Hg Capital has bought a stake in Visma (a software and business process outsourcing company centred on the Nordic region) – acquiring a 31% stake for £405m. £40m of this will come from the Hg Capital Trust and the rest from Hg’s limited partnership vehicle, Hg Capital VII.
The net effect of the transaction will be that Visma ends up being controlled by three shareholders – Hg, KKR and Cinven. The price of the deal means that Hg will write up the value of its existing investment in Visma – adding £8.8m to the Trust’s net asset value – which they estimate is £12.037. Overall Hg reckons it has made 5.2x its money investing in Visma since its first investment in 2006.