24th Apr 2015 07:37
LONDON (Alliance News) - Private equity firm HgCapital Friday said it has invested in Germany-based Eucon GmbH, an automotive data and insurance claims management business, in partnership with the company's managers and founders.
The investment was noted by HgCapital Trust PLC, a London-listed trust managed by the private equity firm, which said it will invest in Eucon alongside HgCapital's other institutional clients. The trust, which will contribute about GBP4.3 million to the investment, said it is now able to deploy about GBP45 million to future investments, while its outstanding funding commitments to HgCapital will now amount to about GBP184 million.
HgCapital said the investment was made from its Mercury Fund, which backs growth buyouts in Europe, but it did not disclose the terms of the deal.
Eucon, which was founded by brothers Marcel and Maurice Oosenbrugh in 1997 and has offices in Europe, the Americas and Asia, boasts 190 clients and employs about 250 people. It aims to help vehicle and parts manufacturers around the world by providing them with automotive parts pricing data and services, while its claims management services are provides to insurers in Germany.
"Eucon is a very high-quality data business offering attractive growth prospects both in the automotive and insurance sector," Kai Romberg, a partner in HgCapital's technology, media and telecommunications team, said in a statement.
The Oosenbrugh brothers said that HgCapital is "best suited" help Eucon reach the next stage of its development.
"We are confident that together we will be able to provide an even more improved service to our clients and further expand our offering internationally," the brothers said in a statement.
HgCapital Trust shares were untraded on Friday morning. The stock closed at 1,074.00 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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