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RNS Number : 4146H
HgCapital Trust PLC
03 December 2020
Hg, the Manager of HgCapital Trust plc ("HGT"), today announces
an investment in Benevity, Inc. ("Benevity"), a global leader in
global corporate purpose cloud software.
The terms of the transaction were not disclosed and closing of
the transaction is subject to regulatory approvals which are
expected in January 2021.
HgCapital Trust plc will invest approximately GBP27.3 million in
Benevity, with other institutional clients of Hg investing
alongside HGT through the Hg Saturn 2 Fund.
HGT, whose shares are listed on the London Stock Exchange, gives
private and institutional investors the opportunity to participate
in all Hg's investments.
Note that these figures only relate to HGTs share of Hg's
overall investment in Benevity.
HGT's liquid resources available for future deployment
(including all announced transactions and the interim dividend paid
in October 2020) are estimated to be GBP166 million (13% of the 30
September 2020 pro-forma NAV of GBP1.25 billion, including the
increase in equity via tap equity issues over the fourth quarter of
2020). In addition, HGT has access to a GBP200 million standby
facility, which is currently undrawn.
The investment will reduce HGT's outstanding commitments to
invest in Hg transactions to approximately GBP606 million (49% of
the 30 September 2020 pro-forma NAV).
Benevity announces investment from Hg
to continue to strengthen corporate purpose globally
CALGARY, AB, Canada and London, UK: 3 December 2020 - Benevity,
Inc. ("Benevity"), a global leader in corporate purpose cloud
software, today announces that it has secured an investment from
Hg, a leading global software investor. Hg's investment is expected
to further accelerate and scale Benevity's pioneering leadership in
this category.
Hg will lead the investment, which will be made from the Hg
Saturn 2 Fund, in partnership with Benevity's current investors,
General Atlantic and JMI Equity, who will remain significant
investors in the business, alongside the Benevity management
team.
This investment comes at a time when ESG (Environment, Social,
Governance), corporate purpose and stakeholder capitalism are
taking root in companies of all sizes across the globe and as
employee, consumer and public expectations grow for business to
help solve the complex issues facing society . Benevity's
all-in-one, global platform enables purpose-driven brands to engage
these stakeholders in supporting the causes and issues they care
about through a database of nearly 2 million vetted nonprofit
organizations worldwide.
The Benevity platform has driven more than 34 million hours in
volunteer time and talent, 275,000 positive actions, over one
million grants and more than $6 billion in donations to date.
Benevity's 650 clients and their 19 million employees support
issues ranging from food insecurity, human rights, diversity and
inclusion, racial equity, mental health - and everything in
between. Around half of the businesses named on the 2021 Forbes
Just 100 Ranking - which recognizes "America's Most JUST Companies"
- use Benevity to power their corporate purpose programs[1] .
Benevity has helped transform the nonprofit sector from manual
processing, technological lag and fragmentation to automation,
aggregation and efficiency. With 90% of all donation funds being
sent electronically to nonprofits, Benevity boasts the highest
payment success rate in the industry, ensuring that more dollars
reach those in need, more accurately and reliably than any other
software provider.
"For the last decade, Benevity has been transforming the way
businesses engage stakeholders in social impact initiatives,
evolving them from passively transactional investments to
empowered, personalized experiences," said Bryan de Lottinville,
Benevity Founder and CEO. "By embracing a grassroots approach to
goodness - that is supported by scalable software - companies
create more meaningful purpose-driven cultures and consumer-facing
brands, helping them truly do well by doing good. We are thrilled
to have Hg on board, whose global profile and expertise in software
and SaaS will enable us to scale our reach to even more companies
across a spectrum of industries, sizes and geographies, helping
more people create a sense of connection to purpose and impact than
ever before."
Nic Humphries, Senior Partner and Head of the Hg Saturn team,
said: "It is truly exciting to partner with an organization that
enables such positive impact to society, and we passionately
believe in what Bryan, Kelly and their team are creating. Benevity
is already a robust, high-growth business with a trusted platform
for some of the world's largest global brands looking to boost
their purpose-driven activities. We look forward to working with
the team to become even more pervasive and impactful."
The Saturn team's Justin Von Simson, Managing Partner, Thorsten
Toepfer, Partner and Gero Wittemann, Partner and co-lead of Hg's
New York team, added: "Benevity has created a system of giving,
volunteering and mission engagement that is more impactful and
efficient for the business world, driving up employee participation
rates, increasing employee engagement and retention, and resulting
in higher impact to those in society that need it most. It's great
to be backing another business based in North America and we look
forward to using our experience in scaling software champions, to
reinforce their mission across the globe."
Alex Crisses, Managing Director at General Atlantic, added: "We
are strong believers in Benevity's mission to empower enterprises
and employees alike to support the causes they care about. Over the
three years of our partnership with Benevity, the company has
demonstrated the resonance of its platform as it has added premier
clients - becoming the backbone for their corporate giving and
employee engagement programs - and enabled giving on a global
scale. We are proud to welcome a trusted partner in Hg in the
company's next phase of growth."
The terms of the transaction were not disclosed and closing of
the transaction is expected in January 2021.
For further details:
Hg
Laura Dixon
+44 (0)20 8396 0930
Brunswick
Samantha Chiene +44 (0)207 404 5959
Hg@brunswickgroup.com
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
software and services 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, GA, JMI and Benevity
websites are not incorporated into, and do not form part of, this
announcement.
[1] 47 Benevity Clients Make 2021 Forbes JUST 100 List of
America's Most JUST Companies:
https://www.benevity.com/media/press-releases/2021-JUST-100
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