Hg, the Manager of HgCapital Trust plc ("HgT"), today
announces that it has agreed the sale of its remaining investment
in TeamSystem, to funds advised by Hellman & Friedman LLC
("H&F"). TeamSystem is a leading provider of business software
solutions to businesses and accountants in Italy, Spain and
Turkey.
The terms of the transaction have not been disclosed and
completion is subject to applicable closing
conditions.
Hg
first invested in TeamSystem in 2010 as majority shareholder,
before H&F acquired majority control in 2016. Hg's investment
in TeamSystem has benefitted from a great partnership with the
TeamSystem management team and H&F, who have together supported
TeamSystem to become a leading business software solutions provider
in Italy, Spain and Turkey.
HgT, whose shares are listed on the London Stock Exchange,
gives private and institutional investors the opportunity to
participate in all Hg's investments.
This transaction values HgT's investment in TeamSystem at
approximately £24.3 million. This would represent an uplift of £2.2
million (10% or 0.5 pence per share) over the carrying value of
£22.1 million in the Net Asset Value ("NAV") of HGT at 31 March
2024.
Note that these figures only relate to HgT's share of Hg's
overall investment in TeamSystem.
Based on the 31 March 2024 reported NAV, the pro-forma NAV of
HgT is expected to be £2.3 billion (or 511.6 pence per
share). HgT's available liquid resources, which includes the
undrawn bank facility of £375 million for future deployment
(including all announced transactions and the final dividend paid
in May) are estimated to be £601 million (26% of the pro-forma 31
March 2024 NAV).
For
further details:
Hg
Tom Eckersley
+44 (0)208 148 5401
HgT
Laura
Dixon
+44 (0)20 8396 0930
Brunswick
Azadeh
Varzi
+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, HgT, TeamSystem and Hellman &
Friedman websites are not incorporated into, and do not form part
of, this announcement.