HgCapital Trust PLC Visma welcomes CPPIB as new investor (7588N)
January 22 2019 - 3:41AM
UK Regulatory
TIDMHGT
RNS Number : 7588N
HgCapital Trust PLC
22 January 2019
Hg Capital Trust plc
Hg, the Manager of HgCapital Trust plc ("the Company"), today
announces the part-realisation of Visma from Hg7, to the Canada
Pension Plan Investment Board (CPPIB).
The terms of the transaction were not disclosed.
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.
The investment by CPPIB realises a minority part of Hg's
investment in Visma, held by the Hg7 Fund.
Hg has been supporting Visma's growth strategy for over 12
years, collaborating on over 140 bolt-on acquisitions whilst also
helping transition Visma to become Europe's largest SaaS business.
During this time Visma has delivered consistent revenue growth at
around 15% per year, evolving from a EUR450m business in 2006 into
one valued at well over EUR6 billion today.
Following completion of the transaction, Hg will remain the lead
investor in Visma, and will continue to support the business'
growth as the majority shareholder through its managed funds
including the Hg7 Fund and the Hg Saturn 1 Fund.
This transaction values the Company's overall investment in
Visma prior to completion at approximately GBP153.6 million. This
would represent an uplift of GBP14.3 million (10%) over the
carrying value of Visma of GBP139.3 million in the Net Asset Value
("NAV") of the Company at 30 November 2018. The Company will
realise estimated cash proceeds of approximately GBP21.7 million on
completion of this transaction, meaning the Company's residual
holding in Visma would be valued at GBP131.9 million. (Note that
these figures only relate to HgCapital Trust's investment in
Visma.)
Based on the 30 November 2018 NAV, the pro-forma NAV of
HgCapital Trust would be GBP777.2 million (or 2,082.3 pence per
share). The Company's liquid resources available for future
deployment (after adjusting for all announced transactions) are
estimated to be GBP156 million (20% of the pro-forma 30 November
2018 NAV). In addition, the Company has access to a GBP80 million
standby facility, which is currently undrawn.
Visma Group welcomes the Canada Pension Plan Investment Board as
a new investor
Visma Group, a leading provider of business-critical software to
private and public enterprises in the Nordic, Baltic and Benelux
regions, is delighted to announce today that it has welcomed the
Canada Pension Plan Investment Board (CPPIB) as an investor in the
company.
CPPIB is a large international, institutional investor, managing
the funds of the Canada Pension Plan on behalf of its 20 million
Canadian contributors and beneficiaries. The transaction, led by
CPPIB and following a competitive sales process for a stake in the
business, will see CPPIB invest through its wholly-owned
subsidiary, CPP Investment Board Europe S.a.r.l., in a part of the
holding currently held by Hg, a specialist technology investor and
majority shareholder in Visma.
Following the transaction, Visma will have backing from some of
the world's largest institutional and specialist technology
investors alongside lead investor Hg, including Cinven, GIC,
Intermediate Capital Group and Montagu. Together, Visma and its
strong investor base will continue to reinforce Visma's position as
a leading SaaS business in Europe and one of the world's most
successful SaaS companies.
The terms of the transaction are not disclosed.
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, whose shares are listed on the London Stock
Exchange (ticker: HGT.L), gives investors exposure through a liquid
vehicle to a portfolio of high-growth private companies in the
technology and tech-enabled sector. The selection of new
investments and creation of value in these businesses 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.
The contents of the Hg, HgCapital Trust, Visma and CPPIB's
websites and any website accessible from hyperlinks on such
websites (or any other website) are not incorporated into, and do
not form part of, this announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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