30th Apr 2018 10:56
LONDON (Alliance News) - Investment firm HgCapital Trust PLC said Monday its investment manager Hg sold Germany-based online audio brand Teufel to Naxicap Partners.
The GBP15.2 million net proceeds from the sale to HgCapital Trust is a GBP5.4 million or 56% premium to the GBP9.7 million carrying value for the firm on HgCapital Trust's books as of the end of March. As a result, the pro-forma net asset value of HgCapital Trust as of the end of March is now expected to be GBP712.5 million or 1,908.9 pence per share.
Shares in HgCapital Trust were 1.4% higher at 1,915.60 pence on Monday.
Hg first partnered with Teufel in 2010.
"Teufel has achieved a number of milestones during this time," Hg Directors Martin Block and Stefan Margolis said, "including the acquisition of Raumfeld in 2010 and substantial revenue growth, increasing from around EUR40 million to over EUR100 million today."
Teufel Managing Directors Sascha Mallah and Joachim Wimmers added: "We are very happy to be joining forces with Naxicap Partners, a very successful and experienced investor in the field of consumer audio. Together we are going to tap Teufel's full potential across new markets. We will continue to offer our core products, such as AI speakers, headphones, portable audio and compact home cinema, to a wider direct customer base. We want to thank Hg for their strong commitment over the years and highly valuable support."
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