Hg,
the Manager of HgCapital Trust plc ("HgT"), today announces a
partial exit of Trackunit, a leading SaaS and operating data
platform provider for the construction ecosystem globally, to the
Private Equity business at Goldman Sachs
Alternatives.
The
terms of the transaction have not been disclosed. The transaction
remains subject to customary regulatory approvals and is expected
to close in early summer.
HgT,
whose shares are listed on the London Stock Exchange, gives private
and institutional investors the opportunity to participate in all
Hg's investments.
This
transaction values HgT's investment in Trackunit at approximately
£53.4 million. This would represent an uplift of £2.8 million (6%
or 0.6 pence per share) over the carrying value of £50.6 million in
the estimate Net Asset Value ("NAV") of HgT at 31 December 2024.
HgT will receive a net realisation of approximately £21.1 million
from Trackunit, having re-invested a portion of its proceeds in the
business alongside other institutional clients of Hg. HgT's
exposure to Trackunit will be £32.3 million at closing representing
approximately 1.3% of NAV.
Note
that these figures only relate to HgT's share of Hg's overall
investment in Trackunit.
Based
on the 31 December 2024 estimated NAV, the pro-forma NAV of HgT is
expected to be £2.5 billion (or 544.6 pence per share). HgT's
available liquid resources, which includes the undrawn bank
facility of £326 million for future deployment (including all
announced transactions and the interim dividend paid in October)
are estimated to be £462 million (19% of the pro-forma 31 December
2024 NAV). HgT's outstanding commitments to invest in Hg
transactions are approximately £643 million (26% of the pro-forma
31 December 2024 NAV).
10th February
2025
Press
Release
Trackunit, a Global Leader in Software and IoT Connectivity
Solutions for the Construction Sector, Announces Investment from
Goldman Sachs Alternatives
Aalborg, 10th February 2025
- Today, Trackunit (the "Company"), a leading SaaS
and operating data platform provider for the construction ecosystem
globally, announced that Private Equity at Goldman Sachs
Alternatives will acquire a majority stake in the Company from
funds advised by Hg and GRO Capital. Goldman Sachs Alternatives'
investment marks the next chapter in Trackunit's ambitious growth
journey, supporting the Company's mission to eliminate downtime in
construction and to support customer success and innovation. As
part of the transaction Hg, a leading investor in European and
transatlantic software and services businesses will reinvest in the
business, reaffirming their confidence in Trackunit's continued
growth and leadership in construction digitalization.
Founded in 2003 and headquartered in
Denmark, Trackunit is at the forefront of the digital
transformation of the construction sector, offering a verticalized
operating data platform, which generates valuable data-driven
insights via an industry leading data lake. The Company's solutions
connect construction equipment to the cloud, delivering data-driven
insights that enhance operational efficiency and reduce downtime.
Trackunit's software and IoT connectivity solutions uniquely
support the entire construction ecosystem, serving equipment
manufacturers, rental companies, contractors and ecosystem tech
partners, and integrating the off-highway vehicle, connected site,
and mobile workforce. Trackunit serves a global diversified
customer base of more than 5,000 customers spanning the full
construction value chain and has approximately 400
employees.
Goldman Sachs Alternatives previously
owned a majority stake in Trackunit between 2015 and 2021, bringing
unique insights and a proven partnership. During the previous
ownership period, Goldman Sachs leveraged its global network and
differentiated value creation capabilities to support meaningful
expansion of the Company's product capabilities and operations.
With Goldman Sachs Alternatives and Hg (invested since 2021),
Trackunit has an ideal shareholder base to continue investing in
cutting-edge product development, technology, people and further
expansion.
A
Shared Vision for the Future
Soeren Brogaard, CEO of
Trackunit, commented: "We have built
a strong foundation together with Hg, advancing our offerings and
working together with customers to eliminate downtime in
construction. The reinvestment from Hg, alongside the new and
proven partnership with Goldman Sachs Alternatives, positions us to
scale even faster. We remain fully committed to our purpose, and
with Goldman Sachs Alternatives' expertise and global reach, we are
excited to accelerate innovation and growth for our customers and
partners worldwide."
Michael Bruun, Partner and
Global Co-Head of Private Equity at Goldman Sachs Alternatives,
said: "We are thrilled to partner once again with Trackunit's
leadership team, along with Hg, to build on their success and drive
even greater impact for customers globally. We see significant
potential in continuing to scale the business and further embedding
digital solutions across the construction
ecosystem."
Scott Myers and James
Robinson, Managing Directors and Co-Heads of European Technology
Private Equity at Goldman Sachs Alternatives, said:
"Through its unique software & data
capabilities and customer-focused approach, Trackunit has become a
mission critical provider to the construction ecosystem. We look
forward to collaborating with management and leveraging the Goldman
Sachs Value Accelerator and global network to support the Company
in its next stage of growth."
Nick Jordan, Partner and Soren
Holt, Director at Hg, stated: "Trackunit is a prime example
of how data-rich software businesses can capitalise on their
structural data advantage through AI and continue to expand their
customer proposition. Our investment in this business has been
about fostering this innovation and scaling a category-leading SaaS
business. We are pleased to continue supporting Trackunit alongside
Goldman Sachs Alternatives, ensuring the Company has the resources
and expertise to realize its long-term purpose and
industry-changing ambitions."
Advisors and Closing Conditions
The selling shareholders were advised
by Evercore, Skadden, Gorrissen Federspiel, CMS and
Deloitte.
Goldman Sachs Alternatives was advised
by Goldman Sachs International, Morgan Stanley & Co.
International plc, Deloitte, White & Case, A&O Shearman,
and Sullivan & Cromwell.
The transaction remains subject to
customary regulatory approvals and is expected to close in early
summer.
About
Trackunit
Trackunit is a global technology
company that connects construction through one platform to create a
living, evolving ecosystem that delivers data and insights to the
off-highway sector. With circa 3.5 million visible assets
connected, it uses technology to eliminate downtime, improve
safety, and help customers improve the bottom line in a
sustainable, cost-effective way. Follow us on
LinkedIn.
For further information, please
visit: https://trackunit.com/
About Private Equity at Goldman Sachs
Alternatives
Goldman Sachs (NYSE: GS) is one of the
leading investors in alternatives globally, with over $500 billion
in assets and more than 30 years of experience. The business
invests in the full spectrum of alternatives including private
equity, growth equity, private credit, real estate, infrastructure,
hedge funds, and sustainability. Clients access these solutions
through direct strategies, customized partnerships, and
open-architecture programs. The business is driven by a focus on
partnership and shared success with its clients, seeking to deliver
long-term investment performance drawing on its global network and
deep expertise across industries and markets. The alternative
investments platform is part of Goldman Sachs Asset Management,
which delivers investment and advisory services across public and
private markets for the world's leading institutions, financial
advisors, and individuals. Goldman Sachs has over $3 trillion in
assets under supervision globally as of December 31, 2024.
Established in 1986, Private Equity at Goldman Sachs Alternatives
has invested over $75 billion since inception. The business
combines a global network of relationships, unique insight across
markets, industries and regions, and the worldwide resources of
Goldman Sachs to build businesses and accelerate value creation
across its portfolios. Follow us on
LinkedIn.
Media
Contacts
For
Trackunit
Lærke Ullerup
lul@trackunit.com
T +45 53703033
For
Goldman Sachs Alternatives
Joseph Stein
Joseph.Stein@gs.com
T +44 207 774 4080
For
further details:
Hg
Tom Eckersley
+44 (0)208 148 5401
HgCapital Trust
Laura Dixon and George Crowe
+44 (0)20 8396 0930
Cadarn
Lucy Clark
lucy@cadarncapital.com
+44
(0)7984 184 461
Cadarn
David Harris
david@cadarncapital.com
+44
(0)7368 883 211
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, Trackunit and Goldman Sachs
Alternatives websites are not incorporated into, and do not form
part of, this announcement.
