Hg Capital - hat P&I gekauft - 500 Beiträge pro Seite
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...bin über die Übernahme drauf gestossen;
da mich die weitere Entwicklung von P&I interessiert und deren Beuteschema ganz adrett ist: watchlist
da mich die weitere Entwicklung von P&I interessiert und deren Beuteschema ganz adrett ist: watchlist
Notiz aktuell 20% unter NAV
Antwort auf Beitrag Nr.: 47.669.208 von R-BgO am 02.09.14 10:53:53hat nicht lang gedauert...:
TeamViewer-Käufer übernimmt Software-Bude für eine knappe Milliarde
Caspar Tobias Schlenk am 19. September 2016 | Keine Kommentare
Kurznachricht. Schon zweimal übernahmen Finanzinvestoren die Mehrheit bei P&I aus Wiesbaden. Jetzt kauft Permira das Unternehmen – zu einem Preis von angeblich 900 Millionen.
Schon einmal hat Permira bei einem deutschen Software-Unternehmen zugeschlagen: Vor zwei Jahren übernahm der Finanzinvestor den Hidden Champion TeamViewer, ein Software-Unternehmen aus Göppingen. Der Kaufpreis lag bei 870 Millionen Euro.
Jetzt kauft Permira ein weiteres deutsches Software-Unternehmen: Personal & Informatik (P&I) aus Wiesbaden. Die Software ist auf Gehaltsabrechnungen und das Personal-Management spezialisiert. Etwa 15.000 kleine und mittelständische Unternehmen sowie Behörden und öffentliche Stellen verwenden das Programm, heißt es von P&I. In den vergangenen Jahren habe das Software-Unternehmen Umsatz und Ergebnis „kontinuierlich deutlich gesteigert“. Insbesondere der deutsche Markt wachse jedes Jahr um zehn Prozent, schreibt das Unternehmen in einer Mitteilung.
Wie viel das Private-Equity-Unternehmen für die Mehrheitsbeteiligung an P&I bezahlt hat, verraten die Parteien nicht. Kurz vor der Übernahme berichtete Bloomberg – unter Berufung auf Kreise – von einem Kaufpreis von 900 Millionen Dollar.
P&I war bereits in den Händen von Finanzinvestoren. Der ehemalige Eigentümer HgCapital übernahm erst vor drei Jahren eine Mehrheit von der Private-Equity-Firma Carlyle. Damals kostete die Übernahme 385 Millionen Euro. Das Unternehmen aus Wiesbaden wurde bereits 1968 gegründet.
TeamViewer-Käufer übernimmt Software-Bude für eine knappe Milliarde
Caspar Tobias Schlenk am 19. September 2016 | Keine Kommentare
Kurznachricht. Schon zweimal übernahmen Finanzinvestoren die Mehrheit bei P&I aus Wiesbaden. Jetzt kauft Permira das Unternehmen – zu einem Preis von angeblich 900 Millionen.
Schon einmal hat Permira bei einem deutschen Software-Unternehmen zugeschlagen: Vor zwei Jahren übernahm der Finanzinvestor den Hidden Champion TeamViewer, ein Software-Unternehmen aus Göppingen. Der Kaufpreis lag bei 870 Millionen Euro.
Jetzt kauft Permira ein weiteres deutsches Software-Unternehmen: Personal & Informatik (P&I) aus Wiesbaden. Die Software ist auf Gehaltsabrechnungen und das Personal-Management spezialisiert. Etwa 15.000 kleine und mittelständische Unternehmen sowie Behörden und öffentliche Stellen verwenden das Programm, heißt es von P&I. In den vergangenen Jahren habe das Software-Unternehmen Umsatz und Ergebnis „kontinuierlich deutlich gesteigert“. Insbesondere der deutsche Markt wachse jedes Jahr um zehn Prozent, schreibt das Unternehmen in einer Mitteilung.
Wie viel das Private-Equity-Unternehmen für die Mehrheitsbeteiligung an P&I bezahlt hat, verraten die Parteien nicht. Kurz vor der Übernahme berichtete Bloomberg – unter Berufung auf Kreise – von einem Kaufpreis von 900 Millionen Dollar.
P&I war bereits in den Händen von Finanzinvestoren. Der ehemalige Eigentümer HgCapital übernahm erst vor drei Jahren eine Mehrheit von der Private-Equity-Firma Carlyle. Damals kostete die Übernahme 385 Millionen Euro. Das Unternehmen aus Wiesbaden wurde bereits 1968 gegründet.
Trading Spotlight
Antwort auf Beitrag Nr.: 53.303.826 von R-BgO am 19.09.16 13:33:1419 Sep 2016
HgCapital, the Manager of HgCapital Trust plc ("The Trust"), has announced that it has agreed the sale of Personal & Informatik AG (“P&I”), a leading provider of payroll and strategic HR software headquartered in Germany, to a company backed by funds of Permira, an international investment firm. The terms of this transaction have not been disclosed.
The sale of P&I represents the first exit from the HgCapital 7 Fund (December 2013 vintage), and delivers a 36% IRR and 2.3x investment multiple. HgCapital has retained a minority position of €70 million in P&I; the Trust’s share of this is valued at £6.0 million.
The Trust, the listed investment trust which participates in all HgCapital's investments alongside its institutional clients, will realise cash proceeds of approximately £31.9 million on completion of the transaction. When combined with the value of the retained minority position, this represents an uplift of £2.9 million (8%) or 8 pence per share over the carrying value of £35.0 million in the Net Asset Value ("NAV") of the Trust at 31 August 2016 which was based on the Directors' valuation as at 30 June 2016.
Based on the 31 August 2016 reported NAV (including the impact of the revaluation of the carried interest provision) the pro-forma NAV of the Trust is expected to increase to £586.0 million or 1,570.1 pence per share). The Trust’s liquid resources available for future deployment are estimated to be £72.0 million (12% of the pro-forma 31 August 2016 NAV). In addition, the Trust has access to a £40 million standby facility, which is currently undrawn.
HgCapital returns 36% IRR from the sale of Personal & Informatik to Permira funds
First realisation from HgCapital 7 Fund
Delivers 36% IRR and 2.3x investment multiple
HgCapital has returned c.£1 billion in 2016 year to date
HgCapital 7 Fund has now returned approximately 25% of invested cost
19 September 2016: HgCapital is pleased to announce that it has agreed the sale of Personal & Informatik AG (“P&I”), a leading provider of payroll and strategic HR software headquartered in Germany, to a company backed by funds of Permira, an international investment firm. The terms of this transaction have not been disclosed.
HgCapital initially invested in P&I in December 2013 and this and was the first investment from the HgCapital 7 (December 2013 vintage) Fund. This sale is the first exit from HgCapital 7 and delivers a 36% IRR and 2.3x investment multiple. HgCapital has retained a minority position of €70 million. The HgCapital 7 Fund has returned approximately 25% of invested cost from this exit alone, with further liquidity expected to be generated over the coming months through a number of planned refinancings.
Founded in 1968 and headquartered in Wiesbaden, P&I is a leading supplier of integrated HR software solutions for payroll, strategic HR and analytics. The company serves more than 15,000 customers, ranging from small and medium-sized private businesses (SMB) to public sector organisations of all size mainly across Germany, Switzerland and Austria (DACH region), but also in 10 other European countries.
The investment in P&I followed a decade of tracking the business prior to investing, which enabled HgCapital to build a strong relationship with the business’ management over time and conduct thorough due diligence through the cycle. The investment in P&I is typical of HgCapital’s approach to sourcing, origination and the business model characteristics which HgCapital looks for and which remain its focus.
Through its resilient business model with a high share of recurring revenue, P&I performed ahead of investment case throughout HgCapital’s ownership period, delivering double-digit EBITDA growth. The strong performance is a result of constant investment of P&I into innovation and expansion of its product and cloud offering, driving cross-sell of new HR technology including human capital management, recruiting and analytics solutions to its existing customer base, as well as strong wins of new customers. P&I’s high growth and cash flow performance ahead of investment case enabled HgCapital to refinance the business in January 2016, returning c. 0.6x original cost to the HgCapital 7 Fund. The company’s performance and attractive business model which we identified at acquisition, as well as its high quality management generated favourable competitive dynamics from a number of potential buyers over recent months.
Kai Romberg, Partner at HgCapital, said: “This realisation is a result of the hard work and dedication from our investment team over the last decade, from the extensive due diligence prior to investment to the strong relationship built with management throughout ownership. P&I has an impressive business model and performed ahead of expectations, delivering significant double digit growth during this time. We are particularly pleased to be able to announce our first exit from HgCapital 7 with an attractive return, demonstrating our strength and capabilities in the regulatory driven and payroll software space. We thank the management of P&I for their trust and co-operation throughout our investment that formed the basis of this result, and we are happy to remain invested, providing us with the opportunity to benefit from the future success of the company.”
Justin von Simson, Partner at HgCapital commented: “We have had a very successful partnership with P&I and are proud of what the Company has achieved since we first entered into that relationship. At the same time, we believe that there are numerous further growth opportunities ahead and would be excited to contribute to the next leg of that journey.”
“With the acquisition of P&I, the Permira funds strengthen their position as one of the largest software investors in Europe and particularly in the DACH region”, said Jörg Rockenhäuser, Head of the DACH region at Permira. “We are delighted to bring our deep expertise in the technology sector and our extensive knowledge of the German market to support the future growth plans of P&I.”
HgCapital were supported by Arma Partners and GCA Altium as joint financial advisers on the sale.
HgCapital, the Manager of HgCapital Trust plc ("The Trust"), has announced that it has agreed the sale of Personal & Informatik AG (“P&I”), a leading provider of payroll and strategic HR software headquartered in Germany, to a company backed by funds of Permira, an international investment firm. The terms of this transaction have not been disclosed.
The sale of P&I represents the first exit from the HgCapital 7 Fund (December 2013 vintage), and delivers a 36% IRR and 2.3x investment multiple. HgCapital has retained a minority position of €70 million in P&I; the Trust’s share of this is valued at £6.0 million.
The Trust, the listed investment trust which participates in all HgCapital's investments alongside its institutional clients, will realise cash proceeds of approximately £31.9 million on completion of the transaction. When combined with the value of the retained minority position, this represents an uplift of £2.9 million (8%) or 8 pence per share over the carrying value of £35.0 million in the Net Asset Value ("NAV") of the Trust at 31 August 2016 which was based on the Directors' valuation as at 30 June 2016.
Based on the 31 August 2016 reported NAV (including the impact of the revaluation of the carried interest provision) the pro-forma NAV of the Trust is expected to increase to £586.0 million or 1,570.1 pence per share). The Trust’s liquid resources available for future deployment are estimated to be £72.0 million (12% of the pro-forma 31 August 2016 NAV). In addition, the Trust has access to a £40 million standby facility, which is currently undrawn.
HgCapital returns 36% IRR from the sale of Personal & Informatik to Permira funds
First realisation from HgCapital 7 Fund
Delivers 36% IRR and 2.3x investment multiple
HgCapital has returned c.£1 billion in 2016 year to date
HgCapital 7 Fund has now returned approximately 25% of invested cost
19 September 2016: HgCapital is pleased to announce that it has agreed the sale of Personal & Informatik AG (“P&I”), a leading provider of payroll and strategic HR software headquartered in Germany, to a company backed by funds of Permira, an international investment firm. The terms of this transaction have not been disclosed.
HgCapital initially invested in P&I in December 2013 and this and was the first investment from the HgCapital 7 (December 2013 vintage) Fund. This sale is the first exit from HgCapital 7 and delivers a 36% IRR and 2.3x investment multiple. HgCapital has retained a minority position of €70 million. The HgCapital 7 Fund has returned approximately 25% of invested cost from this exit alone, with further liquidity expected to be generated over the coming months through a number of planned refinancings.
Founded in 1968 and headquartered in Wiesbaden, P&I is a leading supplier of integrated HR software solutions for payroll, strategic HR and analytics. The company serves more than 15,000 customers, ranging from small and medium-sized private businesses (SMB) to public sector organisations of all size mainly across Germany, Switzerland and Austria (DACH region), but also in 10 other European countries.
The investment in P&I followed a decade of tracking the business prior to investing, which enabled HgCapital to build a strong relationship with the business’ management over time and conduct thorough due diligence through the cycle. The investment in P&I is typical of HgCapital’s approach to sourcing, origination and the business model characteristics which HgCapital looks for and which remain its focus.
Through its resilient business model with a high share of recurring revenue, P&I performed ahead of investment case throughout HgCapital’s ownership period, delivering double-digit EBITDA growth. The strong performance is a result of constant investment of P&I into innovation and expansion of its product and cloud offering, driving cross-sell of new HR technology including human capital management, recruiting and analytics solutions to its existing customer base, as well as strong wins of new customers. P&I’s high growth and cash flow performance ahead of investment case enabled HgCapital to refinance the business in January 2016, returning c. 0.6x original cost to the HgCapital 7 Fund. The company’s performance and attractive business model which we identified at acquisition, as well as its high quality management generated favourable competitive dynamics from a number of potential buyers over recent months.
Kai Romberg, Partner at HgCapital, said: “This realisation is a result of the hard work and dedication from our investment team over the last decade, from the extensive due diligence prior to investment to the strong relationship built with management throughout ownership. P&I has an impressive business model and performed ahead of expectations, delivering significant double digit growth during this time. We are particularly pleased to be able to announce our first exit from HgCapital 7 with an attractive return, demonstrating our strength and capabilities in the regulatory driven and payroll software space. We thank the management of P&I for their trust and co-operation throughout our investment that formed the basis of this result, and we are happy to remain invested, providing us with the opportunity to benefit from the future success of the company.”
Justin von Simson, Partner at HgCapital commented: “We have had a very successful partnership with P&I and are proud of what the Company has achieved since we first entered into that relationship. At the same time, we believe that there are numerous further growth opportunities ahead and would be excited to contribute to the next leg of that journey.”
“With the acquisition of P&I, the Permira funds strengthen their position as one of the largest software investors in Europe and particularly in the DACH region”, said Jörg Rockenhäuser, Head of the DACH region at Permira. “We are delighted to bring our deep expertise in the technology sector and our extensive knowledge of the German market to support the future growth plans of P&I.”
HgCapital were supported by Arma Partners and GCA Altium as joint financial advisers on the sale.
Jahreszahlen waren exzellent
Antwort auf Beitrag Nr.: 54.621.089 von R-BgO am 27.03.17 16:45:45Hat schon jemand die Nachbesserung aus dem Spruchstellenverfahren bekommen??
Antwort auf Beitrag Nr.: 56.243.096 von muschelsucher am 22.11.17 09:56:33habe ich, vor ein paar Wochen
Antwort auf Beitrag Nr.: 56.243.096 von muschelsucher am 22.11.17 09:56:33Es geht um die Nachbesserung wegen der Ausgleichzahlung für die Dividende , also 38 Cent Erhöhung, das Spruchstellenverfahren Squeeze-out wird ja noch Jahre dauern, bis es da Ergebnisse gibt.
Antwort auf Beitrag Nr.: 56.243.174 von R-BgO am 22.11.17 10:04:01Danke für die Info, werde mal nachfragen ...
Antwort auf Beitrag Nr.: 56.243.213 von muschelsucher am 22.11.17 10:06:30
Ich habe die Zahlungen auch schon. Auch eine separate Steuermitteilung kam vor wenigen Tagen per Post. Mir hatte im Vorfeld jemand Bescheid gegeben, dass man bei P&I ein paar Daten und Nachweise erbringen muss, um die Zahlungen zu erhalten. Das hatte ich dann auch gemacht. Hatte ich alles per Email an P&I ggesendet.
@R-BgO
Hast Du die Nachzahlungen unaufgefordert erhalten oder bist Du auch selber tätig geworden?
Zitat von muschelsucher: Danke für die Info, werde mal nachfragen ...
Ich habe die Zahlungen auch schon. Auch eine separate Steuermitteilung kam vor wenigen Tagen per Post. Mir hatte im Vorfeld jemand Bescheid gegeben, dass man bei P&I ein paar Daten und Nachweise erbringen muss, um die Zahlungen zu erhalten. Das hatte ich dann auch gemacht. Hatte ich alles per Email an P&I ggesendet.
@R-BgO
Hast Du die Nachzahlungen unaufgefordert erhalten oder bist Du auch selber tätig geworden?
Antwort auf Beitrag Nr.: 56.243.258 von straßenköter am 22.11.17 10:10:13
war bei mir genauso
wie bei Dir
Antwort auf Beitrag Nr.: 54.621.089 von R-BgO am 27.03.17 16:45:45
hier gibt es jetzt einen "richtigen"
Thread: HG Capital Trust
widen the gap
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