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NBPE Portfolio Company Autostore Announces Completion of its IPO
20 October 2021
NB Private Equity (NBPE), the $1.3bn listed private equity investment company managed by Neuberger Berman, notes that it’s second largest underlying portfolio company position1, Autostore, an investment made alongside THL Partners, has announced the successful completion of its initial public offering (IPO) on the Oslo Børs at NOK 31 per share, implying a market capitalisation of approximately NOK 103.5 billion.
Based on the announced IPO price and current foreign exchange rate2, NBPE’s holding in Autostore would be valued at $130.6 million, a $54.6 million uplift ($1.08 net NAV per share uplift) to the 31 August 2021 vaulation of $76.0 million. The Autostore valuation will be updated in the 30 September 2021 Fact Sheet which will be released in the coming days. A minority proportion of NBPE’s holding was sold in the IPO.
Background to NBPE’s investment in Autostore
NBPE originally invested in Autostore in July 2019 alongside THL Partners, a leading middle-market private equity investor, with whom Neuberger Berman (the Manager) has partnered with across numerous funds and co-investments. At the time of investment, the Manager believed Autostore was an attractive investment, with secular growth trends driven by automation, e-commerce, and robotics.
AutoStore is an innovative robotic and software technology company, and a pioneer of cubic storage automation. The group operates in the rapidly growing warehouse automation industry, and in the even faster growing cube storage segment. AutoStore develops warehouse solutions for the future and helps its customers to enable space saving and increase performance, while reducing labour and energy costs. For more information about AutoStore, see www.autostoresystem.com.
Peter von Lehe, Managing Director and Head of Investment Solutions and Strategy, Neuberger Berman commented: “The Autostore investment has produced strong performance for NBPE and is an excellent example of NBPE’s strategy of investing in companies that benefit from long term structural growth trends. NBPE co-invested in the company alongside the lead manager, THL Partners, and the business has grown substantially under THL’s ownership.”
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman nbpe@kl-communications.com
Will Sanderson
About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.
LEI number: 213800UJH93NH8IOFQ77
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman’s diverse team has over 2,400 professionals. For seven consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $437 billion in client assets as of September 30, 2021. For more information, please visit our website at www.nb.com.
This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.
NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE's investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains "forward-looking statements." Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.
1 Second largest as of last published (August) Monthly Fact Sheet.
2 1NOK = .1197 USD.
