Hg Capital, the Manager of Hg Capital Trust, has announced that it has agreed the sale of TeamSystem Holding SpA, a leading provider of business critical, regulatory driven software products to accountants, HR professionals and SMEs in Italy, to Hellman & Friedman LLC, a leading private equity investment firm. Hg Capital intends to retain a minority stake in the Company. This transaction is expected to close in the first quarter of 2016 subject to any necessary approvals.
On completion, this transaction will result in an estimated value of the Trust’s stake in TeamSystem of £44.9m which represents an uplift of £10.5m or 31% over the carrying value of £34.4m in the NAV of the Trust at 30 November 2015. The pro-forma NAV of the Trust is expected to increase to £490.6m or 1,314.3 pence per share.
TeamSystem, founded in 1979, is a leading provider of software applications to professionals and enterprises in Italy across different segments, offering a broad range of business-critical, on-premise and on-cloud solutions to a diversified base of over 200,000 customers.
HgCapital intends to roll a minority portion of its proceeds into the new transaction. Jean-Baptiste Brian, a Director at HgCapital, said, “We have had a very successful partnership with TeamSystem and are proud of what the Company has achieved since we first entered into that relationship. At the same time, we believe that there are numerous further growth opportunities ahead and would be excited to contribute to the next leg of that journey.”
HGT : Hg Capital sells TeamSystem