Hg agrees to partial sale of TeamSystem

HgCapital Trust PLC

17 August 2023

 

Hg agrees to partial sale of TeamSystem

Hg, the Manager of HgCapital Trust plc ("HGT"), today announces that it has agreed the partial sale of its investment in TeamSystem, a leading provider of business software solutions to businesses and accountants in Italy and Spain.

As part of the transaction, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and CapitalG, Alphabet's independent growth fund, have entered into definitive agreements to acquire minority stakes in TeamSystem. Hg will remain as a minority investor in the business.

The terms of the transaction have not been disclosed. The transactions are expected to close in Q1 2024, subject to customary closing conditions and regulatory approvals where applicable.

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 £33.3 million. This would represent an uplift of £13.5 million (68% or 2.9 pence per share) over the carrying value of £19.8 million in the Net Asset Value ("NAV") of HGT at 31 March 2023.

Note that these figures only relate to HgCapital Trust's share of Hg's overall investment in TeamSystem.

Based on the 31 March 2023 reported NAV, the pro-forma NAV of the Trust is expected to be £2.17 billion (or 474.3 pence per share).  HGT's available liquid resources, which includes the undrawn bank facility of £350 million for future deployment (including all announced transactions and the final dividend paid in May) are estimated to be £689 million (32% of the pro-forma 31 March 2023 NAV).

HGT will be announcing its interim results to 30 June 2023 on 18 September 2023.

A full press release from TeamSystem can be found on:  https://www.teamsystem.com/  

For further details:

Hg

Tom Eckersley                                                                                                                    [phone]

HGT

Laura Dixon                                                                                                                         [phone]

Brunswick

Azadeh Varzi                                                                                                                       [phone]

[e-mail]

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, TeamSystem websites are not incorporated into, and do not form part of, this announcement.

 

END