HgCapital banks profit on Hoseasons sale

22nd Feb 2010 16:27

HgCapital Trust, the listed arm of private equity specialists HgCapital, said that HgCapital has sold self-catering holiday camp owner Hoseasons to Wyhdham Exchange & Rentals.The purchase price places an enterprise value on Hoseasons of £51m, of which HgCapital Trust will receive around £5.1m in cash. This compares very favourably with the book value of the trust's stake in Hoseasons which at the end of 2009 stood at £2.5m.As a result of the profit on the sale the net asset value per share of the investment trust will receive a boost of 10.4p. 'This is another successful investment by HgCapital that has created value for our shareholders. The team at HgCapital has worked closely with Hoseasons' talented management, led by its chief executive Richard Carrick, to transform this long-established business, with excellent results,' said HgCapital Trust's chairman, Roger Mountford.