HgCapital Trust: Recapitalisation of The Citation Group
Hg has announces a recapitalisation of The Citation Group, a tech based compliance and certification business with The Citation Group HarbourVest Partners, becoming as a new investor in the business
This transaction values HgT’s investment in The Citation Group at approximately £45.1 million representing an uplift of £3.5 million (8% or 0.8 pence per share) over the carrying value of £41.6 million in the Net Asset Value (“NAV”) of HgT at 30 September 2024.
Chris Morris, CEO of Citation, said:
“We’re thrilled to welcome HarbourVest as our new strategic partner. Their expertise, along with the continued support from Hg and KKR, will be instrumental as we pursue our vision of simplifying compliance for SMEs globally. Our focus remains on providing peace of mind to business owners, allowing them to concentrate on growing their enterprises, while we protect their people, their businesses and their reputations.”