21st Feb 2008 08:13
HG Capital Trust PLC21 February 2008 The following is the text of a press release issued by HgCapital, which managesthe investment portfolio of HgCapital Trust plc alongside those of otherinstitutional clients. On completion of the sale of Clarion Events, HgCapitalTrust plc, a listed investment trust giving investors the opportunity toparticipate in all of HgCapital's investments, will realise a total of about£ 12.6 million. The impact of the realisation on the net asset value ofHgCapital Trust plc represents an increase of approximately 15.0p per shareover the published 30 November 2007 net asset value of 920p (which has sinceincreased by 68p following the completion of the sale of Hofmann Menu and thesale of The Sanctuary Spa). HgCapital sells Clarion Events for £120.5 million London, 21st February 2008: HgCapital, the European sector-focused privateequity investor, today announced the sale of Clarion Events Ltd ("Clarion") tothe US private equity investor Veronis Suhler Stevenson for an enterprise valueof £120.5 million. This is HgCapital's second major exit in 2008 and eighthtransaction since August 2007. The sale represents a 34% IRR for investors. HgCapital backed the £45m buy out of Clarion in October 2004 from property groupEarls Court & Olympia. Clarion is the biggest independent exhibition and eventsbusiness in the UK with a portfolio of 65 business-to-business and consumershows. Its best known events include: - The Olympia International Horse of the Year Show- The International Casino Exhibition- MPH Motor Show, featuring Jeremy Clarkson- Mortgage Business Expo- Baby 2008; and- The Fine Art & Antiques Fair Under its ownership, HgCapital has worked closely with the incumbent managementteam to grow the business well ahead of the market both organically and throughacquisition. Under HgCapital, revenues have grown from £30m to £53m, the numberof major events and exhibitions organised has more than doubled, increasing from30 to 65 and employee numbers have risen by more than 50%, from 120 to 185. Inaddition, Clarion has successfully expanded internationally with eventsorganised in 14 countries around the world and the opening of a US office.HgCapital has also supported management in making 8 acquisitions. Robin Lincoln, Director of HgCapital commented: "We are delighted with the progress Clarion has made, measured by any metric,under our ownership. Our sector-led approach enabled us to identify a businesswith real expansion potential in the attractive sub-sector of business andprofessional information. Through supporting management in entering new sectorsand in making a series of bolt-on acquisitions, Clarion is now well placed tocontinue to grow internationally." -Ends- Contacts: HgCapitalRobin Lincoln Tel: +44 (0) 207 089 7888 MaitlandPeter Ogden Tel: +44 (0) 207 379 5151 About HgCapital HgCapital is a sector focused private equity investor in the Europeanmid-market. We focus on investments with an enterprise value in the range of£50-£500 million. Our business model combines sector specialisation withdedicated, pro-active support to our portfolio companies as well as thecorresponding management expertise across all phases of the investment process.HgCapital manages more than €2.5 billion for some of the world's leadinginstitutional and private investors. Our goal is to achieve outstanding resultsfor our investors, management team and intermediaries. For further details, see www.hgcapital.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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