(Alliance News) - HgCapital Trust PLC on Monday said it it to invest around GBP14.3 million in Italian enterprise resource planning and business management software firm TeamSystem.
The company's investment manager, Hg, has held a minority position in TeamSystem since 2015, following a majority exit to a vehicle indirectly held by Hellman & Friedman Capital Partners VII LP.
Hg recently agreed to transfer TeamSystem to a vehicle held by Hellman & Friedman Capital Partners IX LP and, as part of the deal, Hg's Genesis 6 Fund will sell its minority TeamSystem stake. The deal values HgCapital Trust's existing TeamSystem investments at GBP21.3 million.
HgCapital Trust will then invest around GBP14.3 million in TeamSystem alongside other Hg clients through the Hg Genesis 8 Fund, reducing its commitment to invest in Hg transactions to around GBP568 million. Consequently, Hg will remain a minority investor in TeamSystem.
Based on HgCapital Trust's September 30 net asset value, including all transactions announced to date, the company's pro forma NAV is expected to be GBP1.25 billion or 301.3 pence per share.
HgCapital Trust has an estimated GP154 million of liquid resources that can be used for future deployment.
Shares in HgCapital Trust were up 1.6% at 316.00 pence in London on Monday morning.
By Anna Farley; annafarley@alliancenews.com
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HgCapital Trust plc (HGT)