Funds managed by Goldman Sachs Alternatives have bought a majority stake in Trackunit from funds advised by Hg and GRO Capital. Trackunit’s solutions connect construction equipment to the cloud, 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.
This transaction values HgCapital Trust’s investment in Trackunit at approximately £53.4m. This would represent an uplift of £2.8m (6% or 0.6p per share) over the carrying value of £50.6m in the estimated NAV of the trust at 31 December 2024. After reinvesting a portion of its proceeds in the business alongside other institutional clients of Hg, the trust will receive a net realisation of approximately £21.1m from Trackunit. The ongoing exposure to Trackunit will be £32.3m (about 1.3% of NAV).
Based on the 31 December 2024 estimated NAV, the pro-forma NAV of the trust is expected to be £2.5bn (or 544.6p). Available liquid resources, which includes the undrawn bank facility of £326m for future deployment (including all announced transactions and the interim dividend paid in October) are estimated to be £462m. Outstanding commitments to invest in Hg transactions are approximately £643m.
HGT : HgCapital Trust cashes in on partial exit of Trackunit
