8th Jul 2024 08:59
(Alliance News) - HgCapital Trust PLC on Monday said it will sell its remaining investment in enterprise software firm TeamSystem as part of overall disposal by manager Hg.
The London-based investment vehicle, which provides access to the private equity investments of Hg, said the sale was to funds advised by Hellman & Friedman LLC.
HgCapital said the transaction values its investment in TeamSystem at about GBP24.3 million, an uplift of 10% over the carrying value of GBP22.1 million in the net asset value of HgCapital at March 31.
HgCapital noted that Hg invested in TeamSystem in 2010 as a majority shareholder, before H&F bought a majority stake in 2016.
"Hg's investment in TeamSystem has benefitted from a great partnership with the TeamSystem management team and H&F, who have together supported TeamSystem to become a leading business software solutions provider in Italy, Spain and Turkey," HgCapital said.
HgCapital shares were 0.6% higher at 487.94 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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