Hg Capital LLC

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HgCapital is a private equity firm targeting middle-market buyouts primarily in Europe. HgCapital focuses on investments in the technology, services and industrial technology sectors.
The company has investment offices in London, Germany, and New York, and has 100+ institutional investors, including private and public pension funds, endowments, insurance companies and fund of funds.

Portfolio Companies

Current

  • May.2018: Access Group is a diversified enterprise software provider covering Finance and HR management solutions, plus vertical sector software spanning hospitality through to professional services sectors. Hg acquired a minority stake from TA Associates, giving the company a total EV of ~£1bn.[1][2]
  • Dec.2014: A-Plan Holdings: HgCapital acquired private equity firm Equistone Partners Europe Ltd's majority holding.ref A-Plan provides products from a range of insurers, including private car, van, home, SME commercial, and high net worth insurance.ref,ref,ref
    • Mar.2018:
      Endsleigh-Insurance-2019.svg
      Endsleigh Ltd, a UK student insurer, was purchased from Zurich Insurance Group Ltd. (website, CH, UP). A number of limited partnership managed by Hg Pooled Managed Ltd (HgCapital), held via a nominee company, hold a significant interest in A-Plan Holdco Ltd.AR-Dec.2017 A-Plan Holdings agrees deal for Endsleigh Insurance. Paul Lucas, Insurance Business Magazine, Jan.02.2018.
    • KGM Insurance, part of the Sompo Canopius Group, was purchased from ?? KGM is a brand name for business written by Lloyd's Syndicate 4444, and is managed by Canopius Managing Agents.ref
  • 2011: IRIS is the leading provider of specialist software and services to the UK accountancy and payroll sectors. The business was acquired by Hg Saturn Fund & ICG.[3][4]
  • 2011: CSH was acquired as part of the purchase of Iris Software Group from Hellman & Friedman, a USA private equity firm. Hg decided to separate the two companies.ref

Historic

  • Jul.2013:
    IntelliFlo.png
    IntelliFlo Ltd,OpenCorporates-sm.svg a UK-based technology platform for financial advisors.[1][2] Sold to Invesco Ltd in May.2019.[3] Website
  • Dec.2001-??: Eagle Rock Entertainment: Management buy-out of Eagle Rock Entertainment from Edel Music AG. Eagle Rock is a leading entertainment property rights company with a focus on rock music-related content by established artists such as James Brown, Simple Minds, Tina Turner and Janet Jackson. It exploits these rights through the release of DVDs, CDs and through licences to television companies.ref
  • Jun.1999-??: Greycoat Estates: following a hostile bid for Greycoat plc, HgCapital and the incumbent management team succeeded in a counter-bid and took the company private in one of the UK's largest public-to-private transactions of the 1990s. Greycoat Estates is a central London property developer and investor.ref
  • Jun.1999-Nov.2010: Pulse: HgCapital and Bridgepoint acquired Sinclair Montrose Healthcare plc, t/a "Match", a provider of labour management, recruitment and deployment services in the healthcare sector.[5] The business was rebranded as "Pulse", and sold to private equity group Blackstone in Nov.2010.ref,ref Match.co.ukArchive-org-sm.svg, PulseStaffing.co.uk
  • Jun.1997-Sept.2000: Dechra Pharmaceuticals plc was formerly the veterinary division of Lloyds Chemists. HgCapital led the buy-out from Gehe AG. Dechra Pharmaceuticals is the largest distributor of veterinary pharmaceuticals and pet products in the UK. The company was listed on the London Stock Exchange. Return: 3x.ref LloydsPharmacyWikipedia-W.svg
  • Dec.1996-Jan.2007: The Stationery Office Ltd was formed by HgCapital to acquire HMSO, supplier of printing and publishing to the public sector, from the govt.OC In Jan.1999 the group was granted approval for its de-merger and 4 new companies were established. All 4 were subsequently sold, yielding a return of 4x.
  • Feb.1996-2007: Luxfer Group, formerly British Aluminium, was formed by Mercury Development Capital, Morgan Grenfell Development Capital and CVC Capital Partners to acquire the downstream businesses of British Alcan. Following execution of a successful profit improvement programme, the majority of the investment was realised by way of a major recapitalisation, which yielded cash proceeds amounting to ~2.6x.ref
  • Apr.1996-Jan.2000:
    Priory-Group-1999.svg
    Priory Healthcare: Mercury Private Equity purchased Priory Healthcare, a group of private-sector, acute psychiatric hospitals. The group was rebranded and refocused to capitalise on opportunities presented in the private pay channel. The Priory Group was sold to Westminster Healthcare.[4]
  • 1995-1998: LLP Group plc: HgCapital financed the management buy-out of Lloyds of London Press from the Corporation of Lloyds of London. Lloyds of London Press published Lloyd's ListWikipedia-W.svg, the daily world shipping and trade newspaper; Loading List, the leading UK shipping movements directory; and a number of other specialist publications for the shipping and insurance markets. In 1998, LLP Group plc floated on the London Stock Exchange. Later that year, it merged with IBC plc, a conference and exhibition organiser, to form Informa Group plc.[5]
  • 1993-1996: Maiden Group: HgCapital financed the management buy-out of Maiden, the largest independent outdoor media owner in the UK. Maiden then acquired British Transport Advertising Ltd, which provided it with access to all rail advertising opportunities throughout the UK. Maiden floated on the London Stock Exchange, producing a return of 4x.ref
  • 1992-??: BTG plc (British Technology Group) was an MBO from the govt. BTG was floated on the London Stock Exchange in Jul.1995, ..."(AR-Dec.1995, p.17)
  • Oct.1991-Mar.1996: NTL Group Ltd was formed to acquire National Transcommunications Ltd from the govt. Initially, its principal business was television and radio transmission services. Mercury Private Equity developed NTL into a specialist telecommunications carrier, and expanded into new, non-regulated areas. Sold to International CableTel plc for a return of 8x.
  • British Aluminium / Luxfer Group Ltd. AR-Dec.1996, AR-Dec.1997 + (AR-Dec.1998) + (AR-Dec.1999)
  • Gentrack (energy utilities software), Zenith > Bridgepoint, Parts Alliance > Uni-Select Inc, ValueWorks > Inprova, Sequel Business Solutions > Verisk Analytics, Mainio Vire > Mehilainen, Ullink > Itivitti/Nordic Capital, A-Plan, Sovos (tax compliance). AR-Dec.2017
  • Sporting Index (betting), Voyage Care, Manx Telecom, Achilles, NetNames, Voyage Care, Manx Telecom, Atlas, Sporting Index (betting), ValueWorks (electronic marketplace for social housing organisations). AR-Dec.2013
  • Mercury Pharma > Cinven, Ullink AR-Dec.2012, ref
  • Goldshield Group plc (pharmaceuticals), AR-Dec.2009
  • Wastebidco / Biffa plc, Bertram > Woolworths, South Wharf (property), AR-Dec.2007
  • Paragon Healthcare Group, Schenck. AR-Dec.2006
  • Castlebeck, Hofmann M.M., PBR (drug trials), Match Holdings Ltd/Sinclair Montrose Healthcare plc, Donegal Wind, AR-Dec.2005
  • Hg Renewable (Welsh wind farm), AR-Dec.2004
  • Paddypower, Hoseasons, Boosey & Hawkes, Bertram, AR-Dec.2003
  • Raymarine (buyout from Raytheon Company) Greycoat Estate + Dechra Pharmaceuticals, largest distributor of vet pharmaceuticals in the UK + Eagle Rock Entertainment + Power Leisure + Orbis plc. AR-Dec.2001
ToDo: HgCapitalArchive-org-sm.svg, Exited Investments (2008)Archive-org-sm.svg, PortfolioArchive-org-sm.svg, HgCapital TrustArchive-org-sm.svg (pics in the .pdfs)

Timeline

  • Mar.2002: HgCapital LLP was incorporated. The trade and assets from the Bluebird Partnership LLP were transferred over, with the same members. AR-Mar.2003
  • Jun.2001: HgCapital: Mercury Private Equity renamed itself. The new name reflects both its historic ties to Mercury through the chemical symbol for the element, as well as its aims of producing high growth investment figures - the‘Hg’ acronym.ref
  • Dec.2000: the executives of Mercury Private Equity negotiated independence from Merrill Lynch,ref and established itself as an independent partnership wholly-owned by its partners and employees.ref,ref About HgCapital: HistoryArchive-org-sm.svg
  • Jul.2000: The team announced it would be spun off from Merrill Lynch, retaining its Mercury Private Equity name for the coming year. MPE will continue to manage its existing investments and future ones for Merrill Lynch. MPE's other investments include a 75% stake in vets specialist Dechra Pharmaceuticals, and a management buyout from Lloyds Chemists.ref
  • Nov.1997:
    Mercury-Asset-Management.svgDeals-All-Change.svg
    Merrill Lynch Mercury Asset Management: Merrill Lynch acquired Mercury Asset Management plc, with Mercury Private Equity becoming part of Merrill Lynch Investment Management.ref
  • 1985: Mercury Private Equity was established as the private equity arm of Mercury Asset Management plc, a long-established UK-based asset management firm. MercuryPrivateEquity.comArchive-org-sm.svg

  • Apr.2003: HgCapital Trust plc: Mercury Grosvenor Trust plc changed its name.
  • Dec.2000: MPE Investment Managers Ltd, t/a Mercury Private Equity, became an independent management company owned by managers and staff. Under a delegate agreement with Merrill Lynch Investment Managers, MPE continued managing the investments of Mercury Grosvenor Trust plc. (AR-Dec.2000)
  • Dec.2000: Grosvenor Ventures Ltd sold its 100% holding in MPE Investment Managers Ltd to the Private Equity management team. AR-Dec.2000.
  • Jan.2000: Grosvenor Ventures Ltd owned MPE Investment Managers Ltd (was Grosvenor Venture Managers Ltd).
  • Dec.1997: Mercury Asset Management became a subsidiary of Merrill Lynch & Company Inc, with Mercury Grosvenor Trust plc's portfolio being managed by the private equity division of Merrill Lynch Mercury Asset Management. (AR-Dec.1997)
  • Mar.1996: UP: Mercury Asset Management plc sold its holdings in Grosvenor Ventures Ltd to Mercury Asset Management Group plc. AR-Dec.1996
  • May.1995: Mercury Grosvenor Trust plc: Grosvenor Development Capital plc changed its name, with its portfolio being managed by Mercury Development Capital, a division of Mercury Asset Management plc. (AR-Dec.1995)
  • AR-Dec.1994: "Grosvenor Development Capital plc is advised by Grosvenor Venture Managers Ltd, which is part of Mercury Development Capital, a division of Mercury Asset Management plc."
  • Feb.1994:
    Mercury-Asset-Management.svgDeals-All-Change.svg
    Grosvenor Venture Managers Ltd was acquired by Mercury Asset Management plc.(AR-Dec.1993) The deal included Grosvenor Development Capital plc.ref
  • early 1992: British Technology Group was an MBO of "a leading technology transfer organisation". BTG was from the National Enterprise Board, one of BTG's constituent parts, that Grosvenor Development Capital plc originally developed in 1982. AR-Dec.1992
  • Jun.1990: Grosvenor Ventures Ltd was incorporated. In Oct.1990, it acquired the share capital of Grosvenor Venture Managers Ltd, including its 3 subsidiaries Grosvenor Technology Ltd, Third Grosvenor Ltd, and Grosvenor Development Capital Management Ltd. CH
  • Oct.1989: Grosvenor Development Capital plc: Grosvenor Development Capital Management plc re-registered from private to public, and was listed in Dec.1989.
  • Jul.1981: Grosvenor Venture Managers Ltd was incorporated as "B M Squared Ltd". CH
  • Feb.1981: Grosvenor Development Capital Management Ltd, an investment trust, was established,CH with Grosvenor Venture Managers Ltd as its advisor.

Additional Sources: link, link, link (paywall); Burndept > British Technology Group, link

ToDo: About HgCapital: HistoryArchive-org-sm.svg

References

  1. ^ About us. Intelliflo. Original archived on Apr.14.2014.
  2. ^ Sale of Intelliflo by HgCapital to Invesco. Miles Reucroft, Intelliflo, Jun.06.2018.
  3. ^ Invesco acquires Intelliflo, the UK's leading technology platform for financial advisors. Press Release, Invesco Ltd, Jun.06.2018.
  4. ^ Doughty Hanson set for £500m sale of Priory. Andrew Dewson, The Independent, Jan.06.2005.
  5. ^ LLP Group. HgCapital. Original archived on Apr.02.2008.