Hg partially exits Visma to CPPIB

The GP sold part of the stake held by Hg7, a £2bn buyout fund that closed on its hard-cap in 2013. This resulted in HgCapital Trust – the listed investment arm of Hg that acts as an LP in its funds – realising cash proceeds of £21.7m, and values its total investment in Visma prior to realisation at £153.6m (an uplift of £14.3m on the previous carrying value).

Hg remains the lead investor in Visma through Hg7 and Hg Saturn, a £1.5bn vehicle that closed last year and was raised with the intention of making three or four large-cap investments.

The company is also backed by Cinven, GIC, Intermediate Capital Group and Montagu Private Equity. Since Hg's original investment in 2006, Visma has reported annual revenue growth of 15% and is now valued at more than €6bn, up from €450m in 2006, according to a statement.

CPPIB invests in private equity through both fund commitments and direct investments. It is not an LP in Hg funds, Unquote understands.

Previous funding
Visma has been under private equity ownership since 2006, when it was acquired in a NOK 4.32bn take-private by HgCapital 5. In October 2010, KKR acquired a 76.9% stake in the company, reducing Hg's stake to 17.7% in a NOK 11bn EV deal.

Four years later, Cinven invested in the company alongside KKR and HgCapital (now trading as Hg), splitting the ownership stakes at 31.3% each, with management holding the balance.

KKR agreed to sell its entire stake to a consortium of investors led by Hg in a deal valuing the business at NOK 45bn in June 2015.

Company
Headquartered in Oslo and founded in 1996, Visma is a provider of enterprise software focusing on HR, accounting and management systems. The company generated NOK 9.346bn in revenues and NOK 2.152bn EBITDA in 2017.

People
Visma – Øystein Moan (CEO).

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• Topics
• Exits
• Nordics
• Technology
• Norway
• HgCapital
• Partial sale