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(Alliance News) - HgCapital Trust PLC said Tuesday it will invest GBP33.1 million in insurance intermediary Hyperion Insurance Group Ltd, as part of European investor Hg making a long-term equity investment into Hyperion, valuing the business at an enterprise value of USD5 billion.
FTSE 250-listed HgCapital Trust is a listed vehicle for investing in unquoted software and service businesses managed by Hg.
The investment is expected to reduce HgCapital Trust's outstanding commitments to invest in Hg transactions to GBP759 million. Hg's investment continues the investor's focus on insurance distribution and insuretech.
"This long-term investment in Hyperion reflects Hg Saturn's strategy of backing entrepreneur-led growth businesses in software and tech-enabled services that are sector champions. In Saturn's recent investments in Visma, P&I, Argus Media, Sovos and now Hyperion, we developed a trusted relationship with the founder or CEO over a long period, enabling us to offer them the investment structure they needed to meet their long-term plans," said Nic Humphries senior partner at Hg.
Shares in HgCapital Trust closed 1.2% lower at 278.00 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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