HgCapital, the Manager of HgCapital Trust, has announced that it has agreed the sale of Personal & Informatik AG (P&I), a provider of payroll and strategic HR software headquartered in Germany, to a company backed by funds of Permira. HgCapital say that the sale of P&I represents the first exit from the HgCapital 7 Fund (December 2013 vintage), and delivers a 36% IRR and 2.3x investment multiple. HgCapital says it has retained a minority position of €70m in P&I and that HgCapital Trust’s share of this is valued at £6.0m.
HgCapital Trust says that it will realise cash proceeds of approximately £31.9m on completion of the transaction. It also says that, when combined with the value of the retained minority position, this represents an uplift of £2.9m (8%) or 8 pence per share over the carrying value of £35.0m in the NAV of the Trust at 31 August 2016.
Founded in 1968 and headquartered in Wiesbaden, P&I is a supplier of integrated HR software solutions for payroll, strategic HR and analytics. The company serves more than 15,000 customers, ranging from small and medium-sized private businesses (SMB) to public sector organisations of all size mainly across Germany, Switzerland and Austria (DACH region), but also in 10 other European countries.
HgCapital agrees sale of Personal & Informatik AG : HGT