Press Release - Raymarine

HG Capital Trust PLC
01 December 2004

The following text is taken from a press release issued by HgCapital, manager of
the investment portfolio of HgCapital Trust plc.  The trust, which participates
in all of HgCapital's investments, will receive £16.5 million in cash and will
retain shares worth £6.8 million at the IPO price. In accordance with BVCA
valuation guidelines, a discount of 25% will be applied to the price to reflect
the six-month lock-in period and stock liquidity levels.



                    Raymarine IPOs on London Stock Exchange
                    Market capitalisation of £125.5 million
           HgCapital achieves value of four times original investment


London, 1st December 2004.   HgCapital, the leading sector-focused European
private equity investor, will realise £82 million in cash from its investment in
Raymarine following the company's flotation on the London Stock Exchange at 152p
per share, which represents a market capitalisation of £125.5 million.  The
first day of dealings is anticipated to be 6th December 2004.


Raymarine, which has its headquarters in the UK, is one of the world's largest
suppliers of marine electronic products to the leisure boating market.  It
designs, manufactures and distributes a comprehensive range of products,
including autopilots, radar, instruments, fishfinders, chartplotters and
communication devices.  It is a well-recognised brand and has a reputation for
producing innovative and reliable products.  The company has a network of
distributors across Europe, North and South America and Australasia.


HgCapital acquired Raymarine in a management buy-out of Raytheon's recreational
marine division in January 2001.  HgCapital's involvement has had a significant
impact on the growth and profitability of the business.  Investment in research
and development has been increased from 5.7% of turnover in 2001 to around 9% of
turnover in 2003. This has enabled the company to launch new and innovative
products and to maintain a technological advantage over its competitors.
HgCapital has also strengthened the management team with four key appointments:
a new Chairman, Chief Executive, Finance Director and President of Americas.
Raymarine is forecasting an increase in operating profit before exceptional
items and goodwill from £9.3 million in 2003 to not less than £14.2 million in
the year ending 31st December 2004.



HgCapital originally invested £33 million.  It will retain a stake of around 27%
after the IPO.



HgCapital director, Nick Turner, who heads the consumer team, led the investment
and remains on the board.  He commented:  'We are delighted to have played a
part in Raymarine's development.  Its listing is a logical step for the next
phase of its life.  We continue to remain a significant shareholder in the
business because we are excited by the company's achievements so far and by its
prospects for even greater success.   HgCapital has a history of being a
supportive, long-term investor in its publicly- listed investments which have
included  book-maker, Paddy Power, and theme bar operator, Luminar.



'We are pleased to be realising £82 million in cash for our investors, including
HgCapital Trust plc.  Together with previous capital and income receipts and our
retained holding, we will have achieved value for our clients of around four
times cost.'



Malcolm Miller, Chief Executive of Raymarine, said: 'Raymarine has a long
history as a supplier of marine electronic products and a listing on the London
Stock Exchange is the next stage in the company's development, enabling us to
take advantage of growth opportunities in our markets.  We value HgCapital's
past support and its continued investment in Raymarine.'



For further information contact:



Nick Turner                                           [phone]
Director, HgCapital
[e-mail]



John Bick                                             [phone]
Holborn                                               [phone]




1 December 2004


                      This information is provided by RNS
            The company news service from the London Stock Exchange