upon Spice receiving a favorable tax ruling from the relevant authorities, and compliance with the necessary formalities of the Swiss Takeover Board.

 

The Company will keep the market posted on further developments.

 

For further information, please contact:

Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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March 22, 2017

Spice Private Equity Ltd RELEASES FULL YEAR 2016 RESULTS

Zug, 22 March 2017 – Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) today released full year 2016 results for the Company:
The Net Asset Value of the Company grew significantly by 8.1% reaching USD 42.28 per share as of 31 December 2016 when compared to 31 December 2015 value of USD 39.11 per share. Two main factors have driven the Net Asset Value (“NAV”) increase through this half year. First, there was the reversal of the “derivative financial liability” (USD 16.0 million as of 30 June 2016) resulting from the acquisition by GP Investments Ltd (“GP”) of the Company shares held by investment vehicles managed by Fortress Investment Group LLC (“Fortress”). Second, the investment performance of the remaining portfolio was positive by USD 4.8 million, and added to USD 3.4 million of realized returns from distributions and asset sale (closed by 31 December 2016).
The positive returns of the remaining portfolio are attributed to both the direct co-investment in AfricaOil Corp which performed very positively during the year, and the returns of fund investments, especially the ones with Latin American exposure. In pursuing Spice’s new strategy as per the new Investment Guidelines, the Company successfully completed a transaction by the 31 December 2016 for the sale of seven assets, including all primary fund investments. This transaction not only generated a positive result, but also reduced outstanding commitment by USD 15.3 million (as per last published information on 31 October 2016 adjusted by calls and distributions until closing), leaving the Company with only mature funds and direct investments with minimal expected capital calls to be made out of remaining outstanding commitments.
The combination of the transaction mentioned above with Spice’s already high level of cash and receivables from the sale of the legacy portfolio in the end of 2014 leaves the Company with a very strong liquidity position of USD 103.7 million, in addition to a total of USD 74.7 million to be received until the end of 2017. With only mature funds and direct investments with minimal expected capital calls to be made out of remaining outstanding commitments, the Company is very active in searching forinteresting investment opportunities and allocating the available capital in the upcoming years, currently pursuing a strong pipeline.
The Company’s share price improved by 5.7% from USD 24.60 as of 31 December 2015 to USD 26.00 as of 31 December 2016. Since then, the share price has improved further to USD 28.90 per share as of 21 March 2016.

 

For further information, please contact:
Meton Morais
Investor & Media Relations
GP Advisors Ltd, Zurich
Phone: +41 44 578 50 50
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

 

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January 4, 2017

Spice Private Equity Ltd announces the sale of assets and reduction of outstanding commitments

Zug, 4 January 2017

 

In pursuing Spice’s new strategy as per the Investment Guidelines amended on 5 July 2016 (please refer to the press release section on our website), Spice Private Equity Ltd (the “Company” or “Spice”) announced today that its subsidiary Spice Private Equity (Bermuda) Ltd completed a series of transactions (the “Transactions”) by the 31 December 2016 for the sale of seven assets (the “Portfolio”) including all primary fund investments, simplifying cash management for the Company and creating further space for new direct investments. The Company remains active in searching for interesting investment opportunities and is currently pursuing a strong pipeline.

 

The Portfolio sold by the Company comprises all primary fund investments (Navis Asia VII, Northstar IV, Baring Asia VI, Carlyle Sub Saharan Africa Fund and Helios III), and two co-investments (Altico Capital and Rede D’Or). The total reduction of outstanding commitment was of USD 15.3 million (as per last published information on 31 October 2016 adjusted by calls and distributions until closing), leaving the Company with only mature funds and direct investments with minimal expected capital calls to be made out of remaining outstanding commitments.

 

The Portfolio was sold for a cash consideration of USD 31.1 million, above its cost generating a gain of approximately 6.0% during the holding period of such portfolio. The impact on the Company’s NAV (as per last published information on 31 October 2016) will be minor and approximately -0.5%.

 

For further information, please contact:
Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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