Intermediate Capital Group Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, Intermediate Capital Group has acquired 18 companies. It has also invested in 7 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 secondary buyout (40%) and buyout (lbo, mbo, mbi) (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 SA for $13.6B.

In the last 3 years, Intermediate Capital Group has exited 11 companies. The Firm’s most common exit type is secondary buyout (38%). 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 Activity498
    • M&A Buy Activity282
    • M&A Sell Activity216
  • Total Sectors Invested 51
  • Total Countries Invested 25
  • M&A Buy/Sell Connections 151
  • M&A Advisors 35

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 (5.4/yr) # 255 3 13 3 3 5 282
vol $66.5B $66.5B
Sell (3.2/yr) # 200 5 5 1 4 1 216
vol $56.2B $184M $2.3B $4.8B $63.5B
  498

Most Recent M&A

Company Date Value Type
Vision Group s.p.a. 2024-06-25 - Secondary Buyout
Milan, Italy · www.vision-group.it
DGS SpA 2024-06-11 - Secondary Buyout
Rome, Italy · www.dgsspa.com
Astek Group 2024-04-25 - Growth Capital
Boulogne-Billancourt, France · www.astekgroup.fr
Staysure Group 2024-04-08 - Growth Capital
Northampton, United Kingdom · www.staysuregroup.co.uk
Groupe OCEA SA 2024-04-04 - Secondary Sale
Courbevoie, France · www.groupe-ocea.fr
Alfa Medicus Pte. Ltd. 2024-02-27 - Growth Capital
Singapore, Singapore
IRIS Software Group Ltd. 2023-12-23 4.8B GBP Secondary Sale
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
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
IRIS Software Group Ltd. 2023-12-23 SwipeClock LLC 2024-05-15 1
Slough, United Kingdom · www.iris.co.uk South Jordan, Utah · www.swipeclock.com
proALPHA GmbH 2017-08-08 CP Corporate Planning AG 2021-05-25 1
Weilerbach, Germany · www.proalpha.de Hamburg, Germany · www.corporate-planning.com
SynerLab SA 2013-11-19 Alcala Farma SL 2015-11-20 1
Entzheim, France · www.synerlab.com Correos, Spain · www.alcala-farma.es

M&A by Sector

Sector Current # Value All-time # Value
Business Services 5 (12%) - 24 (8%) 7.2B (10%)
Healthcare Services 5 (12%) - 18 (6%) 1.4B (2%)
Food 1 (2%) - 14 (5%) 3.3B (4%)
Building Materials 1 (2%) - 12 (4%) 2.9B (4%)
Transportation 1 (2%) - 12 (4%) 2.5B (3%)
Manufacturing 1 (2%) - 12 (4%) 270M (< 1%)
Retail - - 11 (4%) 2.9B (4%)
Financial Services 2 (5%) - 11 (4%) 1.4B (2%)
Consumer Products - - 11 (4%) 955M (1%)
Consumer Services - - 10 (3%) 1.4B (2%)
Life Science 2 (5%) - 9 (3%) 258M (< 1%)
Software 2 (5%) 4.8B (100%) 8 (3%) 7.1B (9%)
Chemicals - - 8 (3%) 1.2B (2%)
Electrical Equipment - - 8 (3%) 544M (1%)
Communications 1 (2%) - 7 (2%) 13.7B (18%)
Restaurants 1 (2%) - 7 (2%) 410M (1%)
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%)
Information Technology 3 (7%) - 6 (2%) -
Apparel/Textiles - - 5 (2%) 6.1B (8%)
Machinery - - 5 (2%) 541M (1%)
Safety/Security - - 5 (2%) 420M (1%)
Beverages 1 (2%) - 5 (2%) -
Environmental - - 4 (1%) 3.1B (4%)
Energy Services and Equipment - - 4 (1%) -
Insurance 2 (5%) - 4 (1%) -
Aerospace - - 3 (1%) 1.9B (3%)
Gaming 1 (2%) - 3 (1%) 1.3B (2%)
Packaging - - 3 (1%) 629M (1%)
Distribution 1 (2%) - 3 (1%) -
Education 3 (7%) - 3 (1%) -
Staffing 2 (5%) - 3 (1%) -
Agriculture - - 2 (1%) 659M (1%)
Plastics 1 (2%) - 2 (1%) 451M (1%)
Marine - - 2 (1%) 340M (< 1%)
Engineering - - 2 (1%) 274M (< 1%)
Technology Hardware - - 2 (1%) 160M (< 1%)
Internet Software and Services 1 (2%) - 2 (1%) -
Marketing - - 2 (1%) -
Renewable Energy 2 (5%) - 2 (1%) -
Oil/Gas Exploration - - 1 (< 1%) 822M (1%)
Construction 1 (2%) - 1 (< 1%) -
Electronics - - 1 (< 1%) -
Forest Products - - 1 (< 1%) -
Furniture 1 (2%) - 1 (< 1%) -
Infrastructure - - 1 (< 1%) -
Media - - 1 (< 1%) -
Metals/Mining - - 1 (< 1%) -
Total 41 $4.8B 292 $74.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 7 (17%) 4.8B (100%) 79 (27%) 18.0B (24%)
France 6 (15%) - 72 (25%) 21.9B (29%)
  Pennsylvania - - 2 (1%) 544M (1%)
Germany 3 (7%) - 24 (8%) 3.4B (4%)
United States 5 (12%) - 19 (7%) 2.8B (4%)
  New York 1 (2%) - 3 (1%) 1.0B (1%)
  Massachusetts 1 (2%) - 3 (1%) 250M (< 1%)
  Illinois - - 3 (1%) 621M (1%)
  Florida 2 (5%) - 2 (1%) -
  Colorado - - 2 (1%) 539M (1%)
  Washington 1 (2%) - 1 (< 1%) -
  Connecticut - - 1 (< 1%) 316M (< 1%)
  Kansas - - 1 (< 1%) 115M (< 1%)
  Texas - - 1 (< 1%) -
  Tennessee - - 1 (< 1%) -
Spain 2 (5%) - 13 (4%) 2.7B (4%)
Netherlands - - 12 (4%) 2.0B (3%)
Sweden 2 (5%) - 11 (4%) 757M (1%)
Italy 2 (5%) - 10 (3%) 1.2B (2%)
Australia 3 (7%) - 7 (2%) 1.1B (1%)
Denmark 2 (5%) - 7 (2%) 2.4B (3%)
Switzerland 1 (2%) - 6 (2%) 479M (1%)
Norway 1 (2%) - 5 (2%) 588M (1%)
Belgium 2 (5%) - 4 (1%) 185M (< 1%)
Singapore 2 (5%) - 4 (1%) -
Luxembourg - - 4 (1%) 13.6B (18%)
New Zealand - - 3 (1%) 2.4B (3%)
China 1 (2%) - 2 (1%) -
South Korea 1 (2%) - 2 (1%) -
Finland - - 2 (1%) 274M (< 1%)
India 1 (2%) - 1 (< 1%) -
Channel Islands - - 1 (< 1%) 677M (1%)
Canada - - 1 (< 1%) -
  Ontario - - 1 (< 1%) -
Ireland - - 1 (< 1%) -
Poland - - 1 (< 1%) -
Taiwan - - 1 (< 1%) -
Domestic 7 (17%) 4.8B (100%) 79 (27%) 18.0B (24%)
Cross-border 34 (83%) - 213 (73%) 56.5B (76%)
Total 41 $4.8B 292 $74.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 27 (66%) 4.8B (100%) 114 (39%) 45.9B (62%)
Buyout (LBO, MBO, MBI) 2 (5%) - 112 (38%) 13.9B (19%)
Divestiture 2 (5%) - 27 (9%) 7.4B (10%)
Stake Purchase 2 (5%) - 12 (4%) -
Growth Capital 8 (20%) - 11 (4%) -
Going Private - - 9 (3%) 5.2B (7%)
Recapitalization - - 4 (1%) -
Add-on Acquisition - - 1 (< 1%) 2.3B (3%)
Acquisition Financing - - 1 (< 1%) -
Merger - - 1 (< 1%) -
Total 41 $4.8B 292 $74.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 89 (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 216 $60.7B

Top M&A Advisors

Financial Deals
Deloitte
 2
KPMG Corporate Finance LLC
 2
Barclays Investment Bank
 2
Legal Deals
Ashurst
 3
Proskauer Rose LLP
 3
Latham & Watkins
 3

Deal Values

buy # Total
> $1B 20 $51.4B
$100M to $1B 59 $23.1B
< $100M 3 $157M
TOTAL $74.7B
Largest Intelsat 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 (2023-12-23)

M&A Connections

Deals
Acquired from
Investor(s)
39%
113 (39%)
Strategic(s)
6%
18 (6%)
Exited to
Investor(s)
40%
87 (40%)
Strategic(s)
33%
71 (33%)

Investor Summary

Investor Type

Mezzanine Finance Firm

Size

Mega

PE Assets

74.5B USD

Established

1989

Specialist/Generalist

Generalist

Leadership

Benoit Durteste

CEO & CIO

Vijay Bharadia

Chief Financial & Operating Officer

Antje Hensel-Roth

Chief People & External Affairs Officer

Mathieu Vigier

Co-head of Senior Debt Partners

Peter Lockhead

Co-head of Senior Debt Partners

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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