TIDMHGT
RNS Number : 6630V
HgCapital Trust PLC
16 April 2021
Hg, the Manager of HgCapital Trust plc ("HGT"), today announces
an investment in AUVESY GmbH ("AUVESY"), a leading global provider
of version control and change management software solutions for
automated industrial environments.
The terms of the transaction have not been disclosed and the
transaction is subject to completion.
HgCapital Trust plc will invest approximately GBP7.4 million in
AUVESY, with other institutional clients of Hg investing alongside
HGT through the Hg Mercury 3 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 AUVESY.
HGT's liquid resources available for future deployment
(including all announced transactions, the proposed full-year
dividend payable in May 2021 and equity raised via tap issuance)
are estimated to be GBP129 million (10% of the 28 February 2021
pro-forma NAV of GBP1.3 billion). 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 GBP493 million (37% of
the 28 February 2021 pro-forma NAV).
Hg invests in AUVESY
to support the business' leading position in the growing
industrial automation sector
Landau, Germany and London, United Kingdom: 16 April 2021 - Hg,
a leading global software investor, today announces an investment
in AUVESY GmbH ("AUVESY"), a leading global provider of version
control and change management software solutions for automated
industrial environments.
As part of the transaction, the AUVESY management team will
maintain a significant investment in the business whilst the former
majority owner Brockhaus Private Equity has fully exited its
position. The terms of the transaction have not been disclosed and
the transaction is subject to completion.
Founded in 2007 and headquartered in Germany, AUVESY is a
provider of version control software for smart production machinery
and other industrial Internet of Things ("IoT") devices. AUVESY
manages over 5 million industrial IoT devices across 45 countries,
serving over 700 loyal customers.
Software developed by AUVESY enables its customers with
automated production facilities and other smart machinery to
automatically backup, secure and centralise their machine data and
executable code. Customers also benefit from fully-featured change
management, detailed change detection, easily comprehensible
documentation, and a high degree of user-friendliness. All machine
level data is easy to backup and access when needed, simplifying
maintenance, and freeing up time for optimising production
processes. Downtime is significantly reduced, due to easy and
reliable code management, trouble shooting and disaster recovery.
The AUVESY software product "versiondog" is in use across a wide
range of sectors, including automotive, chemical, energy, food
& beverage, pharma and utilities.
AUVESY is the first investment from the Hg Mercury 3 Fund and
represents the 8th investment in Hg's Automation & Engineering
cluster focus, including the recently announced agreement with
Trackunit. The investment will support AUVESY's position in a
growing sector, which sits an important inflection point as
shopfloors and industrial devices are getting increasingly
digitalised, requiring version control solutions from a technical,
cybersecurity, compliance and, for certain industries, even a
regulatory perspective.
Dr. Tim Weckerle, CEO of AUVESY, said: "This is positive news
for everyone at AUVESY and I thank all my colleagues who have
worked so hard to get us to this very strong position. We are
delighted to be partnering with a software expert in Hg. We see
their operational experience and expertise in areas such as
international sales, marketing and M&A being hugely beneficial
to the future growth of the firm, all supporting our 'Never Stand
Still' mission to ensure that our customers around the world
experience less down time in their production."
Benedikt Joeris, Director at Hg, said: "AUVESY is a highly
innovative business, building a leading position in industrial IoT
version control software globally. We see significant growth
potential in this sector, both across new industry verticals and
expansion into additional use cases. AUVESY is incredibly well
positioned to benefit from this potential. Its excellent software
enjoys high customer satisfaction and loyalty due to the efficiency
increase and risk protection it provides."
Markus Reithwiesner, an industry advisor at Hg and serving board
member for several companies in the production and industry
automation sector, will join AUVESY as Chairman: "Digitalisation at
the shopfloor level is an increasing requirement across many
sectors right now. As this trend continues, AUVESY is well
positioned to enable customers to follow this trend. We see
significant room to grow dynamically in the years ahead and look
forward to working with the team."
"As a technology investor focusing on high margin companies in
innovation-driven markets, AUVESY was a perfect fit for our
investment strategy when we acquired the company from its founders
in 2017. After having supported the company in internationalisation
by opening offices in the USA and in China, we see a prospering
future for AUVESY" added Marco Brockhaus, founder and Managing
Director of Brockhaus Private Equity.
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, AUVESY and Brockhaus
Private Equity websites are not incorporated into, and do not form
part of, this announcement.
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