Kallisto, which is backed by private equity firm HgCapital, has agreed to acquire P&I Personal & Informatik AG from The Carlyle Group. According to terms of the agreement, Kallisto will buy 91.85% of the outstanding shares of P&I. Based in Germany, P&I is a payroll and transactional HR software provider.
Kallisto Neunzigste Vermögensverwaltungs-GmbH (“Kallisto”), a company established in Germany and wholly owned by funds managed by HgCapital, the Manager of HgCapital Trust plc, has today agreed to the acquisition from The Carlyle Group of 91.85% of the outstanding shares of P&I Personal & Informatik AG (“P&I”), a leading payroll and transactional HR software provider in Germany; the acquisition is subject to German and Austrian competition clearance. Additionally,Kallistohas announced its intention to make a tender offer for the acquisition of the balance of shares in issue of P&I.
HgCapital Trust plc will participate in the proposed acquisition of P&Ialongside other institutional clients of HgCapital’s HgCapital 7 fund. The Trust, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all HgCapital’s investments. It is estimated that the Trust will invest approximately £23m.
Based on the 31 October 2013 reported Net Asset Value, the impact of this acquisition, on completion, will be to reduce the Trust’s liquid resources to an estimated total of £110.4 million (25.6% of the 31 October 2013NAV). The transaction will reduce the Trust’s outstanding commitments to participate in investments (all of which are managed by HgCapital) to an estimated £292.4 million.