HgCapital Trust PLC Hg invests in Combell Group (3104L)
22 December 2018 - 1:00AM
UK Regulatory
TIDMHGT
RNS Number : 3104L
HgCapital Trust PLC
21 December 2018
Hg Capital Trust plc
Hg, the Manager of HgCapital Trust plc ("the Company"), today
announces that it has agreed to invest in Combell Group
("Combell"), a leader in mass hosting services for SMEs across
Europe. The transaction is subject to regulatory approval and so
will close in the New Year. The terms of the investment are not
disclosed.
HgCapital Trust plc will invest approximately GBP22.1 million in
Combell, with other institutional clients of Hg investing alongside
the Company through the Hg8 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 Combell.
Based on the 30 November 2018 NAV, the Company's liquid
resources available for future deployment, including all announced
transactions, are estimated to be GBP134 million (18% of the 30
November NAV of GBP764.4 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 GBP447 million.
Hg succeeds Waterland as investor in Combell Group
21 December 2018 - Hg today announces that it has agreed to
invest in Combell Group ("Combell"), a leader in mass hosting
services for SMEs across Europe. Waterland Private Equity exits its
shareholding in Combell as part of the transaction.
The transaction is subject to regulatory approval and so will
close in the New Year. Terms of the transaction are not
disclosed.
Established in 1999, Combell is a leading mass hosting player in
Belgium and Denmark, and has growing positions in the Netherlands,
Sweden and Switzerland. Combell has over 800,000 SME and SoHo
customers and is a one-stop partner for web hosting, domains,
e-commerce and application solutions.
The investment represents Hg's 8(th) investment in the
technology services sector, with other recent hosting investments
including Zitcom (2015), DADA (2017) and most recently, IT Relation
(2018). Combell shows similar characteristics to these businesses,
having consistently delivered strong organic revenue growth,
best-in-class customer satisfaction metrics and an exceptional
M&A track record.
Nick Jordan, Partner, and Joris Van Gool, Director at Hg said:
"We have been very impressed with what the team at Combell have
built over the past 19 years in the Benelux and the Nordics. It's a
privilege to invest alongside CEO Jonas Dhaenens and the entire
management team. We have been following Combell for a long time and
believe that the business is strongly positioned to continue
growing organically while adding selective M&A on its platform.
We look forward to partnering with the Combell team as the business
continues to expand across Europe."
Jonas Dhaenens, Founder & CEO, Combell Group: "I am excited
about the opportunity to partner with Hg in the next phase of
Combell's growth and development. We look forward to working with
Nick Jordan and the rest of the Hg team to grow a true industry
champion. I would like to sincerely thank and congratulate
Waterland for their tremendous support throughout the last 5 years;
this incredibly successful ride would simply have been impossible
without their unrelenting strategic guidance, operational support
and buy & build execution power."
Cedric van Cauwenberghe, Managing Partner, Waterland: "Our
partnership with the Combell team has delivered an exceptional
result, driven by the company's international buy-and-build
expansion strategy. Together with management we have grown the
business more than tenfold in the last 5 years through consistent
organic growth and 17 bolt on acquisitions, creating a leading
position for Combell in Europe. We want to thank Jonas and the team
for the great collaboration in the past years and wish them the
best of luck in continuing this successful growth trajectory."
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, 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
technology and tech-enabled 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, Combell Group and
Waterland's websites and any website accessible from hyperlinks on
such websites (or any other website) are not incorporated into, and
do not form part of, this announcement.
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END
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