Spice Private Equity
AIMS TO BE THE PREFERRED LISTED INVESTMENT COMPANY FOR
PRIVATE EQUITY GLOBALLY.
OUR VISION AND MISSION
WE ARE A BRIDGE BETWEEN YOUR CAPITAL AND INVESTMENT OPPORTUNITIES IN PRIVATELY HELD COMPANIES GLOBALLY.
Spice Private Equity has a simple vision: to be the preferred listed investment company for private equity globally.
We provide to investors of all sizes a simple and liquid way to benefit from the growth and upside potential of investing in private equity.
OUR CORE VALUES
OUR IDENTITY AND CORPORATE CULTURE ARE BASED ON THREE PRINCIPLES.
INTEGRITY
- Treating all our stakeholders fairly.
- Investing in ethically acceptable companies.
- Paying due and full regard to all laws and regulations.
TRANSPARENCY
- Disclosing our decision-making and processes.
- Sharing relevant information in a timely and open manner.
- Helping our investors and the market to understand us and our work.
COMPETENCE
- Knowing and understanding the market.
- Professionally executing our strategy and actions. Being world-class.
OUR ORGANIZATION
OUR ORGANIZATION IS STREAM-LINED AND FLEXIBLE: OUR DECISION-MAKING PROCESSES ARE SHORT.
COMPANY
Spice Private Equity is an investment company that was founded in 1999 and is listed on the SIX Swiss Exchange under the ticker symbol SPCE.
MANAGER
Spice Private Equity is managed by GP Advisors out of Bermuda. GP Advisors is owned by GP Investments.
INVESTMENT COMMITTEE
GP Advisors’ Investment Committee can draw on over 60 years of aggregate experience in the private equity field. The Committee consists of Antonio Bonchristiano, Danilo Gamboa, Fersen Lambranho and Rodrigo Boscolo.
STRATEGY
SPICE PRIVATE EQUITY
FOCUS ON PRIVATE EQUITY INVESTMENTS GLOBALLY.
INVESTMENT GUIDELINES
THE GUIDELINES WE FOLLOW
The investment objective of Spice Private Equity Ltd (the “Company”) and its subsidiary Spice Private Equity (Bermuda) Ltd (the “Subsidiary”) (together the “Group”) is to achieve long-term capital growth for shareholders by investing directly in companies (“Direct Investments”) and in private equity specialized funds (“Fund Investments”).
Direct Investments and Fund Investments may include investments in private equity and private equity related instruments and opportunistically in certain categories of credit products. Investments will typically be made through the Subsidiary. Net profits generated upon realizations will typically be re-invested.
Within the limitations of the Company’s purpose and investment principles as stated in its Articles of Association the Board of Directors of the Company (“BoD”) may amend or supplement its Investment Guidelines.
PORTFOLIO
SPICE PRIVATE EQUITY
PROVIDES INVESTORS WITH ACCESS TO ATTRACTIVE PRIVATE EQUITY OPPORTUNITIES GLOBALLY.
DIRECT INVESTMENTS
FOOD FIRST
FoodFirst Global Restaurants (formerly Bravo Brio Restaurant Group) is a leading US-based owner and operator of two distinctive Italian restaurant brands: BRAVO! Cucina Italiana and BRIO Tuscan Grille. The company has more than 110 sites across 32 states in the United States, most of which are strategically positioned in high-traffic areas and A+ shopping centers. FoodFirst strives to be the best Italian restaurant company in America and is focused on providing its guests with an excellent dining experience through consistency of execution. To achieve that goal, a solid management team is being led by Brad Blum, the former CEO of Burger King and former president of Oliver Garden.
THE CRAFTORY
The Craftory is an investment holding company with approximately USD 300 million of permanent capital to deploy in up to 10 of the world’s boldest challenger brands within the fast-moving consumer goods space. It focuses on Europe and the U.S., searching for high-growth consumer brands with annual revenues of at least USD 10 million. The goal is to boost sales with scalable operations, effective storytelling and digital marketing. The Craftory is being led by entrepreneurs and brand experts such as its founder and CEO Elio Leoni Sceti, who is a current board member of Anheuser-Busch InBev and former CEO at Iglo Birdseye and EMI Music, as well as other experienced professionals who have worked at Coca-Cola, Disney, Polycomm, Atomico, Temasek and other global companies.
LEON
LEON is a UK-based, globally ambitious natural fast-food chain. The company joined the food scene in 2005, when it was named the Best New Restaurant in the UK by The Observer. Over the past three years, LEON has doubled in size and managed to continuously deliver same-store sales growth, despite a challenging market backdrop in the UK. With 60 restaurants and over 1,000 employees, Leon offers Mediterranean dishes and a natural menu at reasonable prices. As part of its expansion plan, LEON continues to open stores with franchise partners across Europe and has recently opened its first store in the United States, located in Washington D.C.http://spice-private-equity.mz-sites.com/wp-content/uploads/sites/76/2018/08/vdo-020.mp4
RIMINI STREET
Rimini Street is a leading independent provider of enterprise software support. The company was founded in 2005 with the objective of delivering an innovative and value-driven solution for enterprises, targeting an addressable market of USD 15 billion, considering currently supported products. Rimini’s clients have saved up to USD 3 billion in maintenance costs, to date. Rimini provides its software support to over 1,500 active clients, including 70 companies in the Fortune 500 and 20 companies in the Fortune Global 100. The company offers not only a low-cost solution, but superior service in its support delivery. As a result, in 2Q18 the company achieved its 50th consecutive quarter of revenue growth.
LEGACY PORTFOLIO
SECONDARY FUND INVESTMENTS
QUVAT CAPITAL PARTNER II
Through a secondary transaction, Spice Private Equity acquired a LP stake in Quvat Capital Partners II, a private equity fund managed by Quvat, a leading Indonesian private equity fund manager with a deep local network.
The fund is a 2007 vintage with more than USD 200 million of capital commitment. The 12 portfolio companies operate in a broad array of industries including financial services, entertainment, mining, logistics and real estate. The assets are mostly based in Indonesia with some exposure to neighboring countries such as Singapore and Malaysia.
The investment represented an opportunity to purchase a mature fund position at an attractive price. It provides exposure to a diversified portfolio of companies in Indonesia, which is one of the largest countries in the world in terms of population and GDP and one with the highest GDP growth expectations.
> Quvat Capital Partner II is fully invested and out of its investment period.
Photo: Jakarta, Indonesia
DLJ SOUTH AMERICA PARTNERS
Spice Private Equity acquired through a secondary transaction an LP stake in DLJ South America Partners, a private equity fund managed by Victoria Capital Partners, a regionally dedicated private equity manager with a broad geographic coverage in South America covering Brazil, Chile, Colombia, Peru and Argentina.
Victoria Capital Partners was formed in 2006 through the spin-off of DLJ South America Partners from Credit Suisse and has capital commitments of over USD 1.7 billion in aggregate. Victoria Capital Partners is currently comprised of 14 investment professionals in three regional offices in South America: Buenos Aires (Argentina), São Paulo (Brazil) and Bogotá (Colombia).
DLJ South America Partners is a 2007 vintage fund with total commitments of approximately USD 300 million. The fund has been highly successful and still holds a quality portfolio which should create further substantial upside. The 4 portfolio companies operate in the financial services, healthcare and consumer industries.
The investment represented a further step in the implementation of Spice Private Equity’s overall emerging markets strategy and is the first investment in Latin America since the strategic repositioning of the Company. The opportunity has been proprietarily sourced.
Photo: São Paulo, Brazil
LATAM PORTFOLIO 1
Through a secondary transaction bidding process, Spice Private Equity acquired from a third party, LP stakes in GP Capital Partners IV, Magma Fund and Magma Fund II, a portfolio of private equity investments managed by GP Investments.
GP Capital Partners IV is a 2007 vintage fund with total commitments of approximately USD 1.27 billion. The fund still holds 3 investments with substantial upside potential. The 3 portfolio companies operate in the refractories, hospitality and business services sectors. Magma Fund and Magma Fund II are two funds set-up for the investment in a refractories company in Brazil (also in GP Capital Partners IV).
GP Investments is a Latin American diversified asset management company with private equity investments focused on the acquisition of companies with high potential for value creation (total USD 3.5 billion invested in PE since 1993). GP Investments is also the largest shareholder in Spice Private Equity and the parent company of GP Advisors, Spice Private Equity’s investment manager.
The investment represents a further step in the implementation of Spice Private Equity’s overall emerging markets strategy adding an established GP to the portfolio and increasing the proportion of Latin American secondary transactions.
Photo: São Paulo, Brazil
GLOBAL EM PORTFOLIO I
Spice Private Equity has completed a secondary transaction, acquiring LP interests in NYLIM Jacob Ballas India Fund III, LLC, Tara India Fund III, LLC, GP Capital Partners IV, L.P., and GP Capital Partners V, L.P.. The total private equity exposure acquired is USD 20.0 million.
NYLIM Jacob Ballas India Fund III, LLC, (“Fund III”) is a 2008 vintage fund with USD 439 million total commitments and managed by NYLIM Jacob Ballas Asset Management Company III, LLC (“AMC”), a Mauritius company. Including Fund III, AMC and its affiliates have raised 3 India focused private equity funds, managing over USD 600 million in capital. Fund III has a diversified portfolio with exposure to infrastructure, healthcare, financial services and business services sectors.
Tara India Fund III, LLC is a 2008 vintage fund with USD 225 million total commitments and managed by IL&FS Investment Managers Limited (“IIML”), the private equity arm of IL&FS. IIML has been part of IL&FS since 1996 and has raised and managed 16 funds with the current AUM of USD 3.85 billion. Fund III has a diversified portfolio with exposure to infrastructure, consumer, industrial, business services, natural resources sectors and real estate.
GP Capital Partners IV, L.P., and GP Capital Partners V, L.P., are two partnerships managed by affiliates of GP Investments, Ltd., one of the most established private equity investors in Latin America, having invested over USD 3.5 billion in 53 companies across 15 different industries since its inception in 1993. GP Investments targets large-cap opportunities with strong potential for management and operational improvements. GP Capital Partners IV is a 2007 vintage partnership with total commitments of approximately USD 1.27 billion. The partnership still holds 3 investments with upside potential. The 3 portfolio companies operate in the refractories, hospitality and business services sectors. This LP interest acquisition increases the exposure to this partnership, following the transaction completed earlier this year in April 2015.
GP Capital Partners V is a 2008 vintage partnership with total commitments of approximately USD 1.05 billion. The partnership still holds 3 investments in the consumer and mining sectors with potential for future growth.
This secondary transaction represented a further step in the implementation of Spice Private Equity’s overall emerging markets strategy adding established GPs to the portfolio and increasing the allocation to secondary transactions in Asia and Latin America.
Photo: New Delhi, India
CO-INVESTMENTS
AFRICA OIL CORPORATION
Spice Private Equity has co-invested with Helios Investment Partners (“Helios”) to acquire a significant minority stake in Africa Oil Corporation (“AOC”), an upstream E&P company in East Africa. Total Spice Private Equity contribution was USD 5.0 million.
AOC is a pioneering East African focused oil company with a footprint covering seven oil blocks across Kenya and Ethiopia, core target regions of Spice Private Equity investment strategy. AOC has a dual listing in the Toronto and Nasdaq Stockholm stock exchanges.
All involved partners have long standing track records in the region and in the industry. Helios is one of the most reputable and established private equity managers in Africa and has extensive experience with energy and particularly oil related reansactions in the region. Helios was founded in 2004 by former senior professionals of TPG Capital. Spice Private Equity has a long standing relationship with Helios’ principals and it has made a commitment to its current fund. AOC’s management team is highly experienced and is backed by the Lundin Group, a successful investor in the sector and in the region. AOC’s operating partner is Tullow, a leading E&P group with worldwide operations and long standing presence in Africa.
The output of the Kenyan oil blocks under development is expected to importantly boost in the country’s GDP. By investing through a structured transaction at an attractive part of the cycle, characterized by historically low prices, Spice Private Equity is entering a key industry for the region’s development.
Photo: Nairobi, Kenya
MEDIA ROOM
SPICE PRIVATE EQUITY
PROVIDES A SIMPLE AND LIQUID WAY FOR INVESTORS TO BENEFIT FROM INVESTING IN GLOBAL PRIVATE COMPANIES.
AGENDA
CORPORATE CALENDAR
30 May 2018 2:00pm
Annual General Meeting
PUBLICATION DATES
13 November 2018
Publish Spice NAV/Share 3Q18
21 September 2018
Publish Semi-annual Spice Report
30 May 2018
Spice AGM 2017
DOWNLOAD CENTER
LATEST PUBLICATIONS
PRESS RELEASES
INTERNAL REGULATIONS
INVESTMENT GUIDELINES
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ANALYSTS AND MEDIA PRESENTATION
FINANCIAL STATEMENTS
MEDIA RESPONSE
MONTHLY FACTSHEETS
NEWS
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November 13, 2018Spice 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 -
September 22, 2018Spice 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 -
August 14, 2018SPICE 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 -
May 30, 2018ALL 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.
Approval of the statutory 2017 Annual Financial Statements (Einzelabschluss) and the Group Financial Statements (Konzernrechnung) as per 31 December 2017
Decision on the elimination of loss of capital situation and appropriation of accumulated loss
Renewal of authorized capital (modification of Articles of Association)
Discharge of the Board of Directors
Approval of the aggregate amount of compensation of the board of directors
Elections6.1 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 Meeting6.3 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 Meeting6.4 Re-election of Mr Stefan Koller, Attorney, Zug, as independent proxy
for a term of office until the end of the Annual General Meeting 20196.5 Re-election of PricewaterhouseCoopers Ltd, Zurich, as auditor for
the business year 2018ABOUT 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 -
May 29, 2018SPICE 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 -
May 3, 2018SPICE 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 -
April 27, 2018SPICE 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 -
March 29, 2018SPICE 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.comPress Release – Download PDF
Annual Report 2017 – Download PDF
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March 8, 2018BRAVO 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) 277-1212Media Relations
Jake F. Malcynsky
(203) 682-8375Contacts for GP Investments:
Investor Relations
Joel La Banca Neto
+55 11 3556-5505Media Relations
Brooke Flohr
(646) 805-2823Contact for Spice:
Investor & Media Relations
Rodrigo Boscolo
+41 41 710 70 60 -
November 14, 2017SPICE 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 -
October 11, 2017SPICE 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.comAbout 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”.
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September 15, 2017SPICE 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.
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”.
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August 7, 2017SPICE 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”.
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May 19, 2017SPICE 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 2017For 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 -
May 19, 2017SPICE 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 -
April 25, 2017SPICE 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 -
March 27, 2017SPICE 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, 2017SPICE 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 -
January 4, 2017SPICE 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 MoraisInvestor & Media Relations
GP Advisors Ltd, Zurich
Phone: +41 44 578 50 50
Email: investor.relations@spice-private-equity.com
TEAM
SPICE PRIVATE EQUITY
HAS A GLOBAL, HIGHLY SPECIALIZED AND EXPERIENCED TEAM.
BOARD OF DIRECTORS
THE BOARD OF DIRECTORS OF SPICE PRIVATE EQUITY LTD IS COMPRISED OF FIVE MEMBERS.
CHRISTOPHER BROTCHIE
Chairman of the Board, Switzerland. Mr. Brotchie serves as a Director on the Boards of Baring Private Equity International Ltd, Baring Private Equity Group Ltd, SWICORP Ltd (Riyadh), Firmdale Hotel Holdings Ltd (London) and Bolero International Ltd (London).
He is a member of the Investment Committees of Baring Vostok Capital Partners (Moscow), ICentis Capital (Warsaw) and Intaj II (MENA) private equity funds. He is a member of the Advisory Council’s of Baring Private Equity Partners Asia (Hong Kong), GP Investments Ltd, ICentis Capital (Warsaw), Triton Capital Partners (Frankfurt & Stockholm) and the Pacific Pensions Institute (San Francisco).
Mr. Brotchie’s private equity career started in 1986 when he joined Baring Private Equity Partners in Germany. As a Senior Partner, he was responsible for starting Baring Private Equity’s businesses first in Germany (1986 to 1995) and Asia (1995 to 2000) based in Singapore. After 18 years with the firm, he retired in March 2004 as Chief Executive Officer of the Baring Private Equity Partners Group and Member of the Asset Management Executive Council of the ING Group.
He holds a Bachelor of Technology degree, with honors from Brunel University and is a Chartered Engineer. He is a winner of the Society of British Aerospace Companies John de Havilland Award and Fellow of the Royal Society of Arts.
FERSEN LAMBRANHO
Vice Chairman of the Board, London, UK. Chairman of GP Investments Ltd and member of the Investment Committee of GP Advisors (Bermuda) Ltd. More than 20 years of experience as a manager and board member in various companies in the financial, mining, real estate and retail industries.
Fersen Lamas Lambranho, born in 1961, Brazilian and Portuguese citizen, executive member. Mr. Lambranho is Chairman of GP Investments Ltd and a member of the Investment Committee of GP Advisors (Bermuda) Ltd. He joined GP Investments in 1998 and became a Managing Director in 1999. Prior to joining GP, Mr. Lambranho was CEO of Lojas Americanas, where he worked for 12 years and was a board member from 1998 to 2003.
Currently, he is Chairman of the Board of Centauro. He has served as Chairman of the Boards of Oi, Contax, Gafisa and ABC Supermercados. Mr. Lambranho serves on the boards of RHI Magnesita, Centauro and BHG. He previously served on the boards of BRMalls, San Antonio, Estácio, Allis, Tele Norte Leste Participações, São Carlos Empreendimentos e Participações, Playcenter, Shoptime, Farmasa, BR Properties and Americanas.com. He is a board member of several non-profit entities, such as Fundação Bienal de São Paulo e COPPEAD-UFRJ.
Mr. Lambranho holds a Bachelor’s Degree in Civil Engineering from the Universidade Federal do Rio de Janeiro and a M.Sc Degree in Business Administration from COPPEAD-UFRJ. He also completed the Owner President Management Program at Harvard Business School. Mr. Lambranho joined the Company’s Board of Directors in February 2015.
ALVARO LOPES DA SILVA NETO
Member of the Board, United States. Mr. Lopes was the Chief Financial and Investor Relations Officer of GP Investments from 2012 until March 2018. He serves as a member of the board of directors of GP Advisors.
Mr. Lopes previously served as member of the board of directors of GP Advisors, BRZ Investimentos and Wiz Soluções, as CFO of Genesis Investments and as an advisor to Bac Florida Bank. He was also the CEO of Mercure Investments, senior vice-president of Prudential / Wachovia Securities and CEO, COO and EVP of Banco Bozano, Simonsen SA and its affiliates.
Mr. Lopes holds a bachelor’s degree in economics and business administration from Faculdade de Ciências Políticas e Econômicas do Rio de Janeiro and an MBA from COPPEAD-UFRJ.
CHRISTOPHER WRIGHT
Member of the Board, United States. Mr. Wright is the Chairman of EMAlternatives LLC in Washington DC, an asset management firm and of its former affiliate in China (Yimei Capital Management) and sits on the board of Merifin Capital Group, a private European investment firm.
Until mid-2003 Mr. Wright served as Head of Global Private Equity for Desdner Kleinwort Capital and was also Group Board Member of Dresdner Kleinwort working in New York, London and Frankfurt with overall responsibility for alternative assets in developed and emerging markets.
Mr. Wright remains a co-founding board member of Roper Technologies Inc (NYSE, S&P 500 software, healthcare and industrial technology company).
He is a non-executive director of Yatra Capital Ltd (EuroNext listed Indian property investment company) and has previously served on the boards of other listed investment companies in the UK. He is non-executive Chairman of the management company of The Fine Art Fund Group in London.
Mr. Wright was educated (M.A.) at Oxford University. He is Foundation Fellow, Corpus Christi College, Oxford and serves on various sub-committees of its Governing Body, including the investment committee of its endowment fund. He holds a Certified Diploma on Accounting and Finance from the ACCA.
DAVID EMERY
Member of the Board, Singapore. Founder and CEO of Reciprocus International PTE Ltd, a globally active M&A advisory boutique. Formerly on the management team of Dun & Bradstreet, with responsibility for the Asia Pacific region, business development, and mergers & acquisitions.
David Justinus Emery, born in 1962, Swiss citizen, executive member. Mr. Emery is the Founder and Chairman of Reciprocus International Pte Ltd, a global M&A advisory boutique based in Singapore. Prior to setting up his own firm in October 2011, he was with Dun & Bradstreet, Inc. (D&B) for over 16 years, lastly as a member of the Group’s Executive Board (GLT), President of Asia Pacific and Head of International Business Development and M&A.
David serves today as an Advisor to several organizations and government agencies and sits on several boards. He is also an entrepreneur in his own right, mainly as an early stage investor. He holds a Swiss Federal Bachelor’s Degree in Commerce and General Management. Mr. Emery joined the Company’s Board of Directors in June 2013.
MANAGEMENT
THE BOARD OF DIRECTORS OF SPICE PRIVATE EQUITY DECIDED TO OUTSOURCE THE INVESTMENT MANAGEMENT ACTIVITIES OF THE COMPANY IN 2013.
In 2013, Spice Private Equity (Bermuda) Ltd entered into an investment management agreement in 2013 with GP Advisors (Bermuda) Ltd in respect to services to be provided for its investment portfolio. The investment management agreement empowers GP Advisors (Bermuda) Ltd to take investment decisions on behalf of Spice Private Equity (Bermuda) Ltd.
GP Advisors (Bermuda) Ltd. Is a fully-owned subsidiary of GP Investments, Ltd.
CONTACT
Spice Private Equity Ltd
Industriestrasse 13c
CH-6302 Zug
Phone +41 41 710 70 60
Fax +41 41 710 70 64
Spice Private Equity (Bermuda) Ltd
Clarendon House
2 Church Street
Hamilton, HM 11
Bermuda
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This website is provided for information purposes only. Its content is not intended as a substitute for professional advice and should not be treated as such. Your use of this website is at your own risk. Apen AG does not guarantee the availability, accuracy or currency of this website, or its contents, in any way and disclaims liability for any kind of damage caused by the use of this website, to the extent permitted by law.
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