Claret Capital takes over Harbert European Growth Capital

Greg Gille
@unquotenews
30 October 2020

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Ireland-based private equity firm Claret Capital Partners has assumed full ownership and control of Harbert European Growth Capital (HEGC) from Harbert Management Corporation (HMC), a US-based PE firm.

The financial terms of the transaction were not disclosed.

Claret has assumed full ownership and control of the general partners of HEGC investment funds, including Harbert European Growth Capital Fund I (HEGCF I), HEGCF II and the newly launched Harbert / Claret European Growth Capital Fund II (HEGCF III).

HMC and its affiliates will remain investors in HEGCF I and HEGCF II.

In connection with the transaction, Claret is hiring the entire HEGC investment team, assuming the lease for the current office space in London. Claret said in a statement that the investment team will remain the same, with activities expected to continue seamlessly as it commences investing HEGCF III.

HMC and the principals of Claret formed HEGCF I in partnership in 2013, providing venture and growth debt to SMEs in Europe. HEGC has now invested €400m in more than 120 European SMEs, the firm said in a statement.

The most recent vehicle prior to the launch of HEGCF III, HEGCF II, hit a final close on €215m in 2018. It provides senior secured loan debt capital (with optional equity acquisition) to European businesses in the technology, life sciences and environmental sectors, deploying tickets of €1-20m.