In QuotedData’s morning briefing for 19 June 2023:
- Hg Capital Trust (HGT) has announced that it has agreed to a part realisation of its investment in Azets Group, a leading provider of business-critical accounting, tax, payroll, audit and advisory services to SMEs. Azets was formed by Hg six years ago. The counterparty to this sale is PAI Partners, another private equity firm, who will hold an equal, co-controlling stake in Azets alongside Hg. The transaction values HGT’s investment in Azets at approximately £54.m. This represents a 16% increase to the previous valuation of uplift of £46.8m.
- Downing Renewables & Infrastructure Trust (DORE) has announced that it will purchase Mersey Reactive Power, a UK-based, fully operational 200 MVAr shunt reactor for a cash consideration of about £11.0m. Shunt reactors are high voltage transmission systems designed to control voltage during load variations. This investment will be financed using DORE’s £40m revolving credit facility. The project has an expected life of 40 years, and has an initial fixed priced, inflation-linked, availability-based contract with National Grid ESO until 2031. The acquisition will further diversify DORE’s portfolio by providing a new, long-term, revenue stream for DORE, one that is not derived from the sale of power on the wholesale markets.