Hg, the manager of HgCapital Trust plc (HGT), has announced a further investment in Personal & Informatik AG (P&I), as part of a recapitalisation of the business valuing the company at €5.5bn. The investment sees Hg acquire a minority stake from Permira, which will fully exit its position, having first backed the company in 2016.
HGT will commit approximately £53m to the transaction, alongside other institutional clients of Hg. The terms of the transaction have not been disclosed. The investment is being made from Hg’s existing pool of funds and represents only HGT’s share of the overall commitment.
Following this investment, HGT’s estimated pro-forma liquid resources, accounting for all announced transactions, the undrawn bank facility, and the proposed full-year dividend (payable May 2025), are expected to be approximately £329m, equating to 13% of the pro-forma 28 February 2025 NAV of £2.5bn. Meanwhile, the investment will reduce HGT’s outstanding commitments to invest in Hg transactions to around £1.4bn, or 55% of NAV. HGT will report its Q1 results in May 2025.
A long-term relationship with strong growth credentials
Hg first invested in P&I in 2013, acquiring the business at a valuation of approximately €400m. Permira took over as majority shareholder in 2016, before Hg reacquired control in 2019 in a deal that valued the business at €2bn. With today’s transaction, Hg remains the majority shareholder more than a decade after its initial investment, signalling continued confidence in the company’s growth potential.
Founded in 1968 and headquartered in Wiesbaden, Germany, P&I is a leading provider of cloud-based HR software solutions. The business serves over 15,000 customers across Europe – including SMEs, large corporates, and public sector institutions – and manages more than six million HR cases across the DACH region.
A key growth engine for P&I has been its cloud-native HR platform, LogaHR, which automates processes spanning payroll, time and workforce management, recruitment, and talent development. The company has delivered consistent top-line growth, with revenue now exceeding €300m, up more than 20% year-on-year.
Strategic alignment with Hg’s investment thesis
Hg describes P&I as a “leader in HR software with an outstanding product and a great track record of consistent growth, high recurring revenue and exceptional retention rates” – characteristics closely aligned with its investment strategy, which focuses on software and services businesses across Europe and North America.
Justin Von Simson, managing partner at Hg, commented: “We want to be a long-term partner to the companies we work with and continue to back the winners over many years or decades. Our partnership with Vasilios, and Permira since 2016, leaves the company perfectly positioned to benefit from the continued transition to the cloud among its customers in the German Mittelstand and public sector.”
Vasilios Triadis, CEO of P&I, added: “Today is a special day for all P&I employees, marking the next chapter in our journey. From the early days of client-server architecture to today’s intelligent cloud-based HR platform, we’ve consistently led the industry in innovation. We’re excited to continue shaping the future of HR technology in Europe.”
Permira exits the business after a nine-year holding period. Stefan Dziarski, partner and co-head of Permira Growth Opportunities, said the firm was proud to have helped P&I transition from a traditional on-premise software business to a modern cloud platform, citing major initiatives including the development of LogaHR, international expansion, and operational enhancements.
This transaction reinforces Hg’s strategy of doubling down on high-performing portfolio companies and further highlights HGT’s access to a unique pipeline of compelling private equity opportunities.
