HgCapital Trust PLC Hg Makes Strategic Investment in FE (8893N)
14 May 2018 - 4:00PM
UK Regulatory
TIDMHGT
RNS Number : 8893N
HgCapital Trust PLC
14 May 2018
Hg, the Manager of HgCapital Trust plc (the "Company"), has
announced today an investment in Financial Express ("FE"), a
leading data, analytics and software vendor focussed on the
European retail investment funds market. The terms of the
transaction were not disclosed.
HgCapital Trust plc will invest approximately GBP7.5 million in
FE, with other institutional clients of Hg investing alongside the
Company through the Mercury 2 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.
Based on the 30 April 2018 NAV, the Company's liquid resources
available for future deployment, including all announced
transactions, are estimated to be GBP145 million (20% of the 30
April 2018 pro forma NAV of GBP712.8 million). In addition, the
Company has access to an GBP80 million standby facility, which is
currently undrawn. The investment will reduce the Company's
outstanding commitments to invest in Hg transactions over the next
four to five years to approximately GBP587 million.
Hg makes strategic investment in FE
14 May 2018. Hg today announces a significant investment in FE,
a leading data, analytics and software vendor focussed on the UK
and Australian retail investment funds markets.
The terms of this transaction were not disclosed. Completion of
this transaction is subject to regulatory approval.
Founded by Michael Holland and Craig Wilson, FE is a leading
provider of investment data, research and software to the financial
services industry in the UK and operates a proprietary database of
complete retail funds data with global coverage and history, built
up over 20 years. Trusted by hundreds of thousands of investors,
advisers, asset managers and platforms who use FE data, software
and investment advice every day, FE is a leading player in
supporting the UK fund industry.
The investment will be made from the Mercury 2 Fund. FE has a
number of business characteristics that Hg looks for, including a
strong position in the wealth / asset management software and data
sector, a well-recognised brand, mission-critical products, and a
strong management team led by Neil Bradford.
The investment comes on the back of significant expansion of
FE's global operations and product offering over the past few
years, and another year of record growth for the company in
2017.
Sebastien Briens, Partner at Hg, said: "We have been following
FE for a number of years, and have been impressed by the strength
and depth of its data, products, team and vision. We are very
pleased to partner with Michael, Craig and Neil in the next stage
of growth for the business."
Neil Bradford, CEO at FE, said: "Hg's track record and
experience in our sector means they are the perfect partner to
continue FE's growth strategy and international expansion
ambitions. We look forward to working with the Hg team."
Michael Holland, co founder of FE, said: "Data is at the
foundation of everything we do and Hg has a deep understanding of
the fund data space. I am confident that this partnership will
hugely benefit our clients."
FE was advised by Portico Capital (M&A), Travers Smith
(legal) and EY (finance/tax).
Hg was advised by Cardean Bell (M&A), Linklaters (legal) and
Deloitte (finance/tax).
For further details:
Hg
Laura Dixon +44 (0)20 7089 7888
Maitland
Vikki Kosmalska and Seda Ambartsumian +44 (0)20 7379 5151
About HgCapital Trust plc
HgCapital Trust plc is an investment trust whose shares are
listed on the London Stock Exchange (ticker: HGT.L). The Company is
a client of Hg, giving investors exposure to a portfolio of
high-growth private companies, through a liquid vehicle. New
investments and existing portfolio companies 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.
Neither the contents of HgCapital Trust's, Hg's, Financial
Express' websites nor the contents of any website accessible from
hyperlinks on the websites (or any other website) is incorporated
into, or forms part of, this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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