HgCapital Trust PLC Hg agrees the sale of Foundry (2217T)
19 March 2019 - 6:00PM
UK Regulatory
TIDMHGT
RNS Number : 2217T
HgCapital Trust PLC
19 March 2019
HgCapital Trust plc
Hg, the Manager of HgCapital Trust plc ("the Company"), today
announces the sale of Foundry, a leading global developer of
high--end visual effects ("VFX") and 3D design software to Roper
Technologies (NYSE: ROP), a leading diversified technology
company.
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 28 February 2019 reported NAV (including all
transactions announced to date), following completion of this
transaction the pro-forma NAV of the Trust is expected to be
GBP798.6 million (or 2,139.6 pence per share). The Company will
realise estimated cash proceeds of approximately GBP28.0 million.
The Company's liquid resources available for future deployment
(including all announced transactions) are estimated to be GBP144
million (18% of the pro-forma 28 February 2019 NAV). In addition,
the Company has access to a GBP80 million standby facility, which
is currently undrawn.
Note that these figures only relate to HgCapital Trust's share
of Hg's overall investment in Foundry.
Hg agrees the sale of Foundry
Hg today announces the sale of Foundry, a leading global
developer of high--end visual effects ("VFX") and 3D design
software to Roper Technologies (NYSE: ROP), a leading diversified
technology company for GBP410 million in cash.
Foundry provides award-winning creative software for film
post--production visual effects with its Nuke product range and a
series of complementary products. Foundry's Digital Design products
offer advanced 3D modelling, visualisation and design variation
capabilities to designers and artists across a broad range of
industry verticals including footwear and apparel. With Athera,
Foundry is the first company to offer a fully cloud-based solution
for the VFX industry with software, compute, storage and rendering
capabilities. Foundry enables clients like Pixar, ILM, MPC, Walt
Disney Animation and Weta Digital as well as automotive, footwear,
apparel and technology companies such as Mercedes, New Balance,
Adidas and Googleto turn incredible ideas into reality, by solving
complex creative challenges.
Foundry was founded in 1996 and is headquartered in London, with
offices in Manchester and Austin. It has more than 6,000 customers
in over 100 countries and employs c.300 people.
Hg invested in Foundry from the Hg7 fund in 2015, recognising
the company as a leading global provider of vertical market
application software, with rich intellectual property, strong
positioning within its business segments and the potential to enter
new market segments. Hg has worked with the company's management
team to broaden Foundry's go-to-market strategy, invest in its
cutting-edge product offering across Media & Entertainment and
accelerate the growth of the company's Digital Design division.
Nic Humphries, Senior Partner at Hg, said: "Foundry is a
business with a 20-year history of growth and innovation. Hg has
built on the company's strong development capabilities to drive
enterprise adoption of the Digital Design offering and pioneer
revolutionary new products such as Athera. We've enjoyed working
with the team over the last 4 years and wish the team well as they
continue their growth journey as part of Roper Technologies."
Craig Rodgerson, CEO, Foundry said: "Hg has been a great partner
to Foundry over the last few years, helping us to evolve from a
number of category-leading products into a truly cloud-enabled
platform positioned for growth across industry segments and
geographies. We look forward to partnering with Roper Technologies
to continue our ambition to be the leading provider of software to
professional users in creative industries."
Foundry was advised on this transaction by Arma Partners,
Skadden and Deloitte.
For further details:
Hg
+44 (0)20 7089
Laura Dixon 7888
Maitland/AMO
+44 (0)20 7379
Neil Bennett and Finlay Donaldson 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
Neither the contents of HgCapital Trust, Hg or Foundry's
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.
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END
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