14th Jun 2018 11:17
LONDON (Alliance News) - Investment trust HgCapital Trust PLC said Thursday that it will invest GBP16 million in IT Relation, as investment manager Hg acquires a majority stake in the Danish IT services provider.
HgCapital said other institutional clients of Hg will invest alongside HgCapital through the Hg8 Fund.
Hg said it will acquire a majority stake in IT Relation from Adelis Equity Partners AB in a deal whose terms were undisclosed. Founded in 2003, IT Relation provides managed IT services to small and mid-sized companies.
"Hg will support the management team to build a clear industry champion based on IT Relation's excellent customer service and operating platform," Hg said.
Based on its April 30 net asset value, HgCapital's liquid resources available for future deployment are estimated to be GBP184 million.
"The investment will reduce the company's outstanding commitments to invest in Hg transactions over the next four to five years to approximately GBP534 million" HgCapital said.
HgCapital shares were up 0.1% at 1,912.00 pence.
Related Shares:
HgCapital Trust plc