Hg, the Manager of HgCapital Trust plc or HgT, announced the recapitalization of The Citation Group, an international provider of tech-enabled compliance and certification solutions for small to medium-sized enterprises.
As part of this transaction, The Citation Group will welcome HarbourVest Partners, a global private markets investment manager, as a new investor.
The terms of the transaction have not been disclosed and is subject to customary conditions and regulatory approvals.
HgT said it gives private and institutional investors the opportunity to participate in all Hg's investments.
The transaction values HgT's investment in The Citation Group at approximately 45.1 million pounds. This would represent an uplift of 3.5 million pounds over the carrying value of 41.6 million pounds in the Net Asset Value ("NAV") of HgT at 30 September 2024.
HgT said it will receive a net realisation of approximately 13.5 million pounds from The Citation Group, having re-invested a portion of its proceeds in the business alongside other institutional clients of Hg. HgT's exposure to The Citation Group will be 31.6 million pounds at closing representing approximately 1.3% of NAV.
The investment will reduce HgT's outstanding commitments to invest in Hg transactions to approximately 649 million pounds.
HarbourVest Partners joins forces with Hg and KKR to propel Citation's growth ambitions, international expansion and innovation in AI.
Citation said it supports SMEs in the UK, Canada, and Australia, acting as a critical partner for over 110,000 SMEs businesses navigating the complexities of HR, Health and Safety, and Quality Certifications.
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