HgCapital invests in Evaluate

HgCapital Trust also took part in the deal, investing £3.7m of capital.

Details of the transaction remain undisclosed, though the deal was made by the £380m HgCapital Mercury Fund, which focuses on lower-mid-market buyouts in the telecommunications, media and technology sectors.

Following completion of the deal, Mercury Fund will be approximately 72% invested. The GP stated the vehicle was 66% invested following its commitment to Mobyt in August 2016, implying an equity contribution in the region of £20-25m on this occasion.

The transaction will enable Evaluate to expand its range of products and services, as well as invest in marketing activity.

Other deals made by the Mercury Fund this year include the MBOs of retail and private-label goods software company Trace One, as well as insolvency and law practice software company STP Group.

Company
Founded in 1996, London-headquartered Evaluate provides commercial analysis software to the pharmaceutical, biotech and medtech sectors. The platform provides consensus forecasts on the basis of data collected from company filings, research organisations and government bodies.

According to publicly available records, Evaluate generated a turnover of £16.7m in the year ending August 2015, with £3.2m in profit on ordinary activities before taxation.

People
HgCapital – David Issott (director).
Evaluate – Jonathan de Pass (founder, chairperson).

Advisers
Equity – Portico Capital (corporate finance); Weil Gotshal & Manges (legal); Deloitte (financial due diligence).
Company – Quayle Munro (corporate finance); RPC (legal); EY (financial due diligence).

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