REG - HgCapital Trust PLC - TrustQuay Secures Hg Investment

HgCapital TrustAnnouncement

04/10/2022 07:00

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RNS Number : 6329B  HgCapital Trust PLC  04 October 2022

 

TrustQuay secures Hg investment to further accelerate its vision to digitalise
the Trust, Corporate and Fund Service sector

 

Fleet and London, United Kingdom. 4 October 2022.  TrustQuay, a leading
technology provider to the global trust, corporate and fund services industry,
has today announced that Hg, a leading software and services investor, has
become majority investor in the business.

 

TrustQuay provides entity management, client accounting, practice management,
compliance and workflow software for trust, fund and corporate service
providers around the world.

 

Over the next phase of growth, TrustQuay aims to scale further as a global
leader by accelerating the digitalisation of this segment, including with the
roll-out of TrustQuay Online, a brand new, sector-leading and feature-rich
SaaS offering that will revolutionise how customers operate in this industry.

 

TrustQuay serves more than 360 customers and 26,000 users in over 30
jurisdictions, through eleven offices worldwide in key jurisdictions including
Australia, Guernsey, Jersey, Luxembourg, Singapore, and the United Kingdom.

 

Keith Hale, Executive Chairman of TrustQuay, comments: "Our mission is to
automate and digitalise the trust, corporate and fund services software sector
- offering our customers the combination of best functional capabilities with
the most modern, up-to-date technology. This enables customers to digitally
transform their businesses to become more efficient and differentiate
themselves in the market.

 

"I'd like to thank Silverfleet Capital for their support over the last three
years. We're incredibly excited to reach this significant milestone and it is
an excellent endorsement of our mission and progress over those three years.
Hg has an amazing track record of supporting technology software providers to
financial markets and we're excited about what this new tech expertise and
resource will deliver for our customers, our team and our industry."

 

Richard Earnshaw, Director at Hg, said: "At Hg we focus on SaaS and technology
businesses that are leading their sector towards change and a better way of
working. TrustQuay is an exciting business which is applying this vision to
the trust, corporate services and fund industry, having developed a quality,
modern product and with ambitious future plans.  To date we've aggregated
over a decade of experience in fintech, investing over $1 billion in more
than 10 fintech leaders in the last five years alone. We're excited to apply
this experience as we partner with Keith and a great entrepreneurial team."

 

Ian Oxley, Partner at Silverfleet Capital, comments: "TrustQuay is a
high-quality business, and we are delighted to have helped the company achieve
its objectives under our ownership. We have again demonstrated our skills at
executing a high-growth plan through both organic expansion and acquisitions,
and our ability to help our portfolio companies undergo significant digital
transformation. Our thanks go to the TrustQuay management team who have
continued to build on the global leading position of the business and to
roll-out major new releases of the software including TrustQuay Online."

 

As part of the transaction, the TrustQuay management team continues in the
business whilst the former majority owner Silverfleet Capital has fully exited
its position.

 

The Hg team was advised by Skadden, Arps, Slate, Meagher & Flom LLP. The
Silverfleet Capital team was advised by Eversheds Sutherland and Baird. The
TrustQuay management team was advised by K&L Gates, Jamieson and BDO.

 

For further information, please contact:

 

TrustQuay:

Narrative

Simon Anderson

simon.anderson@narrative.uk.com (mailto:simon.anderson@narrative.uk.com)

+44 7393 636 982

 

Hg:

Tom Eckersley

+44 (0)208 148 5401

 

Brunswick:

Azadeh Varzi

+44 (0)207 404 5959

 

Silverfleet Capital:

Citigate Dewe Rogerson

Patrick Evans / Camilla Wyatt

patrick.evans@citigatedewerogerson.com
(mailto:patrick.evans@citigatedewerogerson.com) /
camilla.wyatt@citigatedewerogerson.com
(mailto:camilla.wyatt@citigatedewerogerson.com)

+44 (0)7774 133934 / +44 (0)7585 706829

 

 

About TrustQuay

 

TrustQuay is a global leader in technology for the corporate services, trust
and alternative fund administration industry, offering the most functionally
rich, scalable and secure front to back-office platform.

 

Serving more than 360 customers and 26,000 users in over 30 jurisdictions,
TrustQuay has 11 offices around the world, including Australia, Guernsey,
Jersey, Luxembourg, Singapore and the United Kingdom.

 

TrustQuay helps corporate services, trust and alternative fund administrators
to reimagine their processes no matter where they are on their digitalisation
pathway. We work with providers to help them consolidate data and systems onto
a single digital platform, reduce regulatory burden, increase efficiencies and
reduce costs through automation, and create competitive advantage via a
clearly differentiated proposition for clients.

 

To find out more, contact us at info@trustquay.com or visit www.trustquay.com
(http://www.trustquay.com)

 

 

About Hg

 

Hg is a platform for software and services champions, focused on backing
businesses that change how we all do business. Deep technology expertise,
complemented by vertical application specialisation and dedicated operational
support, provides a compelling proposition to management teams looking to
scale their businesses. Hg has funds under management of over $55 billion,
with an investment team of over 160 professionals, including a portfolio team
of almost 50 operators, providing practical support to help our businesses to
realise their growth ambitions. Based in London, Munich and New York, Hg has a
portfolio of over 45 software and technology businesses, worth over $100
billion aggregate enterprise value, with over 80,000 employees globally,
growing at over 20% per year

 

Visit www.hgcapital.com for more information and sign up for the Hg Newsletter
to stay updated with Hg and portfolio news.

 

 

About Silverfleet Capital

 

Silverfleet Capital has been a leading European mid-market private equity
investor for more than 30 years building its track record across more than 120
deals, with €3.7bn of investments and €6.4bn of proceeds since 1990.
Recent activity includes:

·    The sale of Care Fertility, a leading chain of fertility clinics in
the United Kingdom

·    The sale of CoreDux, a leading designer and manufacturer of
ultra-purified and specialised metallic hoses, based in Holland and France;

·    The acquisition of Digitall (previously ec4u & BULPROS), a
leading European IT service provider in Digital Transformation, cloud-based
digital solutions and Cyber Security;

·    The acquisition of OneStock, a European leader in modern and agile
order management software (OMS) for retail

Silverfleet Capital specialises in creating value by identifying businesses
within its core sectors that will benefit from selected macro growth criteria
and then working with its portfolio companies to transform their growth
prospects. These transformation strategies include investing to accelerate
organic growth, increasing the international profile of each business, making
follow-on acquisitions, and focusing on operational improvements.

 

Silverfleet Capital's portfolio includes companies with headquarters across
the UK and Ireland, the DACH region, Benelux and the Nordics.

 

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