HgCapital Trust plc
Hg, the Manager of HgCapital Trust plc (the "Company"), has announced today an investment in MediFox, a leading provider of software solutions to outpatient and inpatient care providers and therapy practices in Germany. The terms of the transaction were not disclosed.
HgCapital Trust plc will invest approximately £8.0 million in MediFox, with other institutional clients of Hg investing alongside the Company through the Mercury 2 Fund.
The Company, 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 30 April 2018 NAV, the Company's liquid resources available for future deployment, including all announced transactions, are estimated to be £153 million (21% of the 30 April 2018 NAV of £712.8 million). In addition, the Company has access to an £80 million standby facility, which is currently undrawn. The investment will reduce the Company's pro-forma outstanding commitments to invest in Hg transactions over the next four to five years to approximately £595 million.
Hg invests in MediFox
10 May 2018. Hg today announces an investment into MediFox, a leading provider of software solutions to outpatient and inpatient care providers and therapy practices in Germany. The investment follows an exit from private equity funds managed by Equity Capital Management ("ECM").
The closing of the transaction is subject to regulatory approval and the terms are not disclosed.
Founded in 1994, MediFox is a leading provider of software solutions to over 6,000 ambulatory care services, elderly care homes and therapists in Germany. Its software solutions support care providers with key services including resource and route planning, care and support documentation, management information systems, as well as billing, factoring and administration services. It is headquartered in Hildesheim, Germany and employs 265 people.
The investment, which will be made from the Mercury 2 Fund, recognises MediFox's attractive business model characteristics, being a well-established player with a strong position in a fragmented sector, showing a positive underlying growth trajectory whilst also having a 'mission-critical' product offering, a robust financial profile and a highly competent management team.
Stefan Margolis, Director at Hg, and Kai Romberg, Partner at Hg, said: "We have been following the progress and success of MediFox for many years and recognise the strength of the business and the opportunity for further growth, both organically and through acquisitions. Our expertise and focus on software and Healthcare IT, following previous investments in Allocate Software and Evaluate, along with our strong presence in Germany, means we are well placed to support management in taking the business on to its next phase of growth."
Christian Städtler and Dr. Thorsten Schliebe, both Managing Directors at MediFox, said: "We want to thank ECM for their strong support over the last 5 years. We look forward to leveraging Hg's experience and track record in working with software and healthcare companies to further strengthen and expand MediFox's position, as we continue our journey towards further growth."
For further details:
Hg
Laura Dixon |
+44 (0)20 7089 7888 |
Maitland
Vikki Kosmalska and Seda Ambartsumian |
+44 (0)20 7379 5151 |
About HgCapital Trust plc
HgCapital Trust plc is an investment trust whose shares are listed on the London Stock Exchange (ticker: HGT.L). The Company is a client of Hg, giving investors exposure to a portfolio of high-growth private companies, through a liquid vehicle. New investments and existing portfolio companies 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 .
Neither the contents of HgCapital Trust's, Hg's, ECM's or MediFox's websites nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.
