Hg, Manager of HgCapital Trust, has announced an investment in Intelerad Medical Systems for an undisclosed sum. The transaction is expected to close in Q1 2020, following satisfaction of customary regulatory approvals. As part of the transaction, HgCapital Trust will invest c. £28.9m in Intelerad, with other institutional clients of Hg investing alongside the company through the Hg Genesis 8 Fund.
Under the terms of the agreement, Hg will acquire Intelerad from Novacap’s TMT IV Fund, and its founders, management and employee shareholders, who will all be re-investing in the business alongside Hg. The transaction reinforces Hg’s focus on healthcare technology, with over $1bn invested to date in the sector globally.
The investment will reduce the company’s outstanding commitments to invest in Hg transactions over the next two years to c. £240m.
HgCapital Trust will announce its annual results to 31 December 2019 on 9 March 2020.
Gero Wittemann, Partner and Co-lead of Hg’s New York team, commented: “We will look to leverage our experience in healthcare technology and our operational experts to support the business strategy through innovation and operational excellence.”