Private U.K. equity firm HgCapital to assume majority ownership from The Carlyle Group in a deal valued at $312 million.
LONDON -- Creative software developer The Foundry has announced a majority investment from HgCapital, one of the U.K.’s most prestigious private equity firms. Comprising experts from technology and business sectors, HgCapital are perceived as one of the top investors in European software. The Foundry will sit within the Technology, Media & Telecommunications (‘TMT’) sector of HgCapital. Under the terms of the deal, HgCapital will assume majority ownership from The Carlyle Group in a new enterprise deal valued at $312 million.
“Knowing the direction we plan to take The Foundry, we identified that HgCapital was the ideal partner to build on what The Carlyle Group have helped us achieve. Nic and his team have such deep software experience, take a long term view on investing and have an amazing track record in taking already solid companies to even greater levels of success. HgCapital achieve this through investment, both in R&D and people, with a deep respect for customer loyalty and satisfaction,” said The Foundry CEO Bill Collis, adding, “With this deal, we remain one of the few independent companies solely focused on creative industries. This lets us pursue our best-in-class strategy, prioritizing research and innovation; and teaming with other companies to create powerful collective solutions.”
There are so many elements about The Foundry that we find attractive, not the least of which is the core management team,” said Nic Humphries, managing partner of HgCapital and the head of the TMT team. “This is a company that constantly innovates, both in terms of their technology, as well as their business. Bill and his team love nothing more than running head on into the challenges facing creative industries, developing exciting disruptive technologies that have huge potential.”
Source: The Foundry