Hg Capital Trust sells Atlas to Riverside's Mintra

Alessia Argentieri
12 November 2018

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Hg Capital Trust has sold Scottish learning technology business Atlas Knowledge to Mintra, a Norwegian HR and e-learning resource business backed by Riverside.

Hg Capital Trust, an investment trust listed on the London Stock Exchange and managed by private equity firm Hg, acquired a 60.6% stake in Atlas in November 2007. Unquote understands that the company's enterprise value was around £25m at the time.

According to the GP, the transaction values Hg Capital Trust's investment in Atlas at approximately £10.7m.

Meanwhile, the deal represents the second add-on for Riverside's Mintra following the acquisition in early 2016 of Bergen-based OCS HR, an HR, scheduling and payroll software developer.

Riverside bought Mintra in December 2014 in a deal that was financed through a mix of shareholder equity and bank debt provided by Nordea.

Company
Established in 1995 and headquartered in Aberdeen, Atlas provides digital learning in the area of safety for companies operating primarily in the oil and gas industry. The business offers e-learning courses, a learning management system and a competence assurance management software to meet the sector's requirements of health, safety, environmental and technical training. According to public documents, Atlas generated revenues of £4.4m in 2017.

People
Riverside – Antonio Cabral (managing partner).
Mintra Group – Scott Kerr (CEO).

Advisers
Acquirers – Addleshaw Goddard (legal); Advocatenkantoor Parmentier (legal); BDO (corporate finance).
Vendors – Houlihan Lokey (corporate finance); Dickson Minto (legal).