GERMANY - HgCapital generates 3.7x return from Addison sale

HgCapital acquired Addison Software in June 2005 in an exclusive, non-competitive process. During the course of the investment, Addison adopted a new business model that saw it develop a unique network of wholly-owned sales centres. The company also made significant investments in R&D and technology, enabling it to sustain several differentiated products. In addition to this organic growth, a total of nine bolt-on acquisitions were completed, including that of former rival PBSG. Revenue and profits more than doubled over the three year period, while employee numbers have grown from 175 to over 340.

This is HgCapital’s twenty-ninth exit since June 2005 and its fifteenth exit in fifteen months.

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