HGCAPITAL ACQUIRES LEASEDRIVE

RNS Number : 0971U

HgCapital Trust PLC

27 November 2013

 



HgCapital ACQUIRES LEASEDRIVE

27 November 2013

HgCapital, the Manager of HgCapital Trust plc, has informed the Board of the Trust of the acquisition of Leasedrive,one of the UK's largest independent privately-owned vehicle management groups. Leasedrive provides a range of bespoke fleet management, fleet funding and vehicle rental management services to private and public sector organisations throughout the UK.

HgCapital Trust plc will participate in the acquisition of Leasedrive alongside institutional investors in the HgCapital 6 fund, which is also managed by HgCapital. The Trust, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all HgCapital's investments. The Trust will contribute a total of approximately £14.6 million.

Based on the 31 October 2013 reported NAV of the Trust and adjusting for the impact of all transactions reported since that date, including this acquisition, liquid resources are estimated to be £96 million (22% of the 31 October 2013 NAV). The transaction will reduce the Trust's outstanding commitments to HgCapital funds to approximately £278 million.

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For further details:

HgCapital

Stephen Bough                         [phone]

Maitland

Duncan Browne                        [phone]

About HgCapital Trust plc

HgCapital Trust plc is an investment trust whose shares are listed on the London Stock Exchange (ticker: HGT.L). The Trust is a client of HgCapital, giving investors exposure to a portfolio of high-growth private companies, through a liquid vehicle. New investments and existing portfolio companies are managed by HgCapital, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors. For further details, please see www.hgcapitaltrust.com

Neither the contents of HgCapital's, HgCapital Trust's nor Leasedrive's websites nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.

 

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