Hg Capital sells stake in Voyage Care
Hg Capital Trust will get £8.4m in cash as its share of a £375m deal where Duke Street, Partners Group and Tikehau are acquiring Voyage Care. Voyager Care is a provider of specialist residential services and supported living for people with learning disabilities, associated physical disabilities, autistic spectrum disorders, acquired brain injuries or other complex needs. Hg Capital first invested in it in 2006.
Following the deal, Hg Capital Trust says it will have approximately £90m in cash and liquid resources to fund further deals.
The stake was valued at £10.3m at 31 May 2014 so, at first glance, it looks as though Hg Capital Trust’s NAV will fall slightly as a result of the deal. Hg Capital Trust will publish up to date NAV figures (as at 30 June 2014) on 21 August 2014.