Intermediate Capital Group Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Intermediate Capital Group has acquired 9 companies. It has also invested in 1 other.

Intermediate Capital Group’s most common sectors for investment are business services (9%) and healthcare services (6%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (43%) and secondary buyout (36%). In total, Intermediate Capital Group has invested in 9 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 16 companies. The Firm’s most common exit type is secondary buyout (39%). 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 Activity440
    • M&A Buy Activity253
    • M&A Sell Activity187
  • Total Sectors Invested 47
  • Total Countries Invested 25
  • M&A Buy/Sell Connections 161
  • M&A Advisors 23

Intermediate Capital Group (ICG)

Juxon House, 100 St Paul's Churchyard,
London, EC4M 8BU
United Kingdom
+44 (0)20 3201 7700
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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.4/yr) # 241 2 2 4 2 2 253
vol $65.2B $557M $65.8B
Sell (5.8/yr) # 158 13 8 4 3 1 187
vol $50.3B $3.8B $1.1B $420M $128M $55.8B
  440

Most Recent M&A

Company Date Value Type
Globoforce, Inc. 2020-06-23 - Stake Purchase
Framingham, Massachusetts · www.workhuman.com
Pageant Media Ltd. 2020-02-12 - Buyout (LBO, MBO, MBI)
London, United Kingdom · www.pageantmedia.com
Marston Holdings Limited 2020-01-20 - Stake Purchase
Birmingham, United Kingdom · www.marstonholdings.co.uk
Viking Redningstjeneste AS 2019-11-28 128M EUR Add-on Acquisition
Lysaker, Norway · www.vikingredning.no
Acteon SAS 2019-06-25 - Stake Purchase
cedex, France · www.acteongroup.com
A-Katsastus Oy 2019-06-18 - Secondary Buyout
Vantaai, Finland · www.a-katsastus.fi
Doc Generici Srl 2019-04-08 - Secondary Buyout
Milan, Italy · www.docgenerici.it
Konecta Group 2019-02-05 - Secondary Buyout
Madrid, Spain · www.grupokonecta.com
Stella.Group 2018-11-26 - Secondary Buyout
Labège, France · www.stella.group
nora Systems GmbH 2018-06-14 420M USD Add-on Acquisition
Weinheim, Germany · www.nora.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Intelsat Global SA 2008-02-04 Gogo, Inc. - Commercial Aviation Business 2020-08-31 1
Grand-Duchy, Luxembourg · www.intelsat.com Chicago, Illinois
Pageant Media Ltd. 2020-02-12 Eurekahedge Pte. Ltd. 2020-05-04 1
London, United Kingdom · www.pageantmedia.com Singapore, Singapore · www.eurekahedge.com
American Stock Transfer & Trust Co. LLC 2008-05-29 King TeleServices LLC 2019-04-16 1
Brooklyn, New York · www.astfinancial.com Brooklyn, New York · www.king-teleservices.com
Vivarte SAS 2007-03-01 Besson Chaussures 2018-05-30 1
Paris, France · www.vivarte.fr Aubiere, France · www.besson-chaussures.com
SynerLab SA 2013-11-19 Alcala Farma SL 2015-11-20 1
Erstein, 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
American Stock Transfer & Trust Co. LLC 2008-05-29 D.F. King & Co., Inc. 2014-06-24 2
Brooklyn, New York · www.astfinancial.com New York, New York · www.dfking.com
American Stock Transfer & Trust Co. LLC 2008-05-29 DF King Worldwide LLC 2014-06-24 1
Brooklyn, New York · www.astfinancial.com New York, New York · www.king-worldwide.com
Gerflor SA 2011-02-24 Romus SA 2012-03-16 1
Villeurbanne, France · www.gerflor.com Champlan, France · www.romus-france.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 5 (11%) 262M (1%) 21 (8%) 5.5B (8%)
Healthcare Services 1 (2%) - 15 (6%) 1.4B (2%)
Manufacturing 4 (9%) - 13 (5%) 270M (< 1%)
Food 4 (9%) - 12 (5%) 3.3B (5%)
Retail 1 (2%) - 11 (4%) 2.9B (4%)
Transportation - - 11 (4%) 2.5B (4%)
Consumer Products - - 11 (4%) 955M (1%)
Building Materials 2 (4%) - 10 (4%) 2.3B (3%)
Financial Services 3 (6%) 1.0B (5%) 10 (4%) 1.4B (2%)
Electrical Equipment 1 (2%) - 9 (3%) 1.1B (2%)
Consumer Services 3 (6%) - 8 (3%) 835M (1%)
Publishing 2 (4%) - 7 (3%) 3.7B (5%)
Automotive - - 7 (3%) 1.4B (2%)
Chemicals 1 (2%) - 7 (3%) 1.2B (2%)
Life Science 2 (4%) - 7 (3%) 258M (< 1%)
Communications 2 (4%) 13.6B (71%) 6 (2%) 13.7B (20%)
Leisure 1 (2%) 557M (3%) 6 (2%) 2.1B (3%)
Medical Products - - 6 (2%) 1.3B (2%)
Machinery - - 6 (2%) 541M (1%)
Restaurants - - 6 (2%) 410M (1%)
Apparel/Textiles 1 (2%) 3.7B (19%) 5 (2%) 6.1B (9%)
Information Technology - - 5 (2%) 588M (1%)
Safety/Security 2 (4%) - 5 (2%) 420M (1%)
Environmental - - 4 (2%) 3.1B (4%)
Information Services - - 4 (2%) 2.5B (4%)
Education 2 (4%) - 4 (2%) 2.0B (3%)
Beverages - - 4 (2%) -
Energy Services and Equipment - - 4 (2%) -
Aerospace - - 3 (1%) 1.9B (3%)
Gaming 1 (2%) - 3 (1%) 1.3B (2%)
Software 1 (2%) - 3 (1%) 637M (1%)
Packaging - - 3 (1%) 629M (1%)
Marine 1 (2%) - 3 (1%) 340M (< 1%)
Insurance 1 (2%) - 3 (1%) -
Staffing 1 (2%) - 3 (1%) -
Agriculture - - 2 (1%) 659M (1%)
Engineering - - 2 (1%) 274M (< 1%)
Technology Hardware - - 2 (1%) 160M (< 1%)
Distribution - - 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%) -
Marketing 1 (2%) - 1 (< 1%) -
Metals/Mining - - 1 (< 1%) -
Total 47 $19.2B 262 $69.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 7 (15%) 819M (4%) 72 (27%) 13.7B (20%)
France 15 (32%) 3.7B (19%) 69 (26%) 21.8B (32%)
  Pennsylvania - - 2 (1%) 544M (1%)
Germany 4 (9%) - 21 (8%) 2.2B (3%)
United States 2 (4%) 1.0B (5%) 15 (6%) 2.5B (4%)
  Massachusetts 1 (2%) - 3 (1%) 250M (< 1%)
  New York 1 (2%) 1.0B (5%) 2 (1%) 1.0B (1%)
  Illinois - - 2 (1%) 520M (1%)
  Kansas - - 2 (1%) 216M (< 1%)
  Connecticut - - 1 (< 1%) 316M (< 1%)
  Texas - - 1 (< 1%) -
  Tennessee - - 1 (< 1%) -
  Colorado - - 1 (< 1%) -
Spain 3 (6%) - 12 (5%) 2.7B (4%)
Netherlands 2 (4%) - 12 (5%) 2.0B (3%)
Sweden 1 (2%) - 10 (4%) 757M (1%)
Italy 4 (9%) - 8 (3%) 1.2B (2%)
Australia 2 (4%) - 6 (2%) 1.1B (2%)
Denmark 1 (2%) - 6 (2%) 2.4B (4%)
Switzerland - - 6 (2%) 997M (1%)
Luxembourg 2 (4%) 13.6B (71%) 3 (1%) 13.6B (20%)
New Zealand 1 (2%) - 3 (1%) 2.4B (3%)
Singapore 1 (2%) - 3 (1%) -
Norway - - 3 (1%) 588M (1%)
South Korea 1 (2%) - 2 (1%) -
Finland - - 2 (1%) 274M (< 1%)
Belgium - - 2 (1%) 185M (< 1%)
China 1 (2%) - 1 (< 1%) -
Channel Islands - - 1 (< 1%) 677M (1%)
Canada - - 1 (< 1%) -
  Ontario - - 1 (< 1%) -
Hong Kong - - 1 (< 1%) -
Ireland - - 1 (< 1%) -
Poland - - 1 (< 1%) -
Taiwan - - 1 (< 1%) -
Domestic 7 (15%) 819M (4%) 72 (27%) 13.7B (20%)
Cross-border 40 (85%) 18.4B (96%) 190 (73%) 55.4B (80%)
Total 47 $19.2B 262 $69.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (17%) 1.0B (5%) 111 (42%) 13.9B (20%)
Secondary Buyout 31 (66%) 17.6B (92%) 93 (35%) 40.2B (58%)
Divestiture 3 (6%) 557M (3%) 26 (10%) 7.4B (11%)
Stake Purchase 3 (6%) - 12 (5%) -
Going Private - - 9 (3%) 5.2B (8%)
Growth Capital 2 (4%) - 4 (2%) -
Recapitalization - - 4 (2%) -
Add-on Acquisition - - 1 (< 1%) 2.3B (3%)
Acquisition Financing - - 1 (< 1%) -
Merger - - 1 (< 1%) -
Total 47 $19.2B 262 $68.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 79 (42%) 29.0B (55%)
Trade Sale 37 (20%) 8.8B (17%)
IPO 24 (13%) -
Trade Sale - Public Company 23 (12%) 11.8B (22%)
Sold to Management 6 (3%) -
Stake Sale 5 (3%) -
Unknown 4 (2%) -
Merger 3 (2%) 3.4B (6%)
Bankruptcy 2 (1%) -
Recapitalization 2 (1%) -
Sold to Existing Investors 2 (1%) -
Total 187 $53.0B

Top M&A Advisors

Financial Deals
Deloitte
 2
Goldman Sachs Investment Banking Division
 1
PwC Corporate Finance LLC
 1
Legal Deals
Latham & Watkins
 3
Ashurst LLP
 2
Gattai, Minoli, Agostinelli & Partners
 1

Deal Values

buy # Total
> $1B 19 $46.6B
$100M to $1B 57 $22.4B
< $100M 3 $157M
TOTAL $69.1B
Largest Intelsat Global SA
$13.6B (2008-02-04)
sell # Total
> $1B 20 $35.3B
$100M to $1B 45 $20.4B
< $100M 1 $97M
TOTAL $55.8B
Largest Cegelec SAS
$3.4B (2006-04-28)

M&A Connections

Deals %
Acquired from
PE Firm(s)
89%
132 89%
Strategic(s)
11%
17 11%
Exited to
PE Firm(s)
66%
107 66%
Strategic(s)
34%
56 34%

Investor Summary

Size

Mega

PE Assets

27.2B EUR

Established

1989

Specialist/Generalist

Generalist

Leadership

Benoit Durteste

CEO & CIO

Jaime Chocrón

Head of Iberia, Equity & Mezzanine

James Davis

Head of Northern Europe, Equity & Mezzanine

Emma Osborne

Head of Private Equity Fund Investment

Andrew Hawkins

Head of Private Equity Solutions

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