Hg announces sale of TeamSystem

HgCapital Trust PLC

08 July 2024

 

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                                                                                    [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, HgT, TeamSystem and Hellman & Friedman websites are not incorporated into, and do not form part of, this announcement.

 

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