TIDMHGT
RNS Number : 0669J
HgCapital Trust PLC
18 December 2020
Hg, the Manager of HgCapital Trust plc ("HGT"), today announces
an investment in Geomatikk Group, a tech-enabled services champion,
managing critical 'check-before-you-dig' safety assessments to
network owners, contractors and consulting engineers within Norway,
Sweden and Finland.
The full terms of the transaction are not disclosed and closing
is subject to obtaining relevant regulatory approvals.
HgCapital Trust plc will invest approximately GBP7.4 million in
Geomatikk Group, with other institutional clients of Hg investing
alongside HGT through the Hg Mercury 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 Geomatikk Group.
HGT's liquid resources available for future deployment
(including all announced transactions and the interim dividend paid
in October 2020) are estimated to be GBP161 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 GBP598 million (48% of
the 30 September 2020 pro-forma NAV).
Hg invests in Geomatikk Group
Partnering with the business to continue its growth as a
Northern European champion in
Underground Mission-Critical GIS Data and Detection.
Oslo, NORWAY and London, UK. 18 December 2020: Hg, Europe's
leading software investor, today announces an investment in
Geomatikk Group ("Geomatikk").
Geomatikk is a tech-enabled services champion, managing critical
'check-before-you-dig' safety assessments to network owners,
contractors and consulting engineers within Norway, Sweden and
Finland.
Hg will support Geomatikk with its extensive experience in
scaling tech champions across Europe. Hg will become the majority
investor, with founders and management remaining as significant
investors in the business. The full terms of the transaction are
not disclosed and closing is subject to obtaining relevant
regulatory approvals.
Founded in 2005, Geomatikk is a leading tech-enabled services
provider managing critical "check-before-you-dig" requests in
Norway, Sweden and Finland. The core product is a comprehensive
mapping of all underground infrastructure in the countries it
operates, which underpins an end-to-end technology platform that
manages these pre-dig checks and complementary workflows such as
site inspection, damage resolution and network monitoring.
Geomatikk has become a one-stop source of truth for underground
cable management serving network owners and the construction
industry across the Nordic region.
Hg has been investing in and growing businesses across the
Nordic region for close to 20 years.
Geomatikk is also Hg's 10(th) investment in the Tech Services
sector, where around EUR1 billion has now been invested. This
investment will be made from the Hg Mercury 2 Fund.
Øystein Moan will also join Geomatikk as Chairman of the board.
Øystein has extensive experience of building software businesses in
the Nordic region, having been CEO, and currently Executive Chair,
of Visma, a leading provider of business-critical software to
private and public enterprises in the Nordic, Benelux and Baltic
regions. Over the last 23 years Øystein has overseen revenue growth
from NOK 300 million to over NOK 19 billion today at Visma.
Geomatikk has the potential to follow a pattern similar to Visma
and become a European champion in Underground Mission-Critical GIS
Data and Detection.
Knut Bratsberg, CEO and Founder of Geomatikk, said: "Hg has a
long history of significantly scaling technology businesses in the
Nordics. We believe that their extensive experience in software and
technology transformation will enable us to provide an even more
seamless and compelling product for our customers, whilst also the
opportunity to bring our vital services to other regions in
Northern Europe. This is an incredibly exciting opportunity and I
would like to say thank you to our excellent team who have
performed incredibly well in what has been a significant and
challenging year for everyone. We look forward to what the future
holds."
David Issott, Partner at Hg, said: "We are hugely impressed in
what Knut and the Geomatikk team have built in the Nordics.
Geomatikk provides a high value service protecting critical
infrastructure in the region. By building a high-quality and
increasingly tech-enabled product, Geomatikk is a leading European
champion in this geographic information sector. We look forward to
working with Knut and the entire Geomatikk team as we use our
experience of scaling technology enabled businesses to support
further growth."
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 and Geomatikk websites
are not incorporated into, and do not form part of, this
announcement.
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