HgCapital Trust sells remaining investment in TeamSystem at premium

(Alliance News) - HgCapital Trust PLC on Monday said it will sell its remaining investment in ...

Alliance News 8 July, 2024 | 7:59AM
Email Form Facebook Twitter LinkedIn RSS

(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

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
HgCapital Trust Ord 515.00 GBX 0.78

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures