Induver and Clover join forces alongside Hg

HgCapital Trust PLC

04 March 2024

 

Hg, the Manager of HgCapital Trust plc ("HGT"), today announces an investment in Induver and Clover, two leading independent corporate insurance brokers in Belgium, who will join forces.

The terms of the transaction are not disclosed.

HGT will invest approximately £6.7 million in Induver Group, with other institutional clients of Hg investing alongside HGT through the Hg Mercury 4 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 HGT's share of Hg's overall investment in Induver Group.

HGT's liquid resources available for future deployment (including all announced transactions and the undrawn bank facility) are estimated to be £729 million (32% of the estimated 31 December 2023 NAV of £2.3 billion).

The investment will reduce HGT's outstanding commitments to invest in Hg transactions to approximately £801 million (35% of the estimated 31 December 2023 NAV).

Induver and Clover join forces alongside Hg

to accelerate their growth as a leading insurance broker in Belgium

Antwerp, Ghent (Belgium) and London (UK) - 4 March 2024: Induver and Clover, two leading independent corporate insurance brokers in Belgium, today announce that they will join forces.  Hg, a leading investor in European and transatlantic software and services businesses, will join as a supporting shareholder in the combined business to drive further strategic growth.

Induver was founded in 1990 by three families and today is a well-established insurance broker serving commercial and corporate clients across Belgium. Clover, founded in 2019 by a fifth generation local family brokerage, has shown rapid expansion to become a leading provider of B2B and specialised insurance products.

Together the two businesses will provide a highly complementary offering to clients, combining Induver's premium positioning and technical capabilities with Clover's entrepreneurial team, with a vast experience in insurance specialties. The two teams united, driven by a shared strategic ambition to create a broker-led and broker-owned platform that also presents a unique and exciting proposition for other insurance brokers.

All current founder-shareholders will remain on board and will continue to lead the combined Group. Marc Van Nuland is expected to join as Executive Chairman, bringing over 30 years' experience leading insurance businesses in the Benelux region.

Seppe Sijmons, Mieke Verstraeten and Sjarel De Bondt, commented: "We are delighted to join forces with the impressive Clover team and build a truly excellent offering to our clients. Bringing in Hg's extensive experience in insurance, particularly their digitisation capabilities, as well as Marc's knowledge and leadership in this sector, gives us a very strong position for further growth, both organically and non-organically."

Viktor Roelandt, Laurent Claes and Olivier Claes, said: "We immediately identified a common DNA between Clover and Induver and our discussions in recent months have more than confirmed that. With our shared ambitions, we have high aspirations to turbocharge our combined business. We also welcome Hg's support, to continue the momentum of a broker-owned and broker-led expansion strategy. We are excited about the opportunities this combination will give to our people, bringing together two highly skilled teams"

Joris Van Gool and Bernd Tahon at Hg, said: "We're excited to be part of this significant moment for two high-quality businesses, who both share excellent reputations. We believe this quality will strengthen further as the two teams combine their strong technical, commercial and platform capabilities. We look forward to building on this partnership for many years to come, as part of Hg's strong activities across the Benelux".

The terms of the transaction have not been disclosed.

For further details:

Hg

Tom Eckersley                                                                                                                   [phone]

HgCapital Trust

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

 

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