REG - HgCapital Trust PLC - HgT announces sale of F24

HgCapital TrustAnnouncement

01/07/2024 07:15

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RNS Number : 5457U  HgCapital Trust PLC  01 July 2024

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.

 

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