TIDMHGT
RNS Number : 4555J
HgCapital Trust PLC
13 December 2022
Hg, the Manager of HgCapital Trust plc ("HGT"), today announces
that it has agreed the sale of Transporeon, a leading cloud-based
transportation management software platform, to Trimble in a
transaction valuing the business at an enterprise value of EUR1.88
billion.
The transaction is expected to close in the first half of 2023,
subject to customary closing conditions including regulatory
approvals.
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 Transporeon at
approximately GBP107.8 million. This would represent an uplift of
GBP15.3 million (17% or 3.3 pence per share) over the carrying
value of GBP92.5 million in the Net Asset Value ("NAV") of HGT at
30 September 2022.
The sale marks the fourth full Hg realisation to a strategic
buyer in the last 12 months, having previously sold Medifox to
ResMed, Allocate Software to RL Datix and itm8 which merged with
AddPro, all contributing to over $7 billion collectively returned
to Hg clients, including HGT.
Note that these figures only relate to HgCapital Trust's share
of Hg's overall investment in Transporeon.
Based on the 30 September 2022 reported NAV, the pro-forma NAV
of the Trust is expected to be GBP2.07 billion (or 454 pence per
share). HGT's available liquid resources, which includes the
undrawn bank facility of GBP142 million for future deployment
(including all announced transactions and the interim dividend paid
in October) are estimated to be GBP437 million (21% of the
pro-forma 30 September 2022 NAV).
Hg agrees to sale of Transporeon for EUR1.88 billion
A highly successful partnership between Hg and the Transporeon
team has led to continued strong revenue and EBITDA growth since
2019, furthering Transporeon's mission to bring transportation in
sync with the world.
Ulm, Germany and London, United Kingdom. 12 December 2022. Hg, a
leading software and services investor, today announces the sale of
Transporeon, a leading cloud-based transportation management
software platform, to Trimble in a transaction valuing the business
at an enterprise value of EUR1.88 billion.
Transporeon provides a leading cloud-based logistics and
transport management platform, solving 360-degree freight problems
by enabling automation, real-time insights and collaboration on
EUR48bn of annual freight. This is all handled on a modern SaaS
platform which enables more efficient tendering, dispatching,
scheduling, real time tracking and better communication between the
around 1,400 enterprises looking to move freight and close to 145
000 carriers - all whilst helping to reduce 30% waste in global
transportation and to lower CO2 emissions.
A 20+ year focus on software businesses across Europe and North
America led to Hg following the business and engaging with the team
for almost a decade prior to investing in 2019. Since then, the
business has seen strong growth and continued margin expansion
across various cycles.
This robust performance has been enabled by continuous product
investment and strategic initiatives, whilst also adding new
offerings to Transporeon's suite, both through additional
partnerships and five strategic tuck-in acquisitions.
Stephan Sieber, Chief Executive Officer at Transporeon, said:
"The past three years has significantly accelerated Transporeon
forward in our mission to bring transportation in sync with the
world. Innovation in our products and an expansion of the business
has meant we have built a remarkable platform in a rapidly growing
sector, with solutions that are in high demand globally. This would
not have been possible without the software expertise delivered by
Hg. The management team thank everyone at Hg and Transporeon who
have worked hard together to put us in this very advantageous
position".
Stefan Margolis, Partner at Hg, said : "We tracked Transporeon
for many years, impressed with its globally unique logistics
network, solving real supply chain issues in a heavily
under-digitized sector. It has been a hugely rewarding, working
initially with the founders Marc and Martin, and then with Stephan
and the team to build on this. We're particularly proud to have
enabled several new solutions which have proved immensely valuable
to customers and the wider global community, like AI-based
analytics and prediction tools to facilitate carbon footprint
reduction, whilst also expanding our addressable sector via
strategic acquisitions. We wish the team the very best wishes as
part of Trimble"
Justin von Simson, Managing Partner at Hg, said: "Transporeon is
at the forefront of freight industry digitalisation and its
cloud-based solutions continue to reduce complexity and increase
efficiency for a large fragmented global logistics sector. We're
delighted for the team. We're also proud to continue to deliver on
our purpose, to return funds back to clients, with $7 billion
returned during 2022."
The sale marks the fourth full Hg realisation to a strategic
buyer in the last 12 months, having previously sold Medifox to
ResMed, Allocate Software to RL Datix and itm8 which merged with
AddPro, all contributing to over $7 billion collectively returned
to clients in the last 12 months.
The transaction is expected to close in the first half of 2023,
subject to customary closing conditions including regulatory
approvals.
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, Transporeon and Trimble
websites are not incorporated into, and do not form part of, this
announcement.
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END
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