Hg, the Manager of HgCapital Trust plc ("HgT"), today
announces that it has agreed the sale of F24
a leading
European software-as-a-service (SaaS) provider for Business
Resilience solutions.
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 F24 at
approximately £18.4 million. This would represent an uplift of £0.8
million (4% or 0.2 pence per share) over the carrying value of
£17.6 million in the Net Asset Value ("NAV") of HGT at 31 March
2024.
Note that these figures only relate to HgCapital Trust's share
of Hg's overall investment in F24.
Based on the 31 March 2024 reported NAV, the pro-forma NAV of
the Trust is expected to be £2.3 billion (or 511 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 £582 million (25% of the pro-forma 31
March 2024 NAV).
F24 to accelerate growth
with new strategic investment from Altor
- Altor to acquire a majority stake in F24, a
leading European SaaS provider for Business Resilience software
solutions, from Hg, who have been invested since 2020 and will
retain a minority investment.
- The investment will support F24 as it
continues to scale its operations across Europe and beyond, with a
strong focus on innovation and customer service.
Munich, Germany, and Stockholm, Sweden.
1 July 2024. F24 AG ("F24" or "the Company"), a
leading European software-as-a-service (SaaS) provider for Business
Resilience solutions, today announced that it has secured a
strategic investment from Altor, a leading private equity firm
focused on investing in and developing medium-sized
companies.
Altor will acquire F24 from Hg, a leading
investor in European and transatlantic software and services
businesses. F24's management team will reinvest in the Company.
This partnership positions F24 for accelerated growth and continued
regional expansion.
Founded in 2000, F24 supports companies and
organisations in more than 100 countries around the globe. Its
Business Resilience software solutions empower businesses to save
lives and values. F24 is a sector leader in Europe, has expanded
across geographies and now supports over 5,200 customers across the
globe.
Dr. Jörg
Rahmer and Christian Götz, executive board at F24,
said: "We are excited to embark on this new
chapter of F24 with Altor. With their extensive experience and
network, we will be able to accelerate our growth and continue to
provide our customers with innovative solutions across the entire
Business Resilience value chain. We also want to thank Hg for their
support and trust over the past years. They have been instrumental
in our success story."
"We are excited to join forces with co-founder
Christian Götz, Dr. Jörg Rahmer and the management team at F24. F24
is a pioneer in building organisational resilience in the face of
an increasingly volatile world. Their commitment to delivering
high-quality solutions has earned them a stellar reputation across
Europe and a loyal customer base. Together with Hg we look forward
to accelerating F24's growth and expansion into new markets"
said Hajo Krösche,
Partner at Altor.
F24 partnered with Hg back in 2020. Since then,
the business has established itself as a trusted leader in the
sector, with a strong reputation, and develiered a combination of
organic growth and strategic acquisitions. These acquisitions
together with investments in innovation allowed F24 to expand the
customer offering across the entire Business Resilience value
chain.
Benedikt Joeris, Partner at Hg,
said: "We are proud to have been part of F24's
successful journey over the past years. F24 has yet again proven
its long-term track record of compounding growth. We thank Jörg,
Chris and the entire F24 team for their hard work and commitment -
it has been a trusted collaboration."
Closing is subject to customary regulatory
clearances.
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, F24 and Altor
websites are not incorporated into, and do not form part of, this
announcement.