Hg invests in Bowmark-backed Pirum

It was announced in a press release that Hg will share joint control with Pirum's current backer, Bowmark. Pirum's management team will retain a significant stake in the business, according to a press release.

Hg will be investing via HG Capital Mercury 3, which was registered in August 2019 and held a first close in March 2020 on EUR 1bn against a target of EUR 1.1bn, according to Unquote Data. The fund specialises in technology-sector buyouts.

Bowmark, a technology and services investor, backed the company in 2019 via Bowmark Capital Partners V. It acquired the business from Five Arrows Principal Investments for an undisclosed sum, according to Unquote Data. Bowmark Capital Partners V targets companies with an enterprise value of up to GBP 100m, with typical tickets sizes of GBP 10m-20m. Mergermarket reported in August 2021 that Bowmark had mandated Jeffries to garner interest in the company to prepare for its exit.

Company
Pirum was founded in 2000 and provides the securities finance industry with a hub that allows users to process and verify transaction details online. The software serves 90 global financial institutions allowing them to process USD 3trn of transactions daily. It has 51-200 employees, according to LinkedIn.

Mergermarket reported in August 2021 that Pirum was on track to post more than GBP 15m in EBITDA for the year ending in March 2022, driven by a top-line growth of 20%.

People
Hg – Sebastien Briens (partner); Steve Burn-Murdoch (director).
Bowmark – Julian Masters (managing partner); Antonia Cheong (partner).
Pirum – Philip Morgan (CEO)

Advisers
Equity – Skadden Arps Slate Meagher & Flom (legal); Linklaters (legal).
Vendor – Jefferies International (financial due diligence); Stephenson Harwood (legal).

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• Topics
• Buyouts
• Technology
• Financials
• Secondary buyout
• United Kingdom
• Bowmark Capital LLP
• HgCapital