HgCapital Trust PLC has announced the partial sale of its investment in team.blue to Canada Pension Plan Investment Board (CPP Investments). This transaction values HgT's investment in team.blue at approximately £95.0 million, representing an uplift of £21.8 million over the carrying value of £73.2 million in the Net Asset Value (NAV) of HgT at 31 March 2024. HgT will receive a net realization of approximately £32.6 million from team.blue, reinvesting a portion of its proceeds in the business alongside other institutional clients of Hg. HgT's exposure to team.blue will be £62.4 million at closing, representing approximately 2.6% of NAV.
CPP Investments joins Hg as well as founder and President of team.blue Jonas Dhaenens and co-founder Ali Niknam, who remain cornerstone investors alongside the wider management team led by CEO Claudio Corbetta. Hg remains the largest single investor in team.blue. The terms of the transaction have not been disclosed and are subject to customary conditions and regulatory approvals. HgT's available liquid resources, including the undrawn bank facility of £375 million for future deployment, are estimated to be £624 million, representing 26% of the pro-forma 31 March 2024 NAV.
team.blue, Europe's leading digital enabler for entrepreneurs and SMBs, has welcomed a significant investment from CPP Investments in a transaction worth €4.8bn. This investment supports team.blue's position as Europe's leading digital enabler for entrepreneurs and SMBs, serving 3.3m SMBs/entrepreneurs across 22 European countries with an unbroken 20-year growth track record. The investment is a significant milestone for the team, implying growth of eight times since Hg first invested in 2019. team.blue has more than 2,500 fully committed colleagues, including many tech entrepreneurs who have joined the group and continue to build the business.
The transaction values team.blue at €4.8bn, making it one of the largest privately owned technology companies in Europe. This investment represents an important milestone for the group, as team.blue continues to expand its product offering to cover all end-to-end and evolving needs of customers, helping them to remain relevant, competitive, and successful in their digital journey. team.blue is actively investing in innovative products by joining forces with leading SaaS companies in Europe that share the same vision.
Jonas Dhaenens, Founder and President, Claudio Corbetta, CEO, and Dawn Marriott, Executive Chair of team.blue, expressed their delight in welcoming CPP Investments, a leading global institutional investor with values that closely align with their own. They thanked Hg for their continued support and warmly welcomed CPP Investments as they pursue their ambitious growth plans together. Hafiz Lalani, Managing Director, Global Head of Direct Private Equity at CPP Investments, expressed their excitement to work alongside Hg and the team.blue founders and leadership team to support the platform as it continues on its journey.