31st Mar 2025 12:09
(Alliance News) - HgCapital Trust PLC on Monday said manager Hg is further investing in Wiesbaden, Germany-based software firm Personal & Informatik, with it acquiring a stake from private-equity firm Permira.
London-based HgCapital Trust provides access to the private equity investments of manager Hg.
HgCapital Trust said that under the transaction, it will invest a further GBP53 million in Personal & Informatik with other institutional clients of Hg also investing.
It noted that Hg will increase its stake in the cloud-based HR solutions firm through purchasing a minority shareholding from Permira, who is set to fully exit its position after investing back in 2016.
The terms of the transaction were not disclosed, but HgCapital Trust said it values Personal & Informatik at EUR5.5 billion, "representing significant growth from Hg's initial investment at around EUR400 million in 2013."
Shares in HgCapital Trust were down 0.9% at 500.39 pence on Monday afternoon in London.
HgCapital Trust noted that Permira advised funds became Personal & Informatik's majority shareholder in 2016. Hg then acquired a majority stake subsequently in 2019, in a deal valuing the business at EUR2 billion.
Hg Managing Partner Justin Von Simson said: "We want to be a long-term partner to the companies we work with and continue to back the winners over many years or decades. P&I is a leader in HR software with an outstanding product and a great track record of consistent growth, high recurring revenue and exceptional retention rates, that aligns perfectly with our investment approach. "
By Christopher Ward, Alliance News reporter
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