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HgCapital Trust PLC on Tuesday said its manager Hg has sold digital solutions provider Medifox Dan to San-Diego based medical device company ResMed.
The $1 billion sale values HgCapital's investment in Medifox Dan, a provider for German care & therapy sectors, at around £47.3 million, the London-based investment firm explained. This would be an uplift of around £14.6 million, or 45%, over the carrying value of £32.7 million in net asset value of HgCapital at March 31, it added.
HgCapital Trust is a technology-focused investment trust that participates in the private equity investments of manager Hg.
‘We had long-recognised Medifox as a high-quality software business, providing crucial services to integrated care. Together we have significantly further expanded Medifox Dan's offering through continued product investment, including nine acquisitions,’ said Stefan Margolis and Benedikt Joeris, partners at Hg.
HgCapital Trust shares were 1.5% higher at 370.50 pence each in London on Tuesday morning.
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