Intermediate Capital Group Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, Intermediate Capital Group has acquired 17 companies. It has also invested in 3 others.

Intermediate Capital Group’s most common sectors for investment arebusiness services (9%) and healthcare services (7%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (41%) and secondary buyout (38%). In total, Intermediate Capital Group has invested in 10 US states and 24 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 12 companies. The Firm’s most common exit type is secondary buyout (38%). Intermediate Capital Group’s largest (disclosed) exit occurred in 2006 when it sold Cegelec SAS for $3.4B.

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M&A Summary

  • M&A Total Activity461
    • M&A Buy Activity265
    • M&A Sell Activity196
  • Total Sectors Invested 47
  • Total Countries Invested 24
  • M&A Buy/Sell Connections 165
  • M&A Advisors 23

Intermediate Capital Group (ICG)

Procession House, 55 Ludgate Hill,,
London, EC4M 7JW
United Kingdom
+44 (0)20 3545 2000
www.icgplc.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, Business Services, Chemicals, Communications, Consumer Products, Electronics, Energy Services and Equipment, Financial Services, Healthcare Services, Insurance, Leisure, Life Science, Machinery, Manufacturing, Media, Transportation

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, Scandinavia, Asia/Pacific, Australia/New Zealand

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 250 1,000
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (4.6/yr) # 242 3 5 2 3 10 265
vol $65.8B $115M $65.9B
Sell (4.2/yr) # 175 9 5 3 4 - 196
vol $54.2B $1.1B $699M $128M $184M $56.3B
  461

Most Recent M&A

Company Date Value Type
Atos Clinic Munich GmbH & Co. KG 2021-09-01 - Secondary Buyout
Heidelberg, Germany · www.atos.de
Iver AB 2021-07-02 - Secondary Buyout
Stockholm, Sweden · www.iver.com
Circet Odyssee SAS 2021-05-21 - Secondary Buyout
Sollies-Pont, France · www.circet.fr
The Execu|Search Group 2021-04-06 - Secondary Buyout
New York, New York · www.execu-search.com
Eliem Therapeutics, Inc. 2021-03-25 - Growth Capital
Redmond, Washington · www.eliemtx.com
Alvinesa Natural Ingredients S.A. 2021-03-18 - Secondary Buyout
Ciudad Real, Spain · www.alvinesa.com
Lucid Group 2021-03-10 - Secondary Buyout
London, United Kingdom · www.wearelucidgroup.com
Formuesforvaltning AS 2021-02-22 - Growth Capital
Oslo, Norway · www.formue.com
AMEOS Group 2021-02-22 - Secondary Buyout
Zürich, Switzerland · www.ameos.eu
Broadstone Corporate Benefits Ltd. 2021-01-19 - Secondary Buyout
London, United Kingdom · www.broadstoneltd.co.uk
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
proALPHA Software AG 2017-08-08 CP Corporate Planning AG 2021-05-25 1
Weilerbach, Germany · www.proalpha.de Hamburg, Germany · www.corporate-planning.com
DomusVi 2017-06-08 Emera Group 2019-07-26 1
Hauts de Seine, France · www.domusvi.com Mougins, France · www.emera.fr
SynerLab SA 2013-11-19 Alcala Farma SL 2015-11-20 1
Entzheim, France · www.synerlab.com Correos, Spain · www.alcala-farma.es
Gerflor SA 2011-02-24 Gradus Ltd. 2015-11-16 2
Villeurbanne, France · www.gerflor.com Macclesfield, United Kingdom · www.gradusworld.com
ATPI Ltd. 2012-12-03 Griffin Global Group Ltd. 2014-11-09 1
London, United Kingdom · www.atpi.com London, United Kingdom · www.griffintravel.co.uk
Gerflor SA 2011-02-24 Romus SA 2012-03-16 1
Villeurbanne, France · www.gerflor.com Champlan, France · www.romus-france.com
Minimax GmbH & Co. KG 2006-05-15 Consolidated Fire Protection, Inc. 2007-11-07 1
Bad Oldesloe, Germany · www.minimax.de Irvine, California · www.cfpfire.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 7 (14%) 262M (28%) 23 (8%) 5.5B (8%)
Healthcare Services 3 (6%) - 17 (6%) 1.4B (2%)
Food 2 (4%) - 13 (5%) 3.3B (5%)
Manufacturing 4 (8%) - 13 (5%) 270M (< 1%)
Building Materials 3 (6%) 115M (12%) 12 (4%) 2.9B (4%)
Retail 1 (2%) - 11 (4%) 2.9B (4%)
Transportation - - 11 (4%) 2.5B (4%)
Consumer Products - - 11 (4%) 955M (1%)
Financial Services 2 (4%) - 10 (4%) 1.4B (2%)
Consumer Services 2 (4%) - 8 (3%) 835M (1%)
Electrical Equipment 1 (2%) - 8 (3%) 544M (1%)
Life Science 3 (6%) - 8 (3%) 258M (< 1%)
Communications 1 (2%) - 7 (3%) 13.7B (20%)
Automotive - - 7 (3%) 1.4B (2%)
Chemicals 1 (2%) - 7 (3%) 1.2B (2%)
Publishing 1 (2%) - 6 (2%) 3.7B (5%)
Leisure 1 (2%) 557M (60%) 6 (2%) 2.1B (3%)
Medical Products - - 6 (2%) 1.3B (2%)
Information Technology 1 (2%) - 6 (2%) 588M (1%)
Restaurants - - 6 (2%) 410M (1%)
Apparel/Textiles - - 5 (2%) 6.1B (9%)
Education 3 (6%) - 5 (2%) 2.0B (3%)
Machinery - - 5 (2%) 541M (1%)
Safety/Security 2 (4%) - 5 (2%) 420M (1%)
Beverages 1 (2%) - 5 (2%) -
Environmental - - 4 (1%) 3.1B (4%)
Information Services - - 4 (1%) 2.5B (4%)
Software 1 (2%) - 4 (1%) 637M (1%)
Energy Services and Equipment - - 4 (1%) -
Staffing 2 (4%) - 4 (1%) -
Aerospace - - 3 (1%) 1.9B (3%)
Gaming 1 (2%) - 3 (1%) 1.3B (2%)
Packaging - - 3 (1%) 629M (1%)
Marine 1 (2%) - 3 (1%) 340M (< 1%)
Insurance 1 (2%) - 3 (1%) -
Agriculture - - 2 (1%) 659M (1%)
Engineering - - 2 (1%) 274M (< 1%)
Technology Hardware - - 2 (1%) 160M (< 1%)
Distribution - - 2 (1%) -
Marketing 1 (2%) - 2 (1%) -
Media 1 (2%) - 2 (1%) -
Oil/Gas Exploration - - 1 (< 1%) 822M (1%)
Plastics - - 1 (< 1%) 451M (1%)
Electronics 1 (2%) - 1 (< 1%) -
Forest Products 1 (2%) - 1 (< 1%) -
Furniture 1 (2%) - 1 (< 1%) -
Metals/Mining - - 1 (< 1%) -
Total 50 $934M 274 $69.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 9 (18%) 819M (88%) 75 (27%) 13.7B (20%)
France 15 (30%) 115M (12%) 70 (26%) 21.9B (32%)
  Pennsylvania - - 2 (1%) 544M (1%)
Germany 5 (10%) - 22 (8%) 2.2B (3%)
United States 3 (6%) - 17 (6%) 2.5B (4%)
  New York 1 (2%) - 3 (1%) 1.0B (1%)
  Massachusetts 1 (2%) - 3 (1%) 250M (< 1%)
  Illinois - - 2 (1%) 520M (1%)
  Kansas - - 2 (1%) 216M (< 1%)
  Washington 1 (2%) - 1 (< 1%) -
  Connecticut - - 1 (< 1%) 316M (< 1%)
  Colorado - - 1 (< 1%) -
  Texas - - 1 (< 1%) -
  Tennessee - - 1 (< 1%) -
Spain 3 (6%) - 14 (5%) 2.7B (4%)
Netherlands 1 (2%) - 12 (4%) 2.0B (3%)
Sweden 2 (4%) - 11 (4%) 757M (1%)
Italy 4 (8%) - 8 (3%) 1.2B (2%)
Switzerland 1 (2%) - 7 (3%) 997M (1%)
Australia 2 (4%) - 6 (2%) 1.1B (2%)
Denmark 1 (2%) - 6 (2%) 2.4B (4%)
Norway 1 (2%) - 4 (1%) 588M (1%)
Singapore 1 (2%) - 3 (1%) -
Luxembourg - - 3 (1%) 13.6B (20%)
New Zealand - - 3 (1%) 2.4B (3%)
China 1 (2%) - 2 (1%) -
South Korea 1 (2%) - 2 (1%) -
Finland - - 2 (1%) 274M (< 1%)
Belgium - - 2 (1%) 185M (< 1%)
Channel Islands - - 1 (< 1%) 677M (1%)
Canada - - 1 (< 1%) -
  Ontario - - 1 (< 1%) -
Ireland - - 1 (< 1%) -
Poland - - 1 (< 1%) -
Taiwan - - 1 (< 1%) -
Domestic 9 (18%) 819M (88%) 75 (27%) 13.7B (20%)
Cross-border 41 (82%) 115M (12%) 199 (73%) 55.5B (80%)
Total 50 $934M 274 $69.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (14%) - 111 (41%) 13.9B (20%)
Secondary Buyout 35 (70%) 377M (40%) 104 (38%) 40.3B (58%)
Divestiture 1 (2%) 557M (60%) 25 (9%) 7.4B (11%)
Stake Purchase 3 (6%) - 12 (4%) -
Going Private - - 9 (3%) 5.2B (8%)
Growth Capital 4 (8%) - 6 (2%) -
Recapitalization - - 4 (1%) -
Add-on Acquisition - - 1 (< 1%) 2.3B (3%)
Acquisition Financing - - 1 (< 1%) -
Merger - - 1 (< 1%) -
Total 50 $934M 274 $69.0B

Exits by Deal Type

Type Total # Value
Secondary Sale 79 (40%) 28.5B (53%)
Trade Sale 42 (21%) 9.8B (18%)
Trade Sale - Public Company 24 (12%) 12.0B (22%)
IPO 24 (12%) -
Sold to Management 6 (3%) -
Stake Sale 5 (3%) -
Unknown 5 (3%) -
Merger 3 (2%) 3.4B (6%)
Bankruptcy 3 (2%) -
Sold to Existing Investors 3 (2%) -
Recapitalization 2 (1%) -
Total 196 $53.6B

Top M&A Advisors

Financial Deals
Deloitte
 2
Lincoln International
 1
Deutsche Bank Corporate & Investment Banking
 1
Legal Deals
Latham & Watkins
 3
Travers Smith LLP
 2
Ashurst LLP
 2

Deal Values

buy # Total
> $1B 19 $46.6B
$100M to $1B 58 $22.5B
< $100M 3 $157M
TOTAL $69.2B
Largest Intelsat Global SA
$13.6B (2008-02-04)
sell # Total
> $1B 20 $35.3B
$100M to $1B 47 $20.9B
< $100M 2 $116M
TOTAL $56.3B
Largest Cegelec SAS
$3.4B (2006-04-28)

M&A Connections

Deals
Acquired from
Investor(s)
38%
103 (38%)
Strategic(s)
6%
16 (6%)
Exited to
Investor(s)
40%
78 (40%)
Strategic(s)
32%
62 (32%)

Investor Summary

Investor Type

Mezzanine Finance Firm

Size

Mega

PE Assets

27.2B EUR

Established

1989

Specialist/Generalist

Generalist

Leadership

Benoit Durteste

CEO & CIO

Vijay Bharadia

Chief Financial & Operating Officer

Antje Hensel-Roth

Chief People & External Affairs Officer

Wooseok Jun

Head of Asia Pacific - Equity and Mezzanine

Jens Tonn

Head of DACH Region Equity and Mezzanine

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