LONDON, UK: Hg, the Manager of HgCapital Trust plc (HgT), has agreed the sale of its remaining investment in TeamSystem, to funds advised by Hellman & Friedman LLC (H&F). TeamSystem is a leading provider of business software solutions to businesses and accountants in Italy, Spain and Turkey.

The terms of the transaction have not been disclosed and completion is subject to applicable closing conditions.

Hg first invested in TeamSystem in 2010 as majority shareholder, before H&F acquired majority control in 2016. Hg’s investment in TeamSystem has benefitted from a great partnership with the TeamSystem management team and H&F, who have together supported TeamSystem to become a leading business software solutions provider in Italy, Spain and Turkey.

HgT, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all Hg’s investments.

This transaction values HgT’s investment in TeamSystem at approximately £24.3 million. This would represent an uplift of £2.2 million (10% or 0.5 pence per share) over the carrying value of £22.1 million in the Net Asset Value (“NAV”) of HGT at 31 March 2024.

Based on the 31 March 2024 reported NAV, the pro-forma NAV of HgT is expected to be £2.3 billion (or 511.6 pence per share).  HgT’s available liquid resources, which includes the undrawn bank facility of £375 million for future deployment (including all announced transactions and the final dividend paid in May) are estimated to be £601 million (26% of the pro-forma 31 March 2024 NAV).

HgCapital Trust sells part of its stake in TeamSystem to ADIA and CapitalG