Hg, the Manager of HgCapital Trust plc (the "Company"), has announced today that it has invested in the next phase of growth for GGW Group ("GGW"), one of the leading European insurance brokerage platforms for small and medium-sized enterprises ("Mittelstand").
Closing is subject to regulatory clearances and expected in the second quarter 2024. The terms of the transaction were not disclosed.
The investment follows an option for Hg funds to reinvest in GGW. Hg has decided to exercise this option and, following the transaction, will own a co-controlling stake in the business alongside Permira.
HgCapital Trust plc will invest approximately £44.2 million in GGW, with other institutional clients of Hg investing alongside the Company through the Hg Saturn 3 Fund.
The Company, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all Hg's investments.
Note that these figures only relate to HgCapital Trust's share of Hg's overall investment in GGW Group.
HGT's liquid resources available for future deployment (including all announced transactions, the undrawn bank facility and the interim dividend paid in October 2023) are estimated to be £709 million (31% of the pro-forma 30 September 2023 NAV of £2.3 billion).
The investment will reduce HGT's outstanding commitments to invest in Hg transactions to approximately £808 million (35% of the pro-forma 30 September 2023 NAV).
For further details:
Hg
Tom Eckersley +44 (0)208 148 5401
HgCapital Trust
Laura Dixon +44 (0)20 8396 0930
Brunswick
Azadeh Varzi +44 (0)207 404 5959
Hg@brunswickgroup.com
About HgCapital Trust plc
HgCapital Trust plc, whose shares are listed on the London Stock Exchange (ticker: HGT.L), gives investors exposure through a liquid vehicle to a portfolio of high-growth private companies in the software and services sector. The selection of new investments and creation of value in these businesses are managed by Hg, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors. For further details, please see www.hgcapitaltrust.com.
The contents of the Hg, HgCapital Trust, Permira and GGW Group websites are not incorporated into, and do not form part of, this announcement.
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