HgCapital sells Sequel for £250m

New Jersey-based listed data analytics provider Verisk Analytics acquired the business for £250m. HgCapital fully exited its stake in the business, held via its Mercury 1 Fund.

Following the transaction, Mercury 1 will have delivered combined returns of 3x invested cash and a 44% gross IRR on all realised investments. According to a statement, the fund is now 83% deployed.

Listed co-investor HgCapital Trust will reap £20.2m in cash proceeds at completion of the transaction.

Previous funding
In July 2014, HgCapital acquired its stake in the business, in what represented the fourth investment for its Mercury 1 fund. HgCapital Trust provided £4.4m of the funding alongside the Mercury fund.

According to a statement, the company tripled its customer base and posted a 14% compound revenue growth rate on a yearly basis over the past three years.

Company
Founded in 1993 and headquartered in London, Sequel develops a software focusing on commercial and speciality insurance. The company posted £26m in revenues with £12m in EBITDA for the year ending June 2017, according to a statement.

People
HgCapital – Sebastien Briens (partner).
Sequel Business Solutions – Mario Garcia (CEO).

Advisers
Vendor – Quayle Munro (corporate finance); Linklaters (legal); Deloitte (financial due diligence).

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