ICG Enterprise Trust Plc: Portfolio Update - ICG Enterprise Trust makes two new direct investments

ICG Enterprise Trust plc

25 November 2022

Portfolio Update

ICG Enterprise Trust makes two new direct investments

ICG Enterprise Trust plc (ICGT) is pleased to announce that it has recently made two new direct co-investments:

Gateway Services: direct co-investment alongside ICG

ICGT has made an investment in Gateway Services (Gateway). This follows a number of successful investments by ICGT in the pet care sector, which has benefited from significant secular growth trends over the last decade.

Gateway is a market leader in its sub-sector, operating a network of pet crematoria and pet cemeteries across over 150 locations in 40 US states and four Canadian provinces. The Company has a diverse customer base with a focus on veterinary clinics and pet hospitals. Gateway intends to continue its strategy of acquiring and partnering with other companies in the sector across the US and Canada.

In aggregate, on a look-through basis, ICGT is expected to invest approximately $9.0m (£7.9m) in Gateway. This figure relates to ICGT’s look-through position in the overall investment into Gateway and is stated before any closing adjustments.

Vistage Worldwide: direct co-investment alongside Gridiron

ICGT has made a $5.0m (£4.2m) follow-on co-investment alongside Gridiron Capital Fund V in Vistage Worldwide (Vistage). This is a follow-on to our co-investment in Vistage in August 2022 taking our total co-investment in Vistage to $10.0m (£8.3m).

Headquartered in San Diego, California, Vistage is the world’s largest executive coaching organisation for small and medium sized businesses, operating for over 65 years with over 28,000 members. Vistage provides a bundled subscription that includes peer advisory meetings, one-on-one coaching, access to speakers and events, and online content.

At 31 July 2022, four companies managed by Gridiron were amongst ICGT’s 30 largest company exposures and collectively accounted for 4.5% of the Portfolio value: Leaf Home Solutions (6th largest exposure), AML RightSource (10th largest exposure), Class Valuation (24th largest exposure) and Travel Nurse Across America (30th largest exposure).

Enquiries

Analyst / Investor enquiries: +44 (0) 20 3545 2000

Oliver Gardey, Head of Private Equity Fund Investments, ICG        

Colm Walsh, Managing Director, ICG                

Chris Hunt, Head of Shareholder Relations, ICG

Livia Bridgman Baker, Shareholder Relations, ICG                                

Media:

Clare Glynn, Corporate Communications, ICG: +44 (0) 20 3545 1395

Website:

-enterprise.co.uk

About ICG Enterprise Trust

ICG Enterprise Trust is a leading listed private equity investor focused on creating long-term growth by delivering consistently strong returns through selectively investing in profitable private companies, primarily in Europe and the US.

As a listed private equity investor, our purpose is to provide shareholders with access to the attractive long-term returns generated by investing in private companies, with the added benefit of daily liquidity.

We invest in companies directly and through funds managed by ICG and other leading private equity managers who focus on creating long-term value and building sustainable growth through active management and strategic change.

We have a long track record of delivering strong returns through a flexible mandate and highly selective approach that strikes the right balance between concentration and diversification, risk and reward.

Disclaimer

This report may contain forward looking statements. These written materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended, or an exemption therefrom. The issuer has not and does not intend to register any securities under the US Securities Act of 1933, as amended, and does not intend to offer any securities to the public in the United States. No money, securities or other consideration from any person inside the United States is being solicited and, if sent in response to the information contained in these written materials, will not be accepted.

Although this investment does not amount to price sensitive material information, ICG Enterprise Trust is making this information public on an illustrative basis to aid with market understanding of our portfolio. Similar announcements may be made in respect of future non-material investments.