HgCapital Trust PLC Hg investment in The Access Group (3273K)
April 10 2018 - 1:00AM
UK Regulatory
TIDMHGT
RNS Number : 3273K
HgCapital Trust PLC
10 April 2018
10 April 2018
Hg, the Manager of HgCapital Trust plc (the "Company"), has
announced today an investment in The Access Group ("Access"), one
of the UK's leading providers of business management software to
mid-market companies. The terms of the transaction were not
disclosed.
HgCapital Trust plc will invest approximately GBP30.9 million in
Access, 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 28 February 2018 NAV, the Company's liquid
resources available for future deployment, including all announced
transactions and the proposed dividend payable in April 2018, are
estimated to be GBP125 million (17% of the 28 February 2018 NAV of
GBP719 million). In addition, the Company has access to an GBP80
million standby facility, which is currently undrawn. The
investment will reduce the Company's pro-forma outstanding
commitments to invest in Hg transactions over the next four to five
years to approximately GBP623 million.
The Access Group announces strategic investment from Hg
alongside existing investor TA Associates at an enterprise value of
GBP1 billion
London, UK, 10 April, 2018 - The Access Group, a leading
provider of fully integrated business management software to UK
mid-market organisations, announced today a strategic investment
from Hg valuing the business at an enterprise value of
approximately GBP1 billion. Current majority shareholder TA
Associates will retain joint control of The Access Group.
With its portfolio spanning Finance, HR, Payroll, Hospitality,
Recruitment, Heath & Social Care, Manufacturing &
Distribution, Education and Not for Profit sectors, The Access
Group is the leading vendor of mission-critical business software
to mid-market organisations in the UK.
Chris Bayne, CEO of The Access Group, commented, "We have
enjoyed our close partnership with the team at TA Associates, and
we're very proud of the considerable growth we've achieved together
to date. We look forward to continuing our relationship with them
and welcoming our new investors, Hg, to further assist us in our
journey as one of the UK's leading providers of cloud-enabled
business application software. With these two marquee investors, we
will have access to significant resources and expertise to continue
to deliver innovation and value for our clients."
"We are very impressed by Chris Bayne, his strong management
team and vision for the business, focused on delivering an
ever-expanding portfolio of mission-critical software to a growing
base of very satisfied and loyal customers." said Jonathan Boyes,
Partner at Hg.
"It has been a pleasure to partner with Chris Bayne and his team
since we invested in the business in January 2015," said J. Morgan
Seigler, Managing Director at TA Associates. "The business has
experienced strong organic growth, executed 11 acquisitions,
entered three new vertical markets and grown its customer base to
more than 12,700 UK businesses and not-for-profit organisations. We
look forward to partnering with Hg to support the company through
its next phase of growth."
Arma Partners is serving as financial advisor to The Access
Group. Harris Williams is serving as advisor to The Access Group's
Management. Travers Smith is serving as legal advisor to TA
Associates and The Access Group. Linklaters is serving as legal
advisor to Hg.
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 Hg Capital Trust's, Hg's, Access Group's
or TA Associates' 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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