value creation from growing companies

Hardman & Co Research | Investment Companies

NB Private Equity Partners (NBPE) | 2023 CMD: value creation from growing companies

We reviewed NBPE’s differentiated strategy, strong outperformance and good market positioning in our initiation, Co-investments generating superior performance, and 1H’23 results summary: continued growth. The key theme running through NBPE’s 5 October capital markets day was the superior EBITDA growth of its investee companies. Across the NB co-investment platform, in 2006, EBITDA growth was expected to produce 63% of total value creation, but it has risen to 93% in recent deals. Critically, target IRRs (20%+ net) are unchanged as higher-interest-rate impacts are offset by GP actions to grow EBITDA. As GPs look for greater equity support, the NB platform’s co-investment pipeline has seen more opportunities, despite the slower PE market activity.

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