Intermediate Capital Group Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, Intermediate Capital Group has acquired 14 companies. It has also invested in 3 others.

Intermediate Capital Group’s most common sectors for investment arebusiness services (9%) and healthcare services (6%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (40%) and secondary buyout (39%). In total, Intermediate Capital Group has invested in 11 US states and 25 different countries. Its largest (disclosed) acquisition occurred in 2008 when it acquired Intelsat Global SA for $13.6B.

In the last 3 years, Intermediate Capital Group has exited 10 companies. The Firm’s most common exit type is secondary buyout (37%). Intermediate Capital Group’s largest (disclosed) exit occurred in 2023 when it sold IRIS Software Group for $4.8B.

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M&A Summary

  • M&A Total Activity490
    • M&A Buy Activity275
    • M&A Sell Activity215
  • Total Sectors Invested 51
  • Total Countries Invested 25
  • M&A Buy/Sell Connections 151
  • M&A Advisors 30

Intermediate Capital Group (ICG)

Procession House, 55 Ludgate Hill,,
London, EC4M 7JW
United Kingdom
+44 (0)20 3545 2000
www.icgam.com

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


Investment Criteria

Sectors of Interest: Agriculture, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Education, Electronics, Energy Services and Equipment, Financial Services, Furniture, Gaming, Healthcare Services, Insurance, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Media, Plastics, Safety/Security, Software, Staffing, Transportation, Utilities

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

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Nordic, Asia/Pacific, Australia/New Zealand

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 100 2,000
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (4.0/yr) # 255 3 11 2 4 - 275
vol $66.5B $4.8B $71.4B
Sell (3.0/yr) # 200 5 5 1 4 - 215
vol $56.2B $184M $2.3B $4.8B $63.5B
  490

Most Recent M&A

Company Date Value Type
IRIS Software Group Ltd. 2023-12-23 4.8B GBP Secondary Buyout
Slough, United Kingdom · www.iris.co.uk
Fresenius Medical Care Day Hospital Holdings Pty Ltd 2023-12-21 - Divestiture
Bowen Hills, Australia · www.curagroup.com.au
IRIS Software Group Ltd. 2023-12-20 4.8B GBP Secondary Sale
Slough, United Kingdom · www.iris.co.uk
6point6 Ltd. 2023-10-31 - Trade Sale
London, United Kingdom · www.6point6.com
Enfinity Iberia SLU 2023-09-06 - Growth Capital
Miami, Florida · www.enfinity.global
With Intelligence Ltd. 2023-07-20 - Secondary Sale
London, United Kingdom · www.withintelligence.com
Amp Energy India Private Ltd. 2023-05-30 - Divestiture
New Delhi, India · www.amp.energy/renewable-energy/india
Nadella S.p.A. 2023-01-05 - Trade Sale
Milan, Italy · www.nadella.it
Doc Generici Srl 2022-06-30 - Secondary Sale
Milan, Italy · www.docgenerici.it
Seaway Plastics Engineering LLC 2022-06-23 - Secondary Buyout
Port Richey, Florida · www.seawayplastics.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
proALPHA GmbH 2017-08-08 CP Corporate Planning AG 2021-05-25 1
Weilerbach, Germany · www.proalpha.de Hamburg, Germany · www.corporate-planning.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 4 (12%) - 23 (8%) 7.2B (10%)
Healthcare Services 3 (9%) - 17 (6%) 1.4B (2%)
Food 1 (3%) - 13 (5%) 3.3B (4%)
Building Materials 1 (3%) - 12 (4%) 2.9B (4%)
Transportation 1 (3%) - 12 (4%) 2.5B (3%)
Consumer Products - - 12 (4%) 955M (1%)
Manufacturing 1 (3%) - 12 (4%) 270M (< 1%)
Retail - - 11 (4%) 2.9B (4%)
Financial Services 2 (6%) - 11 (4%) 1.4B (2%)
Consumer Services - - 9 (3%) 1.4B (2%)
Life Science 1 (3%) - 9 (3%) 258M (< 1%)
Chemicals - - 8 (3%) 1.2B (2%)
Electrical Equipment - - 8 (3%) 544M (1%)
Communications 1 (3%) - 7 (2%) 13.7B (18%)
Software 2 (6%) 4.8B (100%) 7 (2%) 6.5B (9%)
Publishing - - 6 (2%) 3.7B (5%)
Information Services - - 6 (2%) 2.5B (3%)
Leisure - - 6 (2%) 2.1B (3%)
Medical Products - - 6 (2%) 1.3B (2%)
Automotive - - 6 (2%) 863M (1%)
Restaurants - - 6 (2%) 410M (1%)
Apparel/Textiles - - 5 (2%) 6.1B (8%)
Information Technology 1 (3%) - 5 (2%) 588M (1%)
Machinery - - 5 (2%) 541M (1%)
Safety/Security 1 (3%) - 5 (2%) 420M (1%)
Beverages 1 (3%) - 5 (2%) -
Environmental - - 4 (1%) 3.1B (4%)
Energy Services and Equipment - - 4 (1%) -
Aerospace - - 3 (1%) 1.9B (3%)
Gaming 1 (3%) - 3 (1%) 1.3B (2%)
Packaging - - 3 (1%) 629M (1%)
Education 3 (9%) - 3 (1%) -
Insurance 1 (3%) - 3 (1%) -
Staffing 2 (6%) - 3 (1%) -
Agriculture - - 2 (1%) 659M (1%)
Plastics 1 (3%) - 2 (1%) 451M (1%)
Marine - - 2 (1%) 340M (< 1%)
Engineering - - 2 (1%) 274M (< 1%)
Technology Hardware - - 2 (1%) 160M (< 1%)
Distribution - - 2 (1%) -
Internet Software and Services 1 (3%) - 2 (1%) -
Marketing - - 2 (1%) -
Renewable Energy 2 (6%) - 2 (1%) -
Oil/Gas Exploration - - 1 (< 1%) 822M (1%)
Construction 1 (3%) - 1 (< 1%) -
Electronics - - 1 (< 1%) -
Forest Products - - 1 (< 1%) -
Furniture 1 (3%) - 1 (< 1%) -
Media - - 1 (< 1%) -
Metals/Mining - - 1 (< 1%) -
Utilities 1 (3%) - 1 (< 1%) -
Total 34 $4.8B 284 $74.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 5 (15%) 4.8B (100%) 78 (27%) 18.7B (25%)
France 5 (15%) - 71 (25%) 21.9B (29%)
  Pennsylvania - - 2 (1%) 544M (1%)
Germany 3 (9%) - 22 (8%) 2.2B (3%)
United States 5 (15%) - 19 (7%) 2.8B (4%)
  New York 1 (3%) - 3 (1%) 1.0B (1%)
  Massachusetts 1 (3%) - 3 (1%) 250M (< 1%)
  Illinois - - 3 (1%) 621M (1%)
  Florida 2 (6%) - 2 (1%) -
  Colorado - - 2 (1%) 539M (1%)
  Washington 1 (3%) - 1 (< 1%) -
  Connecticut - - 1 (< 1%) 316M (< 1%)
  Kansas - - 1 (< 1%) 115M (< 1%)
  Texas - - 1 (< 1%) -
  Tennessee - - 1 (< 1%) -
Spain 2 (6%) - 13 (5%) 2.7B (4%)
Netherlands - - 12 (4%) 2.0B (3%)
Sweden 2 (6%) - 11 (4%) 757M (1%)
Italy 1 (3%) - 8 (3%) 1.2B (2%)
Australia 3 (9%) - 7 (2%) 1.1B (1%)
Switzerland 1 (3%) - 7 (2%) 997M (1%)
Denmark 1 (3%) - 6 (2%) 2.4B (3%)
Norway 1 (3%) - 5 (2%) 588M (1%)
Luxembourg - - 4 (1%) 13.6B (18%)
Belgium 1 (3%) - 3 (1%) 185M (< 1%)
Singapore 1 (3%) - 3 (1%) -
New Zealand - - 3 (1%) 2.4B (3%)
China 1 (3%) - 2 (1%) -
South Korea 1 (3%) - 2 (1%) -
Finland - - 2 (1%) 274M (< 1%)
India 1 (3%) - 1 (< 1%) -
Channel Islands - - 1 (< 1%) 677M (1%)
Canada - - 1 (< 1%) -
  Ontario - - 1 (< 1%) -
Ireland - - 1 (< 1%) -
Poland - - 1 (< 1%) -
Taiwan - - 1 (< 1%) -
Domestic 5 (15%) 4.8B (100%) 78 (27%) 18.7B (25%)
Cross-border 29 (85%) - 206 (73%) 55.8B (75%)
Total 34 $4.8B 284 $74.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 3 (9%) - 112 (39%) 13.9B (19%)
Secondary Buyout 23 (68%) 4.8B (100%) 110 (39%) 45.9B (62%)
Divestiture 2 (6%) - 27 (10%) 7.4B (10%)
Stake Purchase 2 (6%) - 12 (4%) -
Going Private - - 9 (3%) 5.2B (7%)
Growth Capital 4 (12%) - 7 (2%) -
Recapitalization - - 4 (1%) -
Add-on Acquisition - - 1 (< 1%) 2.3B (3%)
Acquisition Financing - - 1 (< 1%) -
Merger - - 1 (< 1%) -
Total 34 $4.8B 284 $74.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 88 (41%) 34.0B (56%)
Trade Sale 45 (21%) 9.8B (16%)
Trade Sale - Public Company 29 (13%) 13.6B (22%)
IPO 24 (11%) -
Sold to Management 7 (3%) -
Stake Sale 5 (2%) -
Unknown 5 (2%) -
Merger 4 (2%) 3.4B (6%)
Bankruptcy 3 (1%) -
Sold to Existing Investors 3 (1%) -
Recapitalization 2 (1%) -
Total 215 $60.7B

Top M&A Advisors

Financial Deals
Deloitte
2
Barclays Investment Bank
2
Goldman Sachs
1
Legal Deals
Latham & Watkins
3
Ashurst LLP
2
Gattai, Minoli, Agostinelli & Partners
2

Deal Values

buy # Total
> $1B 20 $51.4B
$100M to $1B 59 $23.1B
< $100M 3 $157M
TOTAL $74.7B
Largest Intelsat Global SA
$13.6B (2008-02-04)
sell # Total
> $1B 22 $41.6B
$100M to $1B 48 $21.7B
< $100M 2 $116M
TOTAL $63.5B
Largest IRIS Software Group Ltd.
$4.8B (2023-12-20)

M&A Connections

Deals
Acquired from
Investor(s)
38%
108 (38%)
Strategic(s)
6%
18 (6%)
Exited to
Investor(s)
40%
85 (40%)
Strategic(s)
33%
71 (33%)

FAQ

When was Intermediate Capital Group (ICG) founded?

Intermediate Capital Group (ICG) was founded in 1989.

What type of investor is Intermediate Capital Group (ICG)?

Intermediate Capital Group (ICG) is a mezzanine finance firm.

Where is Intermediate Capital Group (ICG) headquartered?

Intermediate Capital Group (ICG) is headquartered in London, United Kingdom.

How much capital does Intermediate Capital Group (ICG) have under management?

Intermediate Capital Group (ICG) has 74.5B USD under management.

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