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(Alliance News) - HgCapital Trust PLC on Wednesday said it will invest GBP29.3 million in Trackunit after its manager, Hg, agreed to buy a majority stake in the company.
The FTSE 250-listed fund is investing alongside institutional clients of private equity firm Hg, which will buy the stake in Trackunit from Goldman Sachs Group Inc and GRO Capital. Terms of the deal have not been disclosed. Denmark-based Trackunit makes tracking devices for the construction industry.
Shares in HgCapital Trust closed 1.9% higher at 324.00 pence in London.
The fund now has an estimated GBP126 million available for future deployment, according to the statement.
"Trackunit is a very high-quality business. We believe that Hg's deep sector knowledge and operational expertise in the software and telematics space will add further support to this impressive track-record," Hg partner Nick Jordan said.
Soren Brogaard, Trackunit chief executive, said: "We are proud to have attracted investment from Hg, which comes at a tipping point for the digitalization of construction."
By Ivan Edwards; ivanedwards@alliancenews.com
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