23 Dec 2015 07:55
PRESS RELEASE
23 December, 2015
ICG adds private equity funds investment business
London - Intermediate Capital Group (ICG) the specialist asset manager announces it has acquired the Graphite Capital Management LLP's private equity funds investment business for a consideration in the region of £20m (subject to regulatory approvals). The business is responsible for managing and investing the Graphite Enterprise Trust, a London listed investment trust making primary and secondary fund investments and co-investments. The trust will be renamed the 'ICG Enterprise Trust'.
The private equity funds investment business is complementary to ICG's expertise in investing in private markets, combining flexible solutions and local access and insight into investment opportunities. ICG is committed to innovating and pioneering new strategies where value can be delivered for investors.
Commenting on the news, Philip Keller, Chief Financial Officer, ICG said:
"ICG is delighted the Graphite Enterprise Trust Board have chosen to move the management of the investment trust to ICG for its future development, we see great opportunities to continue to develop the strategy for existing shareholders as well as to deliver a new strategic business area for ICG."
Contact:
Investor Relations: Philip Keller Chief Financial Officer, ICG plc +44 (0) 20 3201 7722
Media Enquiries: Helen Gustard +44 (0) 20 3201 7760 Corporate Communications, ICG plc Neil Bennett , Tom Eckersley +44 (0) 20 7379 5151 Maitland
|
About ICG
ICG is a specialist asset manager with over 26 years' history in private debt, credit and equity. Our objective is to generate income and consistently high returns whilst protecting against investment downside. We seek to achieve this through our expertise in investing across the capital structure. We combine flexible capital solutions, local access and insight with an entrepreneurial approach to give us a competitive edge in our markets. We are committed to innovation and pioneering new strategies where we can deliver value to our investors. ICG has €20.2bn of assets under management globally (as at 30 September, 2015), we are listed on the London Stock Exchange (ticker symbol: ICP), and regulated in the UK by the Financial Conduct Authority (FCA). Intermediate Capital Group, Inc. is a wholly-owned subsidiary of ICG and is registered as an investment adviser under the U.S. Investment Advisers Act of 1940. Further information is available at: www.icgam.com. Past performance is no guarantee of future results.
About Graphite Enterprise Trust
Graphite Enterprise Trust PLC ("Graphite Enterprise" or "the Company") aims to provide shareholders with long term capital growth through investment in unquoted companies. To achieve this, the Company invests in private equity funds and also directly in private companies.
The Company has been listed on the London Stock Exchange since 1981 and has invested exclusively in private equity. It has a market cap c£400m, stock ticker GPE.
Graphite Enterprise provides access to a diverse portfolio of buy-outs of mature, profitable companies in established private equity markets, principally in Europe. The Company invests in UK-based mid-market companies through funds managed directly by Graphite Capital. Typically these will make up 20-25% of the portfolio. Investments in other UK companies and in overseas markets are made through funds managed by third parties. The Company does not invest in start ups or early stage businesses. Direct investments in companies may be made alongside both Graphite Capital and third party funds.
Shareholders of Graphite Enterprise gain exposure to a diverse portfolio of buy-outs of mature, profitable companies in established private equity markets, with nearly 400 underlying companies. Graphite Capital directly manages many of the largest companies in the portfolio. Since inception, the Company has generated a return of over 29 times the amount subscribed.
www.graphite-enterprise.com