TIDMHGT
RNS Number : 7755O
HgCapital Trust PLC
14 June 2022
Hg, the Manager of HgCapital Trust plc ("HGT"), today announces
that it has agreed the sale of MEDIFOX DAN, a leading provider of
digital solutions for the German care and therapy sectors, to
ResMed, a global leader in cloud-connected medical devices and
out-of-hospital software-as-a-service (SaaS) business solutions, in
a transaction valuing the business at an enterprise value of around
US $1 billion.
The terms of the transaction have not been disclosed and
completion is subject to closing conditions.
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 MEDIFOX DAN at
approximately GBP47.3 million. This would represent an uplift of
GBP14.6 million (45% or 3.2 pence per share) over the carrying
value of GBP32.7 million in the Net Asset Value ("NAV") of HGT at
31 March 2022.
Note that these figures only relate to HgCapital Trust's share
of Hg's overall investment in MEDIFOX DAN.
Based on the 31 March 2022 reported NAV, the pro-forma NAV of
the Trust is expected to be GBP2.1 billion (or 454.9 pence per
share). HGT's available liquid resources, which includes the
undrawn bank facility of GBP250 million for future deployment
(including all announced transactions) are estimated to be GBP476
million (23% of the pro-forma 31 March 2022 NAV).
Hg agrees sale of MEDIFOX DAN to ResMed for US$1bn
- Since 2018 Hg has supported MEDIFOX DAN to establish itself as
a leading provider of digital solutions for the German care,
support and therapy sectors, driven by a focus on the customer,
continuous innovation and nine strategic acquisitions.
- Hg continues to be active in the healthcare technology sector,
having signed transactions in the sector worth over $6 billion in
Enterprise Value in the last 12 months.
Hildesheim, Germany and London, United Kingdom. 14 June 2022.
Hg, a leading software and services investor, today announces the
sale of MEDIFOX DAN, a leading provider of digital solutions for
the German care and therapy sectors, to ResMed, a global leader in
cloud-connected medical devices and out-of-hospital
software-as-a-service (SaaS) business solutions, in a transaction
valuing the business at an enterprise value of around US $1
billion.
Founded in 1994 and headquartered in Hildesheim, Germany,
MEDIFOX DAN is a leading provider of software solutions and
services to care and therapy providers. Its core offering comprises
digital solutions for resource and route planning, care planning
& documentation, administration, and billing, as well as
factoring and hosting services.
The group has more than 600 employees across eight locations in
Germany. More than 300,000 caregivers trust in the innovation and
quality delivered by one of the largest R&D teams in the
industry.
Under the leadership of Dr. Thorsten Schliebe and Christian
Städtler and with support from Hg, MEDIFOX DAN has demonstrated an
impressive evolution, continuously expanding its product &
services offering, entering attractive new segments, strengthening
the wider management team, investing into a state-of-the-art system
landscape and digital sales capabilities as well as driving
strategic acquisitions. MEDIFOX DAN has also just announced the
launch of its new cloud-ready software generation PROXIMA -
combining the best of both worlds of MEDIFOX and DAN.
ResMed is a world-leading digital health company. Its pioneering
cloud-connected medical devices and out-of-hospital software
solutions have transformed care for over 137 million people
globally. ResMed is also a leader in mission-critical enterprise
software and services for the out-of-hospital care sector, serving
homecare provider, stationary and ambulatory care equivalent
sectors in the United States.
By joining forces through an acquisition of MEDIFOX DAN, ResMed
expands its SaaS business footprint outside the U.S. and will be
uniquely positioned to accelerate the digital transformation of
care in Germany.
Dr. Thorsten Schliebe and Christian St ädtler, Co-Managing
Directors of MEDIFOX DAN, said: "MEDIFOX DAN cares about the people
who care for people. We think partnering with ResMed, one of the
leaders of our sector, is a unique opportunity to deliver upon that
promise and on a much wider scale. We are excited to take this next
step of the journey together and to continue delivering the best
solutions and innovation to our clients. We want to thank the Hg
team for sharing our entrepreneurial vision and offering their
relentless support over the last few years, helping MEDIFOX DAN to
become the best version of this vision."
Stefan Margolis and Benedikt Joeris, both Partners at Hg, said:
"It has been a great journey and partnership with Thorsten,
Christian and the whole MEDIFOX DAN team. We had long-recognised
MEDIFOX as a high-quality software business, providing crucial
services to integrated care. Together we have significantly further
expanded MEDIFOX DAN's offering through continued product
investment, including nine acquisitions. ResMed, who we've known
for many years, will be a great home to continue that innovation
journey, enabling care givers to focus on people and patients."
"With the acquisition of MEDIFOX DAN, a fast-growing and
innovative German healthcare software leader, we will expand
ResMed's SaaS business portfolio outside our current base in the
U.S. and strengthen our position as a global leader in healthcare
software solutions for lower-cost and lower-acuity care" said
ResMed CEO Mick Farrell. "We are excited to welcome the MEDIFOX DAN
team to our global ResMed family: Our management cultures are
highly aligned with a laser-focus on lowering costs, improving
outcomes, and changing the course of chronic disease management.
MEDIFOX DAN has a strong track record of innovation, fully aligned
with our teams at Brightree, MatrixCare, and beyond. MEDIFOX DAN's
customer centricity has built strong and ongoing, growing demand
for its software solutions across Germany, and we expect that
momentum to continue and strengthen as we become one global team.
Our MEDIFOX DAN and ResMed teams are united with the same global
mission: to help many hundreds of millions of people live healthier
lives outside the hospital, and preferably in their own home."
The terms of the transaction have not been disclosed and
completion is subject to closing conditions.
For further details:
Hg
Tom Eckersley +44 (0)208 148 5401
HGT
Laura Dixon +44 (0)20 8396 0930
Brunswick
Azadeh Varzi +44 (0)207 404 5959
Hg@brunswickgroup.com
About HgCapital Trust plc
HgCapital Trust plc, whose shares are listed on the London Stock
Exchange (ticker: HGT.L), gives investors exposure through a liquid
vehicle to a portfolio of high-growth private companies in the
software and services sector. The selection of new investments and
creation of value in these businesses 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.
The contents of the Hg, HgCapital Trust, ResMed and MEDIFOX DAN
websites are not incorporated into, and do not form part of, this
announcement.
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