HgCapital Trust PLC HgCapital announces investment in Evaluate (5421O)
November 08 2016 - 1:10AM
UK Regulatory
TIDMHGT
RNS Number : 5421O
HgCapital Trust PLC
08 November 2016
8 November 2016
HgCapital, the Manager of HgCapital Trust plc ("The Trust"),
today announces an investment in Evaluate Group ("Evaluate"), a
London-headquartered provider of commercial intelligence to the
global life sciences industry. The terms of this transaction have
not been disclosed.
HgCapital Trust plc will invest in Evaluate, alongside other
institutional clients of HgCapital, who will participate through
the Mercury Fund. The Trust, whose shares are listed on the London
Stock Exchange, gives private and institutional investors the
opportunity to participate in all HgCapital's investments. The
Trust will contribute a total of approximately GBP3.7 million.
This acquisition represents the eleventh investment by the
Mercury Fund and, following completion, the Fund will be
approximately 72% invested.
Based on the 31 October 2016 reported NAV, the Trust's liquid
resources available for future deployment, including all announced
transactions, are estimated to be GBP43 million (7% of the
pro-forma 31 October 2016 NAV). In addition, the Trust has access
to a GBP40 million standby facility, which is currently undrawn.
The transaction will reduce the Trust's outstanding commitments to
invest in HgCapital deals to approximately GBP67 million (11% of
the pro-forma 31 October 2016 NAV).
HgCapital announces investment in Evaluate
8 November 2016: HgCapital has today announced an investment in
Evaluate Group ("Evaluate"), a London-headquartered provider of
commercial intelligence to the global life sciences industry. The
terms of this transaction have not been disclosed.
Evaluate is the trusted provider of mission critical commercial
information for complex business decisions to the pharmaceutical
industry. Evaluate's core product is an industry leading set of
analyst consensus forecasts that provides detailed insights at the
product, disease, indication and geographic level. Evaluate creates
value by structuring, normalising and integrating data from company
filings, research organisations, and government bodies and
providing tools that drive analytical insights from data. Evaluate
was the first mover in this particular space and is a leading
provider today.
The investment in Evaluate reflects another example of the
Mercury team's approach to investing behind technology businesses
which occupy growing niches, typically led by founders seeking to
identify an expert partner who is able to help them further scale
their business. The Company exhibits a number of the business model
characteristics that HgCapital looks for including: a focus on
recurring subscription contracts, a track record of consistent
double-digit revenue growth, high levels of customer advocacy and
operating within a segment with long term growth potential.
This represents the eleventh investment from the Mercury Fund
and the fourth investment this year following other recent
investments in Germany and France.
HgCapital was advised by Portico Capital, Weil, Gotshal &
Manges and Deloitte. Evaluate was advised by Quayle Munro, RPC and
EY.
David Issott, Director in the Mercury team, said:
"We are delighted to be partnering with the team at Evaluate for
the next phase of their journey. Evaluate represents exactly the
type of investment opportunity that we raised Mercury to support: a
founder entrepreneur looking for a value-add partner to help scale
their business and fulfil its potential. We are also pleased to be
making a second investment in healthcare IT, a core sub-sector for
HgCapital."
Jonathan de Pass, Founder and Chairman of Evaluate, said:
"The HgCapital team impressed us with their deep understanding
of our market and business. The management team and I are delighted
to be partnering with HgCapital to realise our strategy of becoming
the recognised leader in commercial life sciences information and
analytics."
- Ends -
For further details:
HgCapital
Laura Dixon +44 (0)20 7089 7888
Maitland
Tom Eckersley +44 (0)20 7379 5151
Jamie Dunkley +44 (0)20 7379 5151
About HgCapital Trust plc
HgCapital Trust plc is an investment trust whose shares are
listed on the London Stock Exchange (ticker: HGT.L). The Trust is a
client of HgCapital, giving investors exposure to a portfolio of
high-growth private companies, through a liquid vehicle. New
investments and existing portfolio companies are managed by
HgCapital, an experienced and well-resourced private equity firm
with a long-term track record of delivering superior risk-adjusted
returns for its investors. For further details, please see
www.hgcapitaltrust.com
Neither the contents of HgCapital Trust's, HgCapital's, or
Evaluate's websites nor the contents of any website accessible from
hyperlinks on the websites (or any other website) is incorporated
into, or forms part of, this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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