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HgCapital leads buyout of Visma

29 June 2017 07:46

HgCapital has announced a further investment into Visma Group Holdings, a leading provider of business-critical software to SMBs in the Nordic and Benelux region.

HgCapital said it would invest a further £238 million, in addition to its current holding, valuing the total business at an enterprise value of NKr45 billion (£4.2 billion, US$5.3 billion), making this the largest ever software buyout in Europe and one of the top 5 globally. HgCapital said it would be the lead investor in the new transaction structure, representing 41% of the equity, alongside GIC, Singapore's sovereign wealth fund, Montagu and ICG, which would hold minority stakes.

HgCapital said: "Following this transaction, KKR will have realised its entire stake in the business, with Cinven separately retaining a shareholding of c. 17% in Visma.

"GIC, Montagu and ICG are all committing direct capital to the business, which continues to demonstrate the ability of Visma to attract world-class institutional investor support to help drive the future growth of the business."

HgCapital said this transaction valued its 2014 investment in Visma at 2.4x original cost / c. 36% gross IRR in NOK, after less than three years of ownership.

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