REG - HgCapital Trust PLC - Induver and Clover join forces alongside Hg

HgCapital TrustAnnouncement

04/03/2024 07:00

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RNS Number : 3670F  HgCapital Trust PLC  04 March 2024

 

Hg, the Manager of HgCapital Trust plc ("HGT"), today announces an investment
in Induver and Clover, two leading independent corporate insurance brokers in
Belgium, who will join forces.

 

The terms of the transaction are not disclosed.

 

HGT will invest approximately £6.7 million in Induver Group, with other
institutional clients of Hg investing alongside HGT through the Hg Mercury 4
Fund.

 

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

 

Note that these figures only relate to HGT's share of Hg's overall investment
in Induver Group.

 

HGT's liquid resources available for future deployment (including all
announced transactions and the undrawn bank facility) are estimated to be
£729 million (32% of the estimated 31 December 2023 NAV of £2.3 billion).

 

The investment will reduce HGT's outstanding commitments to invest in Hg
transactions to approximately £801 million (35% of the estimated 31 December
2023 NAV).

 

Induver and Clover join forces alongside Hg

to accelerate their growth as a leading insurance broker in Belgium

 

Antwerp, Ghent (Belgium) and London (UK) - 4 March 2024: Induver and Clover,
two leading independent corporate insurance brokers in Belgium, today announce
that they will join forces.  Hg, a leading investor in European and
transatlantic software and services businesses, will join as a supporting
shareholder in the combined business to drive further strategic growth.

Induver was founded in 1990 by three families and today is a well-established
insurance broker serving commercial and corporate clients across Belgium.
Clover, founded in 2019 by a fifth generation local family brokerage, has
shown rapid expansion to become a leading provider of B2B and specialised
insurance products.

 

Together the two businesses will provide a highly complementary offering to
clients, combining Induver's premium positioning and technical capabilities
with Clover's entrepreneurial team, with a vast experience in insurance
specialties. The two teams united, driven by a shared strategic ambition to
create a broker-led and broker-owned platform that also presents a unique and
exciting proposition for other insurance brokers.

 

All current founder-shareholders will remain on board and will continue to
lead the combined Group. Marc Van Nuland is expected to join as Executive
Chairman, bringing over 30 years' experience leading insurance businesses in
the Benelux region.

Seppe Sijmons, Mieke Verstraeten and Sjarel De Bondt, commented: "We are
delighted to join forces with the impressive Clover team and build a truly
excellent offering to our clients. Bringing in Hg's extensive experience in
insurance, particularly their digitisation capabilities, as well as Marc's
knowledge and leadership in this sector, gives us a very strong position for
further growth, both organically and non-organically."

Viktor Roelandt, Laurent Claes and Olivier Claes, said: "We immediately
identified a common DNA between Clover and Induver and our discussions in
recent months have more than confirmed that. With our shared ambitions, we
have high aspirations to turbocharge our combined business. We also welcome
Hg's support, to continue the momentum of a broker-owned and broker-led
expansion strategy. We are excited about the opportunities this combination
will give to our people, bringing together two highly skilled teams"

Joris Van Gool and Bernd Tahon at Hg, said: "We're excited to be part of this
significant moment for two high-quality businesses, who both share excellent
reputations. We believe this quality will strengthen further as the two teams
combine their strong technical, commercial and platform capabilities. We look
forward to building on this partnership for many years to come, as part of
Hg's strong activities across the Benelux".

The terms of the transaction have not been disclosed.

 

For further details:

Hg

Tom Eckersley
 
                +44 (0)208 148 5401

 

HgCapital Trust

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 Induver and Clover websites are
not incorporated into, and do not form part of, this announcement.

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