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(Sharecast News) - HgCapital Trust announced an investment in prominent UK essential business technology provider Focus Group on Monday.
The FTSE 250 company said that while the specific terms of the transaction would remain undisclosed, it was investing around £21.3m in Focus, with other institutional clients of Hg participating through the Hg Genesis 10 Fund.
With liquid resources estimated at £670m, comprising announced transactions, undrawn bank facilities, and the full-year dividend payable in May, HgCapital's investment in Focus Group would reduce its outstanding commitments to invest in Hg transactions to around £927m.
Focus Group, founded in 2003 by Ralph Gilbert and Chris Goodman in Brighton and Hove, serves around 30,000 small-to-medium enterprise (SME) customers with digital workplace solutions, offering communications and software solutions, connectivity, and value-added IT services.
Hg's investment in Focus Group was intended to support its organic growth plan, merger and acquisition ambitions, and product development initiatives, bolstering its capacity to deliver solutions for the UK SME sector.#
"The long-term trends in small business technology adoption offers Focus a great opportunity to continue its impressive growth trajectory by offering a one-stop-shop for ICT for UK SMEs," said Hg partners Nick Jordan and Joris Van Gool in a joint statement.
"In partnering with the Focus leadership and close to 1,000 exceptional colleagues we are excited about the opportunity to build a national champion in this industry."
Reporting by Josh White for Sharecast.com.
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