(Alliance News) - HgCapital Trust PLC on Monday noted that its manager, technology-focused private equity firm Hg, has agreed to sell its investment in Allocate to patient safety services provider RLDatix.
Allocate is a workforce management software-as-a-service provider, mainly used by healthcare and government organisations. Hg first acquired in Allocate at the end of 2014 for GBP109.6 million, taking it private from its listing on the London Stock Exchange.
The financial details of the sale to RLDatix were not disclosed, however HgCapital Trust said it values its own investment in Allocate at GBP53.5 million.
This reflects an uplift of 21% over the carrying value of GBP44.1 million, in the net asset value of HgCapital at the end of March.
"We wish the Allocate team well after what has been a tremendously enjoyable and productive seven years. Allocate provides a critical service and has earned a position as a valued champion in the health sector through a history of continuous product innovation, business model improvements, successful geographic expansion and, today, employs three times more people than when we first invested. We're really proud of the work we have achieved together," said Hg partners David Issott and Jean-Baptiste Brian.
Shares in HgCapital Trust were up 3.6% at 350.25 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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HgCapital Trust plc (HGT)