iCON Infrastructure Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, iCON Infrastructure has acquired 2 companies.

iCON Infrastructure’s most common sectors for investment are utilities (27%) and infrastructure (20%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (40%) and divestiture (27%). In total, iCON Infrastructure has invested in 1 US state and 9 different countries. Its largest (disclosed) acquisition occurred in 2018 when it acquired Choice Care Group for $235M.

In the last 3 years, iCON Infrastructure has exited 1 company. The Firm’s most common exit type is trade sale (67%). iCON Infrastructure’s largest (disclosed) exit occurred in 2013 when it sold Sutton and East Surrey Water for $253M.

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M&A Summary

  • M&A Total Activity18
    • M&A Buy Activity15
    • M&A Sell Activity3
  • Total Sectors Invested 8
  • Total Countries Invested 9
  • M&A Buy/Sell Connections 7
  • M&A Advisors 3

iCON Infrastructure LLP

1st Floor Pollen House, 10-12 Cork Street,
London, W1S 3NP
United Kingdom
+44 20 7292 9670
www.iconinfrastructure.com

iCON Infrastructure LLP is a independent investment firm with over €1 billion under management, investing in infrastructure assets in Europe and North America. iCON Infrastructure’s funds are focused on investing in Public services such as Water and Wastewater, Electricity Networks,Oil and Gases, Contracted and/ or Regulated facilities, Social infrastructure and Transport sector focusing on rail, toll roads, airports, and ports. iCON Infrastructure LLP was founded in 2004 and is based in London, United Kingdom with an additional office in Düsseldorf, Germany.


Investment Criteria

Sectors of Interest: Business Services, Energy Services and Equipment, Financial Services, Infrastructure, Oil/Gas Exploration, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Middle East

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.8/yr) # 11 2 - 2 - - 15
vol $235M $235M
Sell (0.2/yr) # 2 - 1 - - - 3
vol $253M $253M
  18

Most Recent M&A

Company Date Value Type
Choice Care Group Ltd. 2018-10-23 235M GBP Secondary Buyout
Bracknell, United Kingdom · www.choicecaregroup.com
Ecoeridania S.p.A. 2018-06-04 - Secondary Buyout
Arenzano, Italy · www.ecoeridania.it
Compania Logistica de Hidrocarburos CLH SA 2017-04-03 - Secondary Buyout
Madrid, Spain · www.clh.es
Gasnätet Stockholm AB 2016-08-11 - Divestiture
Stockholm, Sweden · www.gasnatetstockholm.se
Stockholm Gas AB 2016-08-11 - Divestiture
Stockholm, Sweden · www.stockholmgas.se
Service Terminal Rotterdam BV 2015-04-01 - Buyout (LBO, MBO, MBI)
Botlek Rotterdam, Netherlands
Gruppo Spinelli 2015-04-01 - Buyout (LBO, MBO, MBI)
Genoa, Italy · www.gruppospinelli.com
The Porterbrook Partnership 2014-10-01 - Add-on Acquisition
Edinburgh, United Kingdom · www.porterbrook.co.uk
Fortum fjernvarme AS 2014-03-25 - Divestiture
Sandvika, Norway · www.barum-fjernvarme.no
Firmus Energy 2014-03-25 - Divestiture
Antrim, Ireland · www.firmusenergy.co.uk
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Utilities 4 (33%) - 4 (27%) -
Infrastructure 3 (25%) - 3 (20%) -
Energy Services and Equipment 2 (17%) - 2 (13%) -
Transportation - - 2 (13%) -
Consumer Services 1 (8%) 235M (100%) 1 (7%) 235M (100%)
Business Services 1 (8%) - 1 (7%) -
Environmental 1 (8%) - 1 (7%) -
Financial Services - - 1 (7%) -
Total 12 $235M 15 $235M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 2 (17%) 235M (100%) 3 (20%) 235M (100%)
Italy 2 (17%) - 2 (13%) -
Netherlands 2 (17%) - 2 (13%) -
Sweden 2 (17%) - 2 (13%) -
Spain - - 2 (13%) -
United States 1 (8%) - 1 (7%) -
  West Virginia 1 (8%) - 1 (7%) -
Ireland 1 (8%) - 1 (7%) -
Norway 1 (8%) - 1 (7%) -
Portugal 1 (8%) - 1 (7%) -
Total 12 $235M 15 $235M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (33%) - 6 (40%) -
Divestiture 4 (33%) - 4 (27%) -
Secondary Buyout 2 (17%) 235M (100%) 3 (20%) 235M (100%)
Stake Purchase 2 (17%) - 2 (13%) -
Total 12 $235M 15 $235M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 2 (67%) 253M (100%)
Secondary Sale 1 (33%) -
Total 3 $253M

Top M&A Advisors

Financial Deals
Daiwa Corporate Advisory Ltd. (DC Advisory)
2
Citigroup Investment Banking
1
Legal Deals
Freshfields Bruckhaus Deringer LLP
1

Deal Values

buy # Total
$100M to $1B 1 $235M
TOTAL $235M
Largest Choice Care Group Ltd.
$235M (2018-10-23)
sell # Total
$100M to $1B 1 $253M
TOTAL $253M
Largest Sutton and East Surrey Water plc
$253M (2013-02-04)

M&A Connections

Deals %
Acquired from
PE Firm(s)
29%
2 29%
Strategic(s)
71%
5 71%
Exited to
PE Firm(s)
33%
1 33%
Strategic(s)
67%
2 67%

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