REG - HgCapital Trust PLC - Hg announces further investment in team.blue

HgCapital TrustAnnouncement

06/07/2022 07:30

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RNS Number : 4360R  HgCapital Trust PLC  06 July 2022

 

Hg, the Manager of HgCapital Trust plc ("HGT"), today announces a further
investment in team.blue, a leading digital enabler for companies and
entrepreneurs across Europe.

 

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

 

As a result of the transaction, HGT will make a net investment of
approximately £16.4 million in the business, with other institutional clients
of Hg investing alongside HGT through the Hg Genesis Funds.

 

This transaction values HGT's existing investments in team.blue at £51.3
million. This would represent an uplift of £8.8 million (21% or 1.9 pence per
share over the carrying value of £42.5 million in the Net Asset Value ("NAV")
of HGT at 31 March 2022.

 

Note that these figures only relate to HGTs share of Hg's overall investment
in team.blue.

 

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

 

Based on the 31 March 2022 reported NAV, the pro-forma NAV of the Trust is
expected to be £2.1 billion (or 456.4 pence per share). HGT's available
liquid resources, which includes the undrawn bank facility of £250 million
for future deployment, are estimated to be £455 million (22% of the 31 March
2022 pro-forma NAV of £2.1 billion).

 

The investment will reduce HGT's outstanding commitments to invest in Hg
transactions to approximately £573 million (27% of the pro-forma 31 March
2022 NAV).

 

team.blue strengthens leadership team and prepares for further expansion

 

team.blue, a leading digital enabler for companies and entrepreneurs across
Europe, today announces that it has received further investment and continued
support from Hg, a leading software and services investor

 

The investment will help to supercharge the business and enable team.blue to
implement ambitious plans for further expansion in its product offering of
online solutions, as well as increase its local presence across more countries
in Europe

 

team.blue is bringing additional capacity and capability into its executive
management team by appointing a new CEO, President and Executive Chair.

 

In 2019, team.blue was created with the merger of three European hosting
groups: Combell Group, TransIP Group, and Register Group. Since it was formed
in 2019, the group has scaled significantly, acquired complementary businesses
and has expanded its operations to four more countries and across multiple new
online solutions such as privacy and compliance tools, e-commerce, agency
solutions and web site development.

 

team.blue is also bringing additional capacity and capability into its
executive management team. Claudio Corbetta, previously CEO of one of the
founding members of team.blue and currently deputy CEO of the Group will
become CEO of the business.  Jonas Dhaenens will move to a role of President
and Dawn Marriott will be appointed as Executive Chair.

 

Working together, the Executive Team will leverage on decades of industry and
sector experience focusing on further enhancing team.blue's world class
operations, executing an ambitious M&A strategy across Europe and
developing value creation projects across the Group.

 

Claudio Corbetta brings more than 25 years of experience to team.blue in
leadership roles that have transformed brands meeting the online needs of the
small business community.

 

"At team.blue, we have amazing people across multiple countries, and they are
the real reason why millions of businesses choose us. We speak our customers'
languages and understand their cultures and local needs. We use this local
connection to customise products and services so we are there for our
customers at all times. This strengthening of the team and continued long-term
backing of Hg will enable us to continue to achieve this through organic
expansion and acquisitions into different regions, whilst also expanding our
online solutions." Claudio Corbetta, CEO at team.blue

 

As a founder of team.blue, Jonas Dhaenens has delivered a successful growth
strategy, fuelling impressive growth and forging new paths into emerging
segments set to play a critical role in the group's evolution.

 

"Over the past 20 years, team.blue has become a digital champion offering
online solutions to millions of European SMEs. Today marks the beginning of a
new phase in the evolution of team.blue and I am personally excited to focus
on spending more time with ambitious entrepreneurs across Europe looking to
join the team.blue ecosystem." Jonas Dhaenens, President at team.blue

 

Dawn Marriott is a serial CEO and Chair, having worked at several global
technology and service businesses, focused on best-in-class, senior
operations. Dawn will focus on implementing an ambitious value creation plan
across team.blue.

 

"team.blue is full of dedicated, knowledgeable, innovative and collaborative
people, which is exactly what we need in order to deliver world class products
to our customers. Combining this with high quality support is key to fulfil
our purpose, to help our customers achieve their business potential by
connecting them with the world. I am incredibly proud and excited to be part
of this brilliant team." Dawn Marriott, Executive Chair at team.blue

 

Hg has a history of backing entrepreneurs and businesses that provide digital
and online services to SMEs, creating industry champions by scaling platforms
internationally, through transformational M&A and organic growth, backed
by Hg's sector experience and operational support.

 

"team.blue have built an exceptional business addressing the need for SMEs to
digitise and provide more services online. We look forward to the next phase
for the business, as team.blue expands into new, adjacent products to offer
its customers, whilst embarking on an ambitious value creation plan to
accelerate several commercial initiatives around product and technology." Nick
Jordan and Joris Van Gool, Partners at Hg

 

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 and team.blue websites are not
incorporated into, and do not form part of, this announcement.

 

 

 

 

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