HgCapital Trust PLC Hg announces investment in MeinAuto.de (2815B)
January 09 2018 - 1:00AM
UK Regulatory
TIDMHGT
RNS Number : 2815B
HgCapital Trust PLC
09 January 2018
HgCapital Trust plc
9 January 2018
Hg, the Manager of HgCapital Trust plc (the "Company"), has
announced today an investment in MeinAuto.de ('MeinAuto'), a
leading B2C online platform for new car purchases based in Germany.
The terms of the transaction were not disclosed.
HgCapital Trust plc will invest approximately GBP6.7 million in
MeinAuto, with other institutional clients of Hg investing
alongside the Company through the Hg 8 Fund.
The Company, whose shares are listed on the London Stock
Exchange, gives private and institutional investors the opportunity
to participate in all Hg's investments.
Based on the pro-forma 30 November 2017 NAV, the Company's
liquid resources available for future deployment, including all
announced transactions, are estimated to be GBP185 million (28% of
the pro-forma 30 November 2017 NAV of GBP674 million). In addition,
the Company has access to an GBP80 million standby facility, which
is currently undrawn. The transaction will reduce the Company's
outstanding commitments to invest in Hg deals over the next four to
five years to approximately GBP444 million.
Hg announces investment in MeinAuto.de
9 January 2018: Hg has announced today an investment in
MeinAuto.de ('MeinAuto'), a leading B2C online platform for new car
purchases based in Germany. The terms of the transaction were not
disclosed.
MeinAuto was founded in 2007 and is headquartered in Cologne
with over 70 employees. The Company is one of Germany's leading
online platforms for new car sales with over 16 million visitors
per year and more than 9,000 dealers connected.
The investment is the first step in an initiative by Hg to
develop a new integrated and technology enabled service provider in
the automotive distribution & financing space. This initiative
is the result of considerable sector work undertaken by Hg in
recent years in the automotive services and software spaces,
including prior investments in Zenith (vehicle leasing services),
Epyx (an electronic network serving vehicle fleet operators and
repair shops), Eucon (a platform for automotive parts pricing data)
and Parts Alliance (a buying group and distribution network for
after-market car parts).
Justin von Simson, Managing Partner and Head of the Munich
Office at Hg, said: "We are delighted to partner with the
management team of MeinAuto who have worked tirelessly over the
last ten years to make the platform a true champion in the online
automotive distribution space. As the online channel is gaining
more and more importance for car distribution, we are excited about
the opportunities that lie ahead for the business and together with
the management team look forward to taking the platform to the next
level of its evolution."
Florian Wolff, Director at Hg, commented: "The automotive
distribution sector is experiencing a fundamental change. We
believe this creates a strong opportunity for MeinAuto given its
clear and differentiated value proposition which has allowed the
business to build a strong position in the sector. Hg firmly
believes in the potential of MeinAuto to leverage its value
proposition to further develop and grow the platform in the future.
The investment is a perfect example for our approach in partnering
with strong entrepreneurs and backing them to scale high-quality
technology businesses."
Alexander Bugge, Founder and Co-CEO at MeinAuto said: "In Hg we
have found the right partner to take our company forward to its
next level of development. Hg has deep sector knowledge and an
excellent track record of building strong sustainable
platforms."
Thomas Eichenberg, Co-CEO at MeinAuto added: "We are confident
that, together with Hg, we will be able to provide even better
experience to our customers and further expand our offering."
- End -
For further details:
Hg
Laura Dixon +44 (0)20 7089 7888
Maitland
Vikki Kosmalska +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 Company is
a client of Hg, giving investors exposure to a portfolio of
high-growth private companies, through a liquid vehicle. New
investments and existing portfolio companies are managed by Hg, 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, Hg's, or MeinAuto'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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