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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Icg Enterprise Trust Plc | LSE:ICGT | London | Ordinary Share | GB0003292009 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1,214.00 | 1,206.00 | 1,210.00 | 1,218.00 | 1,206.00 | 1,216.00 | 56,768 | 16:35:14 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | 187.81M | 164.53M | 2.4421 | 4.95 | 815.18M |
TIDMICGT
ICG Enterprise Trust plc
21 June 2021
Q1 Update for the period to 30 April 2021
Highest ever quarter of Realisation Proceeds; twelve Full Exits executed at 42% Uplift to Carrying Value
Highlights
-- NAV per Share of 1,402p, NAV per Share Total Return during the quarter of 1.6%1 -- Portfolio Return on a Local Currency Basis during the quarter of 3.4%1 (Sterling return: 2.2%) -- Record Realisation Proceeds of GBP100m in the quarter, representing approximately 70% of the average annual Realisation Proceeds for the last five years -- Twelve Full Exits generated 42%1 uplift to Carrying Value and 3.9x1 Multiple to Cost -- GBP32m of investments made during the period, 63% into High Conviction Investments including two Direct Investments -- Substantial pipeline of further investment opportunities with a number expected to close in the coming months, anticipating a very strong year for High Conviction Investments -- Recent realisation activity has resulted in expanded capacity to execute on investment opportunities. Available liquidity of GBP290m, comprising GBP116m of cash and GBP174m undrawn revolving credit facility -- First quarter dividend of 6p per share for the quarter ended 30 April 2021, an increase of 1p compared to the quarter ended 30 April 2020. In the absence of any unforeseen circumstances it is the Board's current intention to declare total dividends of at least 27p per share for the financial year ended 31 January 2022, an increase of 3p (12.5%) per share compared to the financial year ended 31 January 2021
Comparison to prior periods
Performance to 30 April 2021 3 months 1 year 3 years 5 years 10 years -------------------------------- -------- ------ ------- ------- -------- NAV per Share Total Return +1.6% +29.8% +53.1% +108.7% +199.9% Share Price Total Return +12.8% +51.4% +37.0% +129.0% +265.9% FTSE All-Share Index Total Return +10.6% +25.9% +7.7% +39.9% +81.0% 12 months to 12 months to Quarter ended Quarter ended 30 April 2021 30 April 2020 30 April 2021 31 January 2021 Portfolio Return on a Local Currency Basis 37.0% 6.1% 3.4% 17.1% NAV per Share 1,402.2p 1,100.2p 1,402.2p 1,384.4p NAV per Share Total Return 29.8% 5.0% 1.6% 11.8% Realisation GBP208m GBP142m GBP100m GBP43m Proceeds Total New GBP139m GBP170m GBP32m GBP57m Investment
Oliver Gardey, Head of Private Equity Fund Investments, ICG, commented:
"We were pleased with the performance delivered by the Portfolio in this quarter, generating a 3.4% Return on a Local Currency Basis. This is despite the reduction in Chewy's share price during the quarter which impacted the value of our largest single investment. The performance of our Portfolio builds on the strong track record of our investments, which over the last twelve months have generated a Portfolio Return on a Local Currency Basis of 37.0%.
"In particular, I would highlight that the value of our Portfolio was underpinned during the quarter by a record level of realisations, generating GBP100m of proceeds. Twelve Full Exits occurred and were executed at an average 42% Uplift to Carrying Value, significantly above our five year historical average of 35%. I believe that our long term track record of realising investments at a material Uplift to Carrying Value underlines the substantial value within our Portfolio.
"We expect to invest these proceeds in the coming quarters into a number of exciting opportunities. Our long-standing relationships in the sector and the opportunities we get by being managed by ICG plc are strategic advantages in originating a large number of investment opportunities. We remain selective and disciplined in our investment approach as we navigate the current market conditions.
"Looking ahead, we believe the quality and breadth of investment opportunities we are seeing will lead to a very strong year of deployment for our High Conviction Investments. Our Portfolio is balanced by sector, geography and investment type, and we are well positioned to continue executing our investment strategy. This is an exciting time for ICG Enterprise Trust and I believe we are well placed to continue to deliver significant long-term shareholder value."
Enquiries
Analyst / Investor enquiries: +44 (0) 20 3545 2000
Oliver Gardey, Head of Private Equity Fund Investments, ICG
Colm Walsh, Managing Director, ICG
James Caddy, Investor Relations, ICG
Media:
Clare Glynn, Corporate Communications, ICG: +44 (0) 20 3545 1395
Ed Gascoigne Pees, Eddie Livingstone-Learmonth, Camarco: +44 (0) 20 3757 4993
Website:
www.icg-enterprise.co.uk
Company timetable
Ex-dividend date: 12 August 2021
Record date: 13 August 2021
Payment of dividend: 3 September 2021
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 statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward-looking information. 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.
Business review
Solid performance across the Portfolio
-- Investment portfolio valued at GBP893m -- Underlying Portfolio gains of GBP32m, comprising gains of GBP53m and losses of GBP21m, resulting in a Portfolio Return on a Local Currency Basis of 3.4% -- High Conviction Investments (48% of the Portfolio) experienced local currency returns of 0.5% during the quarter, or 4.3% when excluding the decrease in value of our investment in in PetSmart/Chewy -- Third Party Funds (52% of the Portfolio) generated 6.3% local currency returns -- Gains of GBP53m in the quarter were broad-based across our High Conviction and Third Party Fund investments -- The main driver of the GBP21m losses was the reduction in the share price of Chewy, which is reflected in the valuation of the PetSmart/Chewy investment. The decrease in Chewy's share price from $102 to $80 during the period reduced the Portfolio value by circa GBP16m on a Local Currency Basis and circa GBP17m on a Sterling basis. Excluding the impact of PetSmart/Chewy on this quarter's performance, we estimate the Portfolio Return on Local Currency Basis would have been circa 5.6%. ICG Enterprise Trust's investment in PetSmart/Chewy has generated a mid-to-high single digit multiple on cost at current valuations and therefore significant value for our shareholders -- Sterling's appreciation against the USD and EUR during the period resulted in a GBP11m reduction in the Portfolio value on a Sterling basis and therefore a Portfolio Return on a Sterling basis of 2.2%
Record Realisation Proceeds and at significant Uplift to Carrying Value
-- Total Proceeds of GBP109m over the quarter, our most active quarter for realisations on record -- Realisation Proceeds of GBP100m, of which GBP77m was generated from 12 Full Exits that were executed at an average of 42% Uplift to Carrying Value and 3.9x Multiple to Cost, materially above our five year historical average of 35% and 2.4x respectively -- Fund Disposals generated GBP9m proceeds and released GBP10m of Undrawn Commitments
Investment opportunities across High Conviction Investments and Third Party Funds
-- GBP32m of Total New Investment in the quarter; 63% (GBP20m) invested into High Conviction Investments with the remaining GBP12m being drawdowns on commitments to Third Party Funds -- Within our High Conviction Investments we invested GBP6m in two new Direct Investments during the quarter: Company Manager Company sector / ICG Enterprise Trust description investment during the quarter ----------- ----------- ------------------------- ------------------------- Ivanti Charlesbank Provider of enterprise IT GBP6m software ----------- ----------- ------------------------- ------------------------- AMEOS Group ICG Private hospital operator n/a(1) in the DACH region ----------- ----------- ------------------------- -------------------------
(1) Commitment made in April 2021 but not funded until after the quarter end
-- Third Party Funds are important to our strategy of having an appropriately balanced portfolio and to sourcing High Conviction Investments. During the quarter we committed GBP83m in aggregate to two ICG funds and two third party managers: Fund Focus ICG Enterprise Trust Commitment during the quarter ------------------------- ------------------------- ------------------------ Resolute V North American mid-market $15m (GBP11m) buyouts ------------------------- ------------------------- ------------------------ Bregal Unternehmerkapital European mid-market EUR10m (GBP9m) III buyouts ------------------------- ------------------------- ------------------------ ICG Europe Fund VIII Mezzanine and equity in EUR40m (GBP35m) mid-market buy-outs ------------------------- ------------------------- ------------------------ ICG Strategic Equity IV Secondary fund $40m (GBP29m) restructurings ------------------------- ------------------------- ------------------------
Quoted Companies
-- We do not invest in publicly quoted companies but gain listed investment exposure when IPOs are used to exit an investment -- At 30 April 2021, we had 42 investments in quoted companies, representing 14.3% of the Portfolio value compared to 20.4% at 31 January 2021. The reduction was largely driven by the sale of our entire stake in Telos during February, as well as by the reduction in Chewy's share price -- During the quarter Signify Health listed on the NYSE and therefore became a quoted company within our Portfolio. It now represents 0.5% of our Portfolio by value. The company provides technology-enabled healthcare payor services, and we have exposure through our investment via New Mountain V -- At 30 April 2021 there were three quoted investments that individually accounted for 0.5% or more of the Portfolio value: Company Ticker % value of Portfolio ------- --------------------------- ------- -------------------- 1 Chewy (part of PetSmart)(1) CHWY-US 8.2% ------- --------------------------- ------- -------------------- 2 Allegro ALE-PL 0.9% ------- --------------------------- ------- -------------------- 3 Signify Health SGFY-US 0.5% ------- --------------------------- ------- -------------------- Other 4.7% ------- --------------------------- ------- -------------------- Total 14.3% ------- --------------------------- ------- -------------------- (1) % value of Portfolio includes entire holding of PetSmart and Chewy. This investment is referred to generally within this announcement as PetSmart/Chewy. Most of the value in this investment is within Chewy -----------------------------------------------------------------
Robust balance sheet
-- Closing NAV of GBP964m; investment portfolio represents 93% of NAV -- Strong liquidity position of GBP290m, comprising GBP116m cash and GBP174m undrawn bank facility -- Uncalled commitments of GBP473m (GBP87m of which are to funds outside of their investment period)
Dividend
-- Continued commitment to progressive dividend in line with current policy -- First quarter dividend of 6p per share for the quarter ended 30 April 2021, an increase of 1p compared to the quarter ended 30 April 2020. The Board's current intention is to declare quarterly dividends of at least 6p per share, and a final dividend of at least 9p per share for the financial year ended 31 January 2022 -- In the absence of any unforeseen circumstances, it is therefore the Board's current intention to declare total dividends of at least 27p per share for the financial year ended 31 January 2022. This would represent an increase of 3p (12.5%) per share compared to the financial year ended 31 January 2021
Board
-- Lucinda Riches retires from the Board today having served for ten years. We would like to thank Lucinda for her contributions to ICG Enterprise Trust -- David Warnock will replace Lucinda as the Senior Independent Director, subject to his election at the forthcoming AGM
Activity since the period end (to 31 May 2021)
-- Total Proceeds
Proceeds of GBP5m received
-- Deployment
Invested GBP26m, 70% into High Conviction Investments
-- New Fund Commitments
Hellman & Friedman X, focused on large buyouts in North America: $10m (GBP7m)
Thomas H. Lee Partners IX, focused on mid-market buyouts in North America: $20m (GBP14m)
Supplementary information
The 30 largest underlying investments
The table below presents the 30 companies in which ICG Enterprise Trust had the largest investments by value at 30 April 2021. These investments may be held directly or through funds, or in some cases in both ways. The valuations are gross and are shown as a percentage of the total Portfolio.
Value as Year of a % of Company Manager investment Country Portfolio ----------------------------------------------------------- -------------- ----------- ------------ --------- 1 PetSmart/Chewy+^ Retailer of pet products and services BC Partners 2015 United States 8.2% 2 DomusVi+ Operator of retirement homes ICG 2017 France 4.1% 3 Minimax+ Supplier of fire protection systems and services ICG 2018 Germany 3.5% 4 IRI+ Provider of mission-critical data and predictive analytics New Mountain to consumer goods manufacturers Capital 2018 United States 2.4% 5 Leaf Home Solutions Gridiron Provider of gutter protection solutions Capital 2016 United States 2.2% 6 Visma+ Provider of business management software and outsourcing ICG / services HgCapital 2017 / 2020 Norway 2.2% 7 DOC Generici+ Retailer of pharmaceutical products ICG 2019 Italy 2.2% 8 Yudo+ Manufacturer of components for injection moulding ICG 2017 Hong Kong 2.0% 9 Supporting Education Group+^ Provider of temporary staff for the education sector ICG 2014 United Kingdom 1.9% 10 Froneri^ Manufacturer and distributor of ice cream products PAI Partners 2019 United Kingdom 1.8% 11 Berlin Packaging+ Oak Hill Provider of global packaging services and supplies Capital 2018 United States 1.7% 12 Endeavor Schools+ Leeds Equity Provider of paid private schooling Partners 2018 United States 1.5% 13 U-POL^ Manufacturer and distributor of automotive refinishing Graphite products Capital 2010 United Kingdom 1.3% 14 PSB Academy+ Provider of private tertiary education ICG 2018 Singapore 1.1% 15 Curium Pharma+ Supplier of nuclear medicine diagnostic pharmaceuticals ICG 2020 United Kingdom 1.0% 16 Allegro Cinven / Operator of an online marketplace and price comparison Permira website Advisers 2017 Poland 0.9% 17 VitalSmarts+ Provider of corporate training courses focused on Leeds Equity communication skills and leadership development Partners 2019 United States 0.9% 18 AML RightSource+
Provider of compliance and regulatory services and Gridiron solutions Capital 2020 United States 0.8% 19 David Lloyd Leisure+ Operator of premium health clubs TDR Capital 2013 / 2020 United Kingdom 0.7% 20 RegEd+ Provider of SaaS-based governance, risk and compliance Gryphon enterprise software solutions Investors 2018 United States 0.6% 21 Ivanti+ Charlesbank Capital Provider of IT management solutions Partners 2021 United States 0.6% 22 IRIS Accountancy Solutions Provider of business-critical software and services for the accountancy and payroll sectors ICG 2018 United Kingdom 0.6% 23 EG Group Operator of petrol station forecourts TDR Capital 2014 United Kingdom 0.6% 24 Compass Community Provider of fostering services and children residential Graphite care Capital 2017 United Kingdom 0.6% 25 CCC Information Services Advent International / Oak Hill Provider of auto collision software and service Capital 2017 United States 0.5% 26 WCT^ The Jordan Drug development services Company 2007 United States 0.5% 27 Trust Holding Distributor of branded consumer electronics accessories in the value-for-money segment Egeria 2018 Netherlands 0.5% 28 proALPHA Developer and vendor of resource planning software ICG 2017 Germany 0.5% 29 Springer^ Publisher of professional and academic media BC Partners 2013 Germany 0.5% 30 Synlab Operator of medical diagnostic laboratories Cinven 2015 Germany 0.5% ----------------------------------------------------------- -------------- ---------------- --------- Total of the 30 largest underlying investments 46.4% ------------------------------------------------------------------------------------------------------ --------- All or part of this investment is held directly as a co-investment or other direct investment ^ All or part of this investment was acquired as part of a secondary purchase
The 30 largest fund investments
The 30 largest funds by value at 30 April 2021 are:
Outstanding Value commitment Fund Year of commitment Country/ region GBPm GBPm ---------------------- ------------------- --------------------- -------- ----------- BC European Capital IX 1 ** Large buyouts 2011 Europe/North America 39.8 2.0 2 ICG Europe VII Mezzanine and equity in mid-market buyouts 2018 Europe 30.7 11.9 Gridiron Capital Fund 3 III Mid-market buyouts 2016 North America 26.4 4.0 Graphite Capital 4 Partners VIII * Mid-market buyouts 2013 UK 24.7 4.4 ICG Strategic Equities 5 Fund III Secondary fund restructurings 2018 Global 23.6 11.3 6 Sixth Cinven Fund Large buyouts 2016 Europe 23.6 2.1 Advent Global Private 7 Equity VIII Large buyouts 2016 Europe/North America 21.5 0.6 8 ICG Europe VI ** Mezzanine and equity in mid-market buyouts 2015 Europe 20.9 4.5 CVC European Equity 9 Partners VI Large buyouts 2013 Europe/North America 20.7 2.6 CVC European Equity 10 Partners VII Large buyouts 2017 Europe/North America 16.3 7.5 11 BC European Capital X Large buyouts 2016 Europe 16.3 1.6 PAI Strategic 12 Partnerships ** Mid-market and large buyouts 2019 Europe 15.7 0.6 13 One Equity Partners VI Mid-market buyouts 2016 Europe/North America 15.4 0.6 Graphite Capital 14 Partners VII * / ** Mid-market buyouts 2007 UK 15.1 2.8 15 PAI Europe VI Mid-market and large buyouts 2013 Europe 14.9 1.4 16 Resolute IV Mid-market buyouts 2018 North America 14.3 1.9 New Mountain Partners 17 V Mid-market buyouts 2017 North America 14.2 1.3 Thomas H Lee Equity 18 Fund VIII Mid-market and large buyouts 2017 North America 13.2 7.5 19 Permira V Large buyouts 2013 Europe/North America 12.7 0.5 20 Permira VI Large buyouts 2016 Europe 12.0 2.0 21 Gryphon V Mid-market buyouts 2019 North America 12.0 1.4 ICG Asia Pacific Fund 22 III Mezzanine and equity in mid-market buyouts 2016 Asia Pacific 11.5 2.8 Charterhouse Capital 23 Partners X Large buyouts 2015 Europe 10.9 3.9 24 TDR Capital III Mid-market and large buyouts 2013 Europe 10.8 1.6 Leeds Equity Partners 25 VI Mid-market buyouts 2017 North America 10.5 0.7 26 Resolute II ** Mid-market buyouts 2018 North America 10.3 1.6 27 PAI Europe VII Mid-market and large buyouts 2017 Europe 10.1 12.1 Egeria Private Equity 28 Fund IV Mid-market buyouts 2012 Netherlands 9.2 1.1 Thomas H Lee Equity 29 Fund VII Mid-market and large buyouts 2015 North America 8.9 1.6 Oak Hill Capital 30 Partners IV Mid-market buyouts 2017 North America 8.3 0.7 Total of the largest 30 fund investments 494.6 98.6 Percentage of total investment Portfolio 55.4% ------------------------------------------------------------------ -------- ----------- * Includes the associated Top Up funds ** All or part of an interest acquired through a secondary fund purchase
Portfolio analysis
All data is presented on a look-through basis to the investment portfolio held by the Company, consistent with the commentary in previous annual and interim reports
Investment category % of portfolio ---------------------------------- -------------- High Conviction Investments ICG funds and co-investments 26.8% Third party co-investments 14.4% Third party secondary investments 6.7% Total High Conviction Investments 47.9% Third Party Funds 52.1% Total 100.0% ---------------------------------- -------------- Portfolio by investment type % of value of underlying investments ----------------------------- ------------------------------------ Large buyouts 53.9% Mid-market buyouts 35.2% Small buyouts 10.9% Total 100.0% ----------------------------- ------------------------------------ Portfolio by calendar year of investment % of value of underlying investments ------------------------------------------- ------------------------------------- 2021 2.6% 2020 11.8% 2019 19.5% 2018 20.9% 2017 17.0% 2016 8.5% 2015 10.0% 2014 and older 9.7%
-------------------------------------------- ------------------------------------- Total 100.0% -------------------------------------------- ------------------------------------- Portfolio by sector % of value of underlying investments ---------------------------- ------------------------------------ Consumer goods and services 25.0% Healthcare 18.9% TMT 16.8% Business services 12.1% Industrials 8.1% Education 6.7% Financials 5.2% Other 4.5% Leisure 2.7% Total 100.0% ----------------------------- ------------------------------------ Portfolio by geographic distribution based on location of Company headquarters % of value of underlying investments North America 39.7% Europe 34.7% UK 17.7% Rest of world 7.9% --------------------------------------------------------- ------------------------------------- Total 100.0% --------------------------------------------------------- -------------------------------------
Summary balance sheet information
GBPm 30 April 21 % of net assets 31 January 21 % of net assets Portfolio 892.8 92.6% 949.2 99.7% Cash and liquid assets 116.0 12.0% 45.2 4.7% Other net current liabilities (44.6) (4.6%) (42.4) (4.4)% ----------- --------------- ------------- --------------- Net assets 964.2 100.0% 952.0 100.0% Movement in the Portfolio 3 months GBPm 30 April 21 ------------------------------------------------------ --------------------- Opening Portfolio (31 January 2021) 949.2 Total New Investment 31.8 Total Proceeds (109.4) --------------------- Net cash (inflow) / outflow (77.6) Underlying Valuation Movement* 31.9 Currency movement (10.7) Closing Portfolio 892.8 --------------------- % underlying Portfolio growth (local currency) 3.4% % currency movement (1.2%) --------------------- % underlying Portfolio growth (Sterling) 2.2% --------------------- Expenses and other (0.6)% --------------------- NAV per Share Total Return 1.6% --------------------- * 82% of the Portfolio is valued using 31 March 2021 (or later) valuations. The remaining 18% is valued using 31 December 2020 valuations. Movement in liquid assets 3 months GBPm 30 April 21 ------------------------------------------------------- --------------------- Net cash inflow / (outflow) generated by movement in Portfolio 77.6 Non-investment cash flows (2.1) Effect of changes in foreign exchange rates (1.3) --------------------- Cash inflow before shareholder distributions 74.2 Dividends paid to shareholders (3.4) Share buy backs - --------------------- Net cash movement 70.8 Opening cash and liquid assets 45.2 --------------------- Closing cash and liquid assets 116.0 --------------------- Uncalled commitment coverage GBPm 30 April 21 31 January 21 Cash and liquid assets 116.0 45.2 Undrawn bank facility 174.0 155.9 ----------------------------------- ----------- ------------- Total liquidity 290.0 201.1 Outstanding commitments 473.3 418.5 Less: Total liquidity (290.0) (201.1) ----------------------------------- ----------- ------------- Over-commitment 183.3 217.4 Over-commitment as % of net assets 19.0% 22.8%
(1) Alternative Performance Measure
Attachment
-- 210621_ICGT Q1 FY22 RNS_FINAL https://ml-eu.globenewswire.com/Resource/Download/0c045568-1724-4f88-acf4-e7e2c85df244
(END) Dow Jones Newswires
June 21, 2021 09:36 ET (13:36 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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