23rd Dec 2019 08:39
(Alliance News) - HgCapital Trust PLC on Monday said its manager has invested in Personal & Informatik AG, a German cloud-based HR software firm, for an enterprise value of EUR2 billion.
Hg said the holding was bought from funds advised by Permira, a private equity firm, which remains invested in P&I with a substantial minority stake. Hg managed funds will become the majority shareholder in the business.
HgCapital Trust said it will invest GBP37.7 million in P&I, with other institutional clients of Hg investing alongside the company through the Hg Saturn 1 Fund. Hg is the manager of HgCapital Trust.
The transaction will represent the fourth investment from the Hg Saturn 1 Fund, which had its first close in early 2018 and focuses on software businesses with enterprise values of more than GBP1 billion.
"P&I is an exceptional business and we've been in the privileged position of knowing the team there for almost two decades. Since our first investment in P&I in 2013 we remain impressed by the quality and long-term vision of the business and its management team," said Hg Managing Partner Justin von Simson.
Based on a net asset value as at September 30 of 250 pence, and following completion of this transaction, the pro-forma NAV of HgCapital Trust is expected to be GBP1.02 billion, or 251.8p per share, it said.
HgCapital was flat on Monday in London at 252.00p a share.
By Evelina Grecenko; [email protected]
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