HgCapital Trust plc Regulatory News (HGT)

TrustQuay secures Hg investment to further accelerate its vision to digitalise the Trust, Corporate and Fund Service sector

Fleet and London, United Kingdom. 4 October 2022. TrustQuay, a leading technology provider to the global trust, corporate and fund services industry, has today announced that Hg, a leading software and services investor, has become majority investor in the business.

TrustQuay provides entity management, client accounting, practice management, compliance and workflow software for trust, fund and corporate service providers around the world.

Over the next phase of growth, TrustQuay aims to scale further as a global leader by accelerating the digitalisation of this segment, including with the roll-out of TrustQuay Online, a brand new, sector-leading and feature-rich SaaS offering that will revolutionise how customers operate in this industry.

TrustQuay serves more than 360 customers and 26,000 users in over 30 jurisdictions, through eleven offices worldwide in key jurisdictions including Australia, Guernsey, Jersey, Luxembourg, Singapore, and the United Kingdom.

Keith Hale, Executive Chairman of TrustQuay, comments: "Our mission is to automate and digitalise the trust, corporate and fund services software sector - offering our customers the combination of best functional capabilities with the most modern, up-to-date technology. This enables customers to digitally transform their businesses to become more efficient and differentiate themselves in the market.

"I'd like to thank Silverfleet Capital for their support over the last three years. We're incredibly excited to reach this significant milestone and it is an excellent endorsement of our mission and progress over those three years. Hg has an amazing track record of supporting technology software providers to financial markets and we're excited about what this new tech expertise and resource will deliver for our customers, our team and our industry."

Richard Earnshaw, Director at Hg, said: "At Hg we focus on SaaS and technology businesses that are leading their sector towards change and a better way of working. TrustQuay is an exciting business which is applying this vision to the trust, corporate services and fund industry, having developed a quality, modern product and with ambitious future plans. To date we've aggregated over a decade of experience in fintech, investing over $1 billion in more than 10 fintech leaders in the last five years alone. We're excited to apply this experience as we partner with Keith and a great entrepreneurial team."

Ian Oxley, Partner at Silverfleet Capital, comments: "TrustQuay is a high-quality business, and we are delighted to have helped the company achieve its objectives under our ownership. We have again demonstrated our skills at executing a high-growth plan through both organic expansion and acquisitions, and our ability to help our portfolio companies undergo significant digital transformation. Our thanks go to the TrustQuay management team who have continued to build on the global leading position of the business and to roll-out major new releases of the software including TrustQuay Online."

As part of the transaction, the TrustQuay management team continues in the business whilst the former majority owner Silverfleet Capital has fully exited its position.

The Hg team was advised by Skadden, Arps, Slate, Meagher & Flom LLP. The Silverfleet Capital team was advised by Eversheds Sutherland and Baird. The TrustQuay management team was advised by K&L Gates, Jamieson and BDO.

For further information, please contact:

TrustQuay:

Narrative

Simon Anderson

simon.anderson@narrative.uk.com

+44 7393 636 982

Hg:

Tom Eckersley

+44 (0)208 148 5401

Brunswick:

Azadeh Varzi

+44 (0)207 404 5959

Silverfleet Capital:

Citigate Dewe Rogerson

Patrick Evans / Camilla Wyatt

patrick.evans@citigatedewerogerson.com / camilla.wyatt@citigatedewerogerson.com

+44 (0)7774 133934 / +44 (0)7585 706829

About TrustQuay

TrustQuay is a global leader in technology for the corporate services, trust and alternative fund administration industry, offering the most functionally rich, scalable and secure front to back-office platform.

Serving more than 360 customers and 26,000 users in over 30 jurisdictions, TrustQuay has 11 offices around the world, including Australia, Guernsey, Jersey, Luxembourg, Singapore and the United Kingdom.

TrustQuay helps corporate services, trust and alternative fund administrators to reimagine their processes no matter where they are on their digitalisation pathway. We work with providers to help them consolidate data and systems onto a single digital platform, reduce regulatory burden, increase efficiencies and reduce costs through automation, and create competitive advantage via a clearly differentiated proposition for clients.

To find out more, contact us at info@trustquay.com or visit www.trustquay.com

About Hg

Hg is a platform for software and services champions, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $55 billion, with an investment team of over 160 professionals, including a portfolio team of almost 50 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 45 software and technology businesses, worth over $100 billion aggregate enterprise value, with over 80,000 employees globally, growing at over 20% per year

Visit www.hgcapital.com for more information and sign up for the Hg Newsletter to stay updated with Hg and portfolio news.

About Silverfleet Capital

Silverfleet Capital has been a leading European mid-market private equity investor for more than 30 years building its track record across more than 120 deals, with €3.7bn of investments and €6.4bn of proceeds since 1990. Recent activity includes:

· The sale of Care Fertility, a leading chain of fertility clinics in the United Kingdom

· The sale of CoreDux, a leading designer and manufacturer of ultra-purified and specialised metallic hoses, based in Holland and France;

· The acquisition of Digitall (previously ec4u & BULPROS), a leading European IT service provider in Digital Transformation, cloud-based digital solutions and Cyber Security;

· The acquisition of OneStock, a European leader in modern and agile order management software (OMS) for retail

Silverfleet Capital specialises in creating value by identifying businesses within its core sectors that will benefit from selected macro growth criteria and then working with its portfolio companies to transform their growth prospects. These transformation strategies include investing to accelerate organic growth, increasing the international profile of each business, making follow-on acquisitions, and focusing on operational improvements.

Silverfleet Capital's portfolio includes companies with headquarters across the UK and Ireland, the DACH region, Benelux and the Nordics.

To find out more:  www.silverfleetcapital.com