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HgCapital's Addison Software exit generates 55 per cent IRR, 3.7 times multiple17/09/2008. Source: AltAssets. 
 European private equity investor HgCapital has sold German software company Addison Software to multimedia company Wolters Kluwer. The sale represents a 55 per cent IRR and a return of 3.7 times. In conjunction with funds already received by the firm's clients, this sale has returned a total of £123m on an original cost of £33m, the firm said.
HgCapital led the MBO of Addison Software in June 2005, in a deal that valued the company at €78m. Since then Addison has expanded its employee base from 175 to over 340.
Nic Humphries, CEO and head of TMT at HgCapital, said, 'The success of our investment in Addison further underlines the strength of our sector-led approach and the way we support our portfolio companies proactively. Our deep focus on specific sub-sectors enables us to identify potential acquisition targets well ahead of the wider market and to develop an industry-specific deal pipeline over a measured timeframe.'
In June of this year HgCapital invested £42m in Achilles Group, a data management and validation services supplier.
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