Hg, the Manager of HgCapital Trust plc ("HGT"), today
announces an investment in Induver and Clover, two leading
independent corporate insurance brokers in Belgium, who will join
forces.
The terms of the transaction are not
disclosed.
HGT will invest approximately £6.7 million in Induver Group,
with other institutional clients of Hg investing alongside HGT
through the Hg Mercury 4 Fund.
HGT, whose shares are listed on the London Stock Exchange,
gives private and institutional investors the opportunity to
participate in all Hg's investments.
Note that these figures only relate to HGT's share of Hg's
overall investment in Induver Group.
HGT's liquid resources available for future deployment
(including all announced transactions and the undrawn bank
facility) are estimated to be £729 million (32% of the estimated 31
December 2023 NAV of £2.3 billion).
The investment will reduce HGT's outstanding commitments to
invest in Hg transactions to approximately £801 million (35% of the
estimated 31 December 2023 NAV).
Induver and Clover join
forces alongside Hg
to accelerate their growth as
a leading insurance broker in Belgium
Antwerp, Ghent (Belgium) and
London (UK) - 4 March 2024: Induver
and Clover, two leading independent corporate insurance brokers in
Belgium, today announce that they will join forces. Hg, a
leading investor in European and transatlantic software and
services businesses, will join as a supporting shareholder in the
combined business to drive further strategic growth.
Induver was founded in 1990 by three families and today is a
well-established insurance broker serving commercial and corporate
clients across Belgium. Clover, founded in 2019 by a fifth
generation local family brokerage, has shown rapid expansion to
become a leading provider of B2B and specialised insurance
products.
Together the two businesses will
provide a highly complementary offering to clients, combining
Induver's premium positioning and technical capabilities with
Clover's entrepreneurial team, with a vast experience in insurance
specialties. The two teams united, driven by a shared strategic
ambition to create a broker-led and broker-owned platform that also
presents a unique and exciting proposition for other insurance
brokers.
All current founder-shareholders
will remain on board and will continue to lead the combined
Group. Marc Van Nuland is expected to join as Executive
Chairman, bringing over 30 years' experience leading insurance
businesses in the Benelux region.
Seppe Sijmons, Mieke
Verstraeten and Sjarel De Bondt, commented:
"We are delighted to join forces with the
impressive Clover team and build a truly excellent offering to our
clients. Bringing in Hg's extensive experience in insurance,
particularly their digitisation capabilities, as well as Marc's
knowledge and leadership in this sector, gives us a very strong
position for further growth, both organically and
non-organically."
Viktor Roelandt, Laurent
Claes and Olivier Claes, said: "We
immediately identified a common DNA between Clover and Induver and
our discussions in recent months have more than confirmed that.
With our shared ambitions, we have high aspirations to turbocharge
our combined business. We also welcome Hg's support, to continue
the momentum of a broker-owned and broker-led expansion strategy.
We are excited about the opportunities this combination will give
to our people, bringing together two highly skilled teams"
Joris Van Gool and
Bernd Tahon at Hg, said: "We're excited to be part of this
significant moment for two high-quality businesses, who both share
excellent reputations. We believe this quality will strengthen
further as the two teams combine their strong technical, commercial
and platform capabilities. We look forward to building on this
partnership for many years to come, as part of Hg's strong
activities across the Benelux".
The terms of the transaction have not been disclosed.
For further details:
Hg
Tom Eckersley
+44 (0)208 148 5401
HgCapital Trust
Laura
Dixon
+44 (0)20 8396 0930
Brunswick
Azadeh
Varzi
+44 (0)207 404 5959
Hg@brunswickgroup.com
About HgCapital Trust plc
HgCapital Trust plc, whose shares
are listed on the London Stock Exchange (ticker: HGT.L), gives
investors exposure through a liquid vehicle to a portfolio of
high-growth private companies in the software and services sector.
The selection of new investments and creation of value in these
businesses are managed by Hg, 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.
The contents of the Hg, HgCapital Trust and Induver and Clover
websites are not incorporated into, and do not form part of, this
announcement.