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M&A Deal Summary

Phoenix Equity Partners and Indigo Capital Acquire ASCO

On October 30, 2006, private equity firm Phoenix Equity Partners and mezzanine finance firm Indigo Capital acquired transportation company ASCO from ICG and 3i Private Equity

Acquisition Highlights
  • This is Phoenix Equity Partners’ 2nd and Indigo Capital’s 2nd transaction in the Transportation sector.
  • This is Phoenix Equity Partners’ 15th and Indigo Capital’s 7th transaction in the United Kingdom.
Investment Fate
  • ASCO was sold to a consortium of financial buyers in 2011 for 250M GBP.
  • ASCO was sold to a consortium of financial buyers in 2023.

M&A Deal Summary
Date 2006-10-30
Target ASCO
Sector Transportation
Buyer(s) Phoenix Equity Partners
Indigo Capital
Sellers(s) ICG
3i Private Equity
Deal Type Secondary Buyout

Target

ASCO

Aberdeen, United Kingdom
ASCO is a provider of outsourced logistics services and solutions to the oil and gas industry. ASCO was founded in 1967 and is based in Aberdeen, Scotland.

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Buyer(S) 2

Buyer

Phoenix Equity Partners

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 1.5B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Phoenix Equity Partners is a mid-market private equity firm that funds management buyouts and buy-ins, and provides expansion capital for UK-based companies. Phoenix looks for opportunities valued up to £200 million. Target sectors include consumer, leisure, retail, financial services, healthcare, education, media, transportation/logistics, and business services. Phoenix Equity Partners was formed in 2001 and is based in London.

DEAL STATS #
Overall 17 of 58
Sector: Transportation M&A 2 of 4
Type: Secondary Buyout M&A Deals 5 of 16
Country: United Kingdom M&A 15 of 55
Year: 2006 M&A 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-17 NFT Distribution

Alfreton, United Kingdom

NFT Distribution is a distributor of chilled food, providing nationwide transportation from food manufacturers to distribution centres and from distribution centres to retail stores. NFT operates from eight sites across the UK, leases a fleet of approximately 350 trucks, and employs 1,500 staff. NFT Distribution is based in Alfreton, United Kingdom.

Buy £51M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-15 Precise Media Group

London, United Kingdom

Precise Media, formerly KBBI, is one of the UK’s leading press cuttings agencies (PCAs), supplying its customers with relevant daily media cuttings. Precise Media has become one of three dominant players in its market, which is worth around £60m a year, following an eight year acquisition programme that has seen Precise Media buy five separate businesses.

Buy £42M
Buyer

Indigo Capital

London, United Kingdom
Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 1.6B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Indigo Capital is a provider of mezzanine capital to help fund buyouts, corporate acquisitions, expansions, and recapitalizations. Indigo typically invests alongside other private equity firms, however the Firm invests independently as well. Indigo is active throughout Europe and looks to commit €10 to €100 million per transaction. Indigo is sector agnostic and generally backs businesses with 'established market positions, strong, ambitious and incentivized management and attractive growth prospects.' Indigo Capital raised its first fund in 1990. The Firm has offices in London and Paris.

DEAL STATS #
Overall 24 of 46
Sector: Transportation M&A 2 of 2
Type: Secondary Buyout M&A Deals 5 of 12
Country: United Kingdom M&A 7 of 13
Year: 2006 M&A 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-28 Alvest

Paris, France

Alvest designs, manufactures, and distributes technical products for the aviation industry, which include aviation ground support equipment, spare parts and services, and technical adhesives and markings for the aerospace and industrial markets. Alvest was founded in 2006 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-01 Direct Health Group

Nottingham, United Kingdom

Direct Health Group Ltd. is a leading provider of domiciliary care to the elderly and to individuals with special needs in the UK.

Buy -

Seller(S) 2

SELLER

ICG

London, United Kingdom

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 33.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

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.

DEAL STATS #
Overall 72 of 225
Sector: Transportation M&A 5 of 11
Type: Secondary Buyout M&A Deals 23 of 86
Country: United Kingdom M&A 26 of 58
Year: 2006 M&A 15 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-01 Blagden Packaging Group NV

Roe, Belgium

Blagden Packaging Group NV is a European supplier of large steel drums. The business has new drum manufacturing plants in the UK, Belgium, Netherlands and Spain and drum reconditioning plants located in Belgium, Germany, Austria, The Netherlands and the UK.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-02 easycash

Ratingen, Germany

easycash is the German point of sale (POS) Network Service Provider. easycash offers customised card-based payment solutions and credit card routing to a broad range of merchant customers.

Buy -
SELLER

3i Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1945
PE ASSETS 21.0B GBP
Size Mega
Type Sector Agnostic
DESCRIPTION

3i Private Equity is the private equity arm of 3i Group, a publicly held, global investment firm focused on private equity and infrastructure investing. 3i Private Equity generally targets buyout and growth capital financings and looks for opportunities across Europe, North America, and Asia. The Firm's targeted transaction range is €100 to €500 million. Industries of interest include business services, healthcare, consumer, media, oil/gas & power, technology, and financial services. 3i Group was originally formed in 1945 and is based in London.

DEAL STATS #
Overall 50 of 196
Sector: Transportation M&A 5 of 14
Type: Secondary Buyout M&A Deals 24 of 83
Country: United Kingdom M&A 23 of 63
Year: 2006 M&A 18 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-23 Giraffe Concepts

London, United Kingdom

Giraffe is a family-friendly restaurant that offers a wide range of fresh, seasonal, quality food, comfortable interiors and friendly staff. Its menu covers a range of global dishes and appetising options for breakfast, lunch and dinner.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-06 Navayuga

Hyderabad, India

Navayuga is a multidisciplinary engineering and construction company, focused on the construction of Pile foundations, Diaphragm walls, Marine structures like Berths, Wharves and Jetties, special foundations, large diameter bored piles, ground improvement geo-techniques, industrial structures, roads, bridges, and Irrigation infrastructure; including multi-disciplinary Turnkey projects on EPC basis and infrastructure facilities on Build, Operate & Transfer (B.O.T) basis. Navayuga was founded in 1986 and is based in Hyderabad, India.

Buy -
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