HgCapital Trust PLC Hg invests in TeamSystem (8698L)
January 18 2021 - 03:40AM
UK Regulatory
TIDMHGT
RNS Number : 8698L
HgCapital Trust PLC
18 January 2021
Hg, the Manager of HgCapital Trust plc ("HGT"), today announces
an investment in TeamSystem, an Italian provider of ERP and
business management software to SMEs and professionals.
The terms of the transaction were not disclosed.
HGT, whose shares are listed on the London Stock Exchange, gives
private and institutional investors the opportunity to participate
in all Hg's investments.
Hg has held a minority position in TeamSystem since 2015,
following its majority exit to a vehicle indirectly held by Hellman
& Friedman Capital Partners VII, L.P.
A transaction has recently been agreed to transfer TeamSystem to
a vehicle indirectly held by Hellman & Friedman Capital
Partners IX, L.P. As part of this transaction, Hg's Genesis 6 Fund
will sell its minority holding in TeamSystem. This transaction
values HGT's existing investments in TeamSystem at GBP21.3
million.
HgCapital Trust plc will then invest approximately GBP14.3
million in TeamSystem, with other institutional clients of Hg
investing alongside HGT through the Hg Genesis 8 Fund. As a result
of this transaction, Hg will remain as a minority investor in the
business.
Based on the 30 September 2020 reported NAV (including all
transactions announced to date and the increase in equity via tap
equity issues over the fourth quarter of 2020), following
completion of this transaction the pro-forma NAV of the Trust is
expected to be GBP1.25 billion (or 301.3 pence per share). HGT's
liquid resources available for future deployment (including all
announced transactions) are estimated to be GBP154 million (12% of
the pro-forma 30 September 2020 NAV). The investment will reduce
HGT's outstanding commitments to invest in Hg transactions to
approximately GBP568 million.
Note that these figures only relate to HGTs share of Hg's
overall investment in TeamSystem.
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, Hellman & Friedman
and TeamSystem websites are not incorporated into, and do not form
part of, this announcement.
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END
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