19th May 2014 08:50
LONDON (Alliance News) - HgCapital, the manager of HgCapital Trust PLC, has sold German-based toy manufacturer Schleich to French private equity firm Ardian and management, with the trust realising an uplift over the carrying value of the investment.
In a statement Monday, HgCapital Trust, which participates in all of the manager's investments, said it realised GBP11.8 million in cash on the completion of the deal, a GBP4.3 million uplift over the GBP7.5 million carrying value in its net asset value calculated on April 30.
The deal is subject to antitrust approval.
The trust said it expects its net asset value to increase to GBP435.7 million on the back of the deal, or 1,167.4 pence a share, an increase of 11.6 pence. The increase also takes into account a reinvestment agreement in Norway-based Visma, a deal expected to complete in July.
Originally family-owned, the Schleich was acquired by HgCapital in December 2006.
"For HgCapital, Schleich was a successful investment and it was a pleasure working together with the current management team to help develop Schleich's international presence, distribution and logistics capability and its profitability. We identified a strong and experienced new leadership team for the company, jointly developed a new, robust, strategy for the future and thus positioned the company for its next phase of growth," HgCapital partner Justin von Simson said in a statement.
HgCapital Trust shares were Monday quoted at 1,071.00 pence, up 1.0%.
By Samuel Agini; [email protected]; @samuelagini
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