HG Capital Trust offloads stake in TeamSystem

(Sharecast News) - HgCapital Trust said it had agreed the sale of its remaining investment in business software company TeamSystem, to funds advised by Hellman & Friedman for an undisclosed sum TeamSystem serves businesses and accountants in Italy, Spain and Turkey. Hg first invested in TeamSystem in 2010 as majority shareholder, before H&F acquired majority control in 2016.

The deal values HgT's investment in TeamSystem at around £24.3m, representing an uplift of £2.2m, or 10%, over the carrying value of £22.1m net asset value of HGT at the end of March.

Reporting by Frank Prenesti for Sharecast.com