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 £21.3 million.
HgCapital Trust plc will then invest approximately £14.3 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 £1.25 billion (or 301.3 pence per share). HGT's liquid resources available for future deployment (including all announced transactions) are estimated to be £154 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 £568 million.
Note that these figures only relate to HGTs share of Hg's overall investment in TeamSystem.
For further details:
Laura Dixon +44 (0)20 8396 0930
Samantha Chiene +44 (0)207 404 5959
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.