HgCapital Acquires e-conomic
HgCapital, the Manager of HgCapital Trust plc has announced the acquisition of e-conomic, a leading provider of SME SaaS accounting services in Europe, for an undisclosed amount.
HgCapital Trust plc will participate in the acquisition of e-conomic alongside other institutional clients of HgCapital. The Trust, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all HgCapital's investments. The Trust will contribute a total of approximately £11.5 million of equity to this transaction.
Based on the 31 May 2013 reported Net Asset Value and adjusting for the impact of all post May reported transactions, including this acquisition, liquid resources are estimated to be £123.0 million (26% of the 31 May 2013 pro-forma NAV). The transaction reduced the Trust's outstanding commitments to HgCapital funds to £314.5 million. The cash proceeds received from the sale of ATC, which completed in August 2013 have been included in the above number.