HgCapital sells Sporting Index
HgCapital has realised its 10-year investment in London-based spread-betting company The Sporting Index Group.
The unnamed buyer is a private strategic investor in online sports betting and plans to expand the range of services provided by the company. According to CityAM, the deal was valued at around £40m.
HgCapital has ended its focus on the consumer and leisure space to concentrate on the business services, technology, industrials and renewable energy sectors.
Previous funding
HgCapital acquired Sporting Index from Duke Street Capital for £75.8m in October 2005. As part of the transaction, the management team retained their stake in the business.
Company
Founded in 1992, The Sporting Index Group is a sports spread-betting company based in London. It runs B2C operation Sporting Index, which is the spread-betting side of the business, and B2B company Sporting Solutions, which supplies real-time pricing and sports-trading capabilities. The group employs 250 staff.
People
Warren Murphy is CEO of Sporting Index.
Advisers
Management - Taylor Wessing, James Goold, Lowri Westray, Catherine Williams (Legal).
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