HgCapital buys legal software firm STP

HgCapital invested via its Mercury Fund, which held its final close in the beginning of 2013 at £380m. The acquisition was the ninth investment by the Mercury Fund, which is now 64% invested. 

Capital was also drawn from HgCapital Trust, whose shares are listed on London Stock Exchange. It will contribute a total of approximately £6.6m toward the transaction. The trust's liquid resources available are estimated to be £16.3m. In addition, it has access to a £40m standby facility, which is currently undrawn. The transaction reduced the trust's outstanding commitments to invest in deals to approximately £94m.

STP's CEO Gunther Thies retains an interest in the business and will continue as CEO.

Last month, unquote" profiled HgCapital, exploring the GP's appetite for businesses such as STP, which provide so-called "mission-critical" services.

Company
Founded in 1993 and headquartered in Karlsruhe, STP employs 160 people serving 1,200 legal customers with insolvency and law practice software. It has customers in Germany and central Europe.

People
STP Group – Gunther Thies (CEO).
HgCapital – Arno Poschik (director).

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