iCON Infrastructure Mergers and Acquisitions Summary

Infrastructure Profile

In the last 3 years, iCON Infrastructure has acquired 1 company.

iCON Infrastructure’s most common sectors for investment areutilities (25%) and infrastructure (19%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (32%) and divestiture (32%). In total, iCON Infrastructure has invested in 1 US state and 8 different countries. Its largest (disclosed) acquisition occurred in 2023 when it acquired Alliance Medical for $1.4B.

The Firm’s most common exit type is trade sale (50%). 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 Activity20
    • M&A Buy Activity16
    • M&A Sell Activity4
  • Total Sectors Invested 9
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 7
  • M&A Advisors 3

iCON Infrastructure LLP

15 Golden Square,
London, W1F 9JG
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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.2/yr) # 15 - - - 1 - 16
vol $235M $1.4B $1.6B
Sell (0.0/yr) # 4 - - - - - 4
vol $253M $253M
  20

Most Recent M&A

Company Date Value Type
Alliance Medical Ltd. 2023-10-05 1.4B GBP Divestiture
Warwick, United Kingdom · www.alliancemedical.co.uk
Firmus Energy 2019-01-29 - Secondary Sale
Antrim, United Kingdom · www.firmusenergy.co.uk
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
Gasnätet Stockholm AB 2016-08-11 - Divestiture
Stockholm, Sweden · www.gasnatetstockholm.se
Stockholm Gas AB 2016-08-11 - Divestiture
Stockholm, Sweden · www.stockholmgas.se
Exolum 2016-01-27 - Stake Sale
Madrid, Spain · www.exolum.com
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 - Trade Sale
Edinburgh, United Kingdom · www.porterbrook.co.uk
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Utilities 3 (27%) - 4 (25%) -
Infrastructure 3 (27%) - 3 (19%) -
Energy Services and Equipment 1 (9%) - 2 (13%) -
Transportation - - 2 (13%) -
Healthcare Services 1 (9%) 1.4B (86%) 1 (6%) 1.4B (86%)
Consumer Services 1 (9%) 235M (14%) 1 (6%) 235M (14%)
Business Services 1 (9%) - 1 (6%) -
Environmental 1 (9%) - 1 (6%) -
Financial Services - - 1 (6%) -
Total 11 $1.6B 16 $1.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 3 (27%) 1.6B (100%) 5 (31%) 1.6B (100%)
Italy 2 (18%) - 2 (13%) -
Netherlands 2 (18%) - 2 (13%) -
Sweden 2 (18%) - 2 (13%) -
Spain - - 2 (13%) -
Norway 1 (9%) - 1 (6%) -
Portugal 1 (9%) - 1 (6%) -
United States - - 1 (6%) -
  West Virginia - - 1 (6%) -
Total 11 $1.6B 16 $1.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 4 (36%) 1.4B (86%) 5 (31%) 1.4B (86%)
Buyout (LBO, MBO, MBI) 4 (36%) - 5 (31%) -
Secondary Buyout 2 (18%) 235M (14%) 3 (19%) 235M (14%)
Stake Purchase 1 (9%) - 3 (19%) -
Total 11 $1.6B 16 $1.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 2 (50%) 253M (100%)
Secondary Sale 1 (25%) -
Stake Sale 1 (25%) -
Total 4 $253M

Top M&A Advisors

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

Deal Values

buy # Total
> $1B 1 $1.4B
$100M to $1B 1 $235M
TOTAL $1.6B
Largest Alliance Medical Ltd.
$1.4B (2023-10-05)
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
Investor(s)
13%
2 (13%)
Strategic(s)
38%
6 (38%)
Exited to
Investor(s)
50%
2 (50%)
Strategic(s)
50%
2 (50%)

Investor Summary

Investor Type

Infrastructure

Size

Large

PE Assets

2.5B EUR

Established

2004

Specialist/Generalist

Generalist

Leadership

Paul Malan

Founder & Senior Partner

Indradoot Dhar

CIO

Caroline Granshaw

Head of Compliance

Simon Casey

Head of Debt Finance

Charles Haine

Head of ESG and Safety

FAQ

When was iCON Infrastructure LLP founded?

iCON Infrastructure LLP was founded in 2004.

What type of investor is iCON Infrastructure LLP?

iCON Infrastructure LLP is an infrastructure investor.

Where is iCON Infrastructure LLP headquartered?

iCON Infrastructure LLP is headquartered in London, United Kingdom.

How much capital does iCON Infrastructure LLP have under management?

iCON Infrastructure LLP has 2.5B EUR under management.

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