HgCapital Trust PLC Visma Group intends to acquire Raet (4355P)
May 29 2018 - 2:01AM
UK Regulatory
TIDMHGT
RNS Number : 4355P
HgCapital Trust PLC
29 May 2018
HgCapital Trust plc
Hg, the Manager of HgCapital Trust plc ("The Company"), today
announces the intended sale of Raet, a leading HR solutions
provider, specialising in HR cloud software and services, to Visma,
in which the Company already holds a substantial interest. The
terms of the intended transaction are not disclosed.
The Company, whose shares are listed on the London Stock
Exchange, gives private and institutional investors the opportunity
to participate in all Hg's investments.
This intended transaction values the Company's investment in
Raet at approximately GBP26.4 million. This would represent an
uplift of GBP6.2 million (31%) or 17 pence per share over the
carrying value of GBP20.2 million in the Net Asset Value ("NAV") of
the Company at 30 April 2018.
Based on the 30 April 2018 reported NAV (including all
transactions announced to date and the resulting revaluation of the
carried interest provision), the pro-forma NAV of the Trust is
expected to be GBP737.3 million (or 1,975.3 pence per share).
Visma Group intends to acquire Raet
29 May 2018. Visma Group and Raet have signed an agreement
whereby Visma intends to acquire 100 percent of the shares of
Raet.
The intended acquisition follows a competitive sales process,
commenced earlier this year by the Hg7 Fund. The agreement is
subject to the parties having completed the consultation procedures
with both Raet's Dutch works council and Visma's Dutch works
council, and the parties having informed the relevant Dutch trade
unions of the intended transaction.
Raet and Visma Group combined will become one of Europe's
leading HR solutions providers, delivering software and services to
more than 10 million end-users.
Raet is a highly strategic and complimentary acquisition for
Visma, strengthening its presence in the Netherlands and Belgium,
where Visma already provides bookkeeping, ERP, payroll and related
cloud software. In addition to Visma's existing business in the
Netherlands, the combined businesses will have over EUR200m
revenues, 1,500 employees and increase the previous customer base
across the two regions to 50,000.
The combination will also substantially expand Visma's
addressable market and allow it to provide Raet's existing
customers with access to Visma's leading suite of cloud software
applications, enabling them to benefit from joint innovation
capacity and agility. This will help make the business more
efficient as well as helping to further develop the organisation
and people.
Øystein Moan, CEO of Visma, says: "The highly skilled workforce
of Visma and Raet together form a strong international HRM
environment. This strengthens our ability to continue providing new
and existing customers with long-term sustainable solutions. The
acquisition leads to mutual added value and growth opportunities as
Raet's offering fits well with Visma's HRM strategy'."
Kobe Verdonck, CEO of Raet, says: "Raet joining Visma increases
our world-class HR innovation and offering which will provide new
opportunities for both our customers and employees. By joining
Visma, Raet further strengthens its position in the Dutch
market."
Justin von Simson, Managing Partner at Hg, said: "As investors
with over 20-years' deep knowledge of software, having invested or
acquired over 200 software businesses across Europe, we are able to
identify attractive opportunities for companies within our
portfolio, such as Visma and Raet, which operate in similar
industries. These can lead to significant benefits, such as shared
knowledge, complementary capabilities and synergies. Visma
submitted a compelling offer for Raet and, by working together, we
can see that there are great advantages for both companies and
their customers going forward."
No details around the intended transaction will be disclosed.
Completion of the transaction is expected in the summer of
2018.
For further details:
Hg
+44 (0)20 7089
Laura Dixon 7888
Maitland
+44 (0)20 7379
Vikki Kosmalska and Seda Ambartsumian 5151
About HgCapital Trust plc
HgCapital Trust plc is an investment trust whose shares are
listed on the London Stock Exchange (ticker: HGT.L). The Company is
a client of Hg, giving investors exposure to a portfolio of
high-growth private companies, through a liquid vehicle. New
investments and existing portfolio companies are managed by Hg, an
experienced and well-resourced private equity firm with a long-term
track record of delivering superior risk-adjusted returns for its
investors. For further details, please see www.hgcapitaltrust.com
.
Neither the contents of Hg's, HgCapital Trust's, Raet's or
Visma's websites nor the contents of any website accessible from
hyperlinks on the websites (or any other website) is incorporated
into, or forms part of, this announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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