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HgCapital Trust PLC - London-based investor, providing access to the private equity investments of New York-based manager Hg - Says that it has agreed a realisation of GGW Group, an insurance brokerage platforms for small and medium-sized enterprises, with Permira IP Ltd investing in the business. Permira is a global private equity firm. The transaction values HgCapital’s investment in GGW at £93.8 million, representing an uplift of £27.0 million over the £66.8 million carrying value in the net asset value of HgCapital at September 30. GGW Chief Executive Officer Tobias Warweg says: ‘The backing from the Permira funds marks an important milestone and yet we are only at the very beginning of GGW’s success story. We are looking forward to working with Permira and are excited about the future as we continue to grow in Germany and expand further across Europe. Thanks to my fantastic colleagues we have surpassed all of our expectations, and quickly become a leading commercial insurance distribution platform in Germany and other European countries. The partnership with Hg has been a core pillar for our success.’ Current stock price: 399.50 pence, up 1.1% in London on Friday 12-month change: up 14% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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