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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -4.00 | -0.33% | 1,210.00 | 1,206.00 | 1,210.00 | 1,210.00 | 1,204.00 | 1,210.00 | 127,701 | 16:35:05 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 187.81M | 164.53M | 2.4421 | 4.95 | 813.83M |
Hot Features
Premium
TIDMICGT
4 February 2021
ICG Enterprise Trust Plc
Q3 Update for the period to 31 October 2020
Strong performance delivered by actively constructed portfolio
Highlights
-- Portfolio performance driving NAV growth
-- Strong underlying investment gains resulted in +12.1% local
currency portfolio return in the quarter; +12.5% sterling return
-- High Conviction Investments experienced strong local currency
returns of +17.6% during the quarter, Third Party Funds generated
+7.6% local currency returns
-- NAV per share of 1,243.0p; +10.7% total return over the quarter,
+9.6% total return over the last nine months
-- Realisations at significant uplifts to carrying value
-- Substantial proceeds from realisations and secondary sales of
GBP72m in the quarter, including the realisation of the Roompot
co-investment alongside PAI VI
-- Total proceeds over the last nine months of GBP166m and a further
GBP42m of undrawn commitments released
-- Realisations generated proceeds of GBP94m from 22 full
exits; 40% uplift to carrying value; 2.4x multiple to cost,
in line with recent historical trend
-- Secondary sales generated proceeds of GBP72m proceeds over
nine months and released GBP42m of undrawn commitments
-- Continued investment activity across High Conviction Investments and
Third Party Funds
-- Robust deployment in the quarter of GBP30m; 42% invested into High
Conviction Investments
-- High Conviction Investments increased over the last nine months
from 41% to 46% of portfolio
-- Three Third Party Funds commitments made in the quarter to
top-tier managers
-- Momentum has continued since period end, with a healthy pipeline
of High Conviction Investments and Third Party Funds
-- Quarterly dividend of 5p per share
-- Dividends for the nine months total 15p per share
Performance to 31
October 2020 3 months 9 months 1 year 3 years 5 years 10 years
---------------------- -------- -------- ------ ------- ------- --------
NAV per share (total
return) +10.7% +9.6% +11.1% +41.2% +97.0% +202.5%
Share price (total
return) +4.2% -13.4% -9.8% +6.2% +50.9% +237.4%
FTSE All-Share Index
(total return) -3.2% -20.4% -18.6% -14.4% +8.9% +53.7%
Oliver Gardey, Head of Private Equity Fund Investments, ICG, commented:
"We were extremely pleased with the performance we delivered in this
strong third quarter. The significant returns delivered across the
portfolio demonstrate the benefits of our differentiated strategy of
actively constructing a portfolio of investments with defensive growth
characteristics. The strength of this portfolio construction is
underlined by the strong performance of our High Conviction Investments
and Third Party Funds.
"We continued to source attractive investment opportunities across our
High Conviction Investments and Third Party Funds. Our portfolio is well
diversified by sector and geography, well positioned in this time of
uncertainty, and we continued to enjoy good momentum across the business
after the end of this reporting period. I am confident that we are
extremely well placed to take advantage of a growing investment pipeline
and will continue to deliver significant shareholder value over the long
term."
Business review
Strong performance across the portfolio
-- Investment portfolio valued at GBP818m1
-- +12.1% local currency portfolio return for the quarter; +12.5%
sterling return
-- +7.9% local currency portfolio return for the first nine months;
+11.9% sterling return
-- High Conviction Investments delivered local currency returns of +17.6% in
the quarter, are now contributing GBP378m to reported NAV, and represents
46% of the total portfolio value (31 July 2020: 44%)
-- Third Party Funds delivered local currency returns of +7.6% the quarter
and is now contributing GBP440m to reported NAV
-- In line with our strategic objectives, we increased the weighting towards
the US in our portfolio during the quarter, from 35% to 39%. This was
partially driven by the strength of the performance of a number of our
Top 30 investments (in particular Telos, Leaf Home Solutions and
PetSmart) and partially by investments made in US companies
Strong realisations at significant uplift to portfolio value
-- 8 full realisations in the quarter; GBP55m of proceeds received
-- Cash proceeds for the quarter include the realisation of the
Roompot co-investment alongside PAI VI
-- 22 full realisations in the first nine months of the financial year;
GBP94m of proceeds received
-- Realisations at a 40% uplift to carrying value; 2.4x multiple of
cost
-- Secondary sales in the first nine months generated GBP72m of proceeds and
released GBP42m of undrawn commitments
Continued momentum in investment activity
-- GBP30m of new investment in the quarter, taking total to GBP82m for the
nine months
-- High Conviction Investments represented 42% of capital deployed in
the quarter
-- Two co-investments made during the quarter
-- $5m (GBP4m) completed in Visma alongside Hg in the world's largest
ever software buyout
-- EUR7m (GBP6m) committed to Curium Pharma, a leading provider of
radiopharmaceuticals, alongside ICG Strategic Equity and CapVest
-- Third Party Funds remain critical to our strategy of having an
appropriately balanced portfolio and to sourcing High Conviction
Investments. During the quarter we committed GBP17m to three top-tier
managers, all of which are focussed on expanding our presence in North
America
-- Bain XIII, focused on large buyouts in North America: $10m (GBP8m)
-- Clayton, Dubilier & Rice XI, focused on mid-market and large
buyouts in North America: $10m (GBP7m)
-- Gridiron IV, a US mid-market buyout fund: $3m (GBP2m) top-up
commitment, bringing our total commitment to $18m and reflecting
the strength of fund performance
Strong balance sheet
-- Closing NAV of GBP855m; investment portfolio represents 96% of NAV
-- Strong liquidity position of GBP231m, comprising GBP73m cash and GBP158m
undrawn bank facility
-- Uncalled commitments of GBP431m (GBP74m of which are to funds outside of
their investment period)
Dividend
-- Third quarter dividend of 5p declared, taking dividends for the nine
months to 15p
Board
-- David Warnock appointed as a non-executive director with effect from 1
December 2020, joining the Audit and Nominations Committees
-- David brings extensive private equity, investment trust and listed
company experience
Activity since the period end (to 31 December 2020)
-- Realisations
-- Proceeds of GBP38m received, including from the realisation of
City & County Healthcare Group
-- Thomas H. Lee Partners reached an agreement to sell System One to
Oaktree Capital Management
-- Deployment
-- Invested GBP48m, 56% into High Conviction Investments
-- Third Party Funds commitments
-- New Mountain Partners VI, focused on mid-market buyouts in the US:
$14m (GBP10m)
-- Leeds Equity Partners VII, focused on mid-market buyouts in North
America: $10m (GBP7m)
-- PAI Mid-Market Fund, focused on mid-market buyouts in Europe:
EUR10m (GBP9m)
-- FSN Capital VI, focused on mid-market buyouts in Northern Europe:
EUR10m (GBP9m)
-- Bank facility
-- Terms agreed on a new EUR200m (GBP180m) 4-year RCF to replace our
existing EUR176m (GBP158m) facility
Company timetable
Ex-dividend date 11 February 2021
Record date 12 February 2021
Payment of dividend 5 March 2021
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:
Fiona Laffan, Global Head of Corporate Affairs, ICG: +44 (0) 20 3545
1510
Ed Gascoigne Pees, Eddie Livingstone-Learmonth, Camarco: +44 (0) 20
3757 4993
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.
Supplementary information
The 30 largest underlying investments
The table below presents the 30 companies in which ICG Enterprise had
the largest investments by value at 31 October 2020. 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+
Retailer of pet products and services BC Partners 2015 United States 5.8%
2 DomusVi+
Operator of retirement homes ICG 2017 France 4.6%
3 Minimax+
Supplier of fire protection systems and services ICG 2018 Germany 3.2%
4 Telos+(2)
Direct
Provider of information technology and cybersecurity shareholding 1998 United States 2.9%
5 Leaf Home Solutions
Gridiron
Provider of gutter protection solutions Capital 2016 United States 2.5%
6 DOC Generici+
Retailer of pharmaceutical products ICG 2019 Italy 2.3%
7 Yudo+
Manufacturer of components for injection moulding ICG 2017 Hong Kong 2.3%
8 Visma+
Provider of accounting software and ICG /
accounting outsourcing services HgCapital 2017 / 2020 Norway 2.0%
9 Froneri^
Manufacturer and distributor of ice cream products PAI Partners 2019 United Kingdom 2.0%
10 City & County Healthcare
Graphite
Provider of home care services in the UK Capital 2013 United Kingdom 1.9%
11 Supporting Education Group+^
Provider of supply teachers and support staff ICG 2014 United Kingdom 1.8%
12 Berlin Packaging+
Oak Hill
Provider of global packaging services and supplies Capital 2018 United States 1.6%
13 IRI+
Provider of mission-critical data and predictive analytics New Mountain
to consumer goods manufacturers Capital 2018 United States 1.6%
14 Endeavor Schools+
Leeds Equity
Provider of paid private schooling Partners 2018 United States 1.4%
15 System One+
Thomas H. Lee
Provider of specialty workforce solutions Partners 2016 United States 1.4%
16 PSB Academy+
Provider of private tertiary education ICG 2018 Singapore 1.2%
17 VitalSmarts+
Provider of corporate training courses focused on Leeds Equity
communication skills and leadership development Partners 2019 United States 1.0%
18 Allegro
Operator of an online marketplace and price comparison Cinven /
website Permira 2017 Poland 1.0%
19 U-POL^
Graphite
Manufacturer of automotive aftermarket products Capital 2010 United Kingdom 0.9%
20 Cognito+^
Graphite
Supplier of communications equipment, software & services Capital 2002 / 2014 United Kingdom 0.7%
21 Compass Community
Provider of fostering services and children's residential Graphite
care Capital 2017 United Kingdom 0.7%
22 EG Group
Operator of petrol station forecourts TDR Capital 2014 United Kingdom 0.7%
23 nGAGE
Graphite
Provider of recruitment services Capital 2014 United Kingdom 0.7%
24 RegEd+
Provider of SaaS-based governance, risk and compliance Gryphon
enterprise software solutions Investors 2018 United States 0.6%
25 David Lloyd Leisure+
Operator of premium health clubs TDR Capital 2013 United Kingdom 0.6%
26 IRIS Accountancy Solutions
Provider of business-critical software and services
to the accountancy and payroll sectors ICG 2018 United Kingdom 0.6%
27 Beck & Pollitzer
Provider of industrial machinery installation and Graphite
relocation Capital 2016 United Kingdom 0.6%
28 YSC Consulting
Graphite
Leadership consulting and management assessment business Capital 2017 United Kingdom 0.6%
29 ICR Group
Provider of repair and maintenance services to the Graphite
energy industry Capital 2014 United Kingdom 0.6%
30 ELITech
Manufacturers of in-vitro diagnostic instruments and
reagents PAI Partners 2017 Italy 0.5%
----------------------------------------------------------- ------------- -------------- ---------
Total of the 30 largest underlying investments 48.1%
--------------------------------------------------------------------------------------------------- ---------
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 31 October 2020 are:
Outstanding
Fund Year of commitment Country/ region Value GBPm commitment GBPm
---------------------- ------------------- --------------------- ------------ ------------------
Graphite Capital
1 Partners VIII *
Mid-market buyouts 2013 UK 46.7 10.6
Gridiron Capital Fund
2 III
Mid-market buyouts 2016 North America 29.9 4.3
3 ICG Europe VII
Mezzanine and equity
in mid-market
buyouts 2018 Europe 22.2 17.7
BC European Capital IX
4 **
Large buyouts 2011 Europe/USA 22.2 1.5
5 ICG Europe VI **
Mezzanine and equity
in mid-market
buyouts 2015 Europe 20.1 4.6
6 Sixth Cinven Fund
Large buyouts 2016 Europe 20.0 2.9
Advent Global Private
7 Equity VIII
Large buyouts 2016 Europe/USA 19.1 0.6
Thomas H Lee Equity
8 Fund VII
Mid-market and large
buyouts 2015 USA 18.7 1.5
CVC European Equity
9 Partners VI
Large buyouts 2013 Europe/USA 18.2 2.7
10 PAI Europe VI
Mid-market and large
buyouts 2013 Europe 15.5 1.4
PAI Strategic
11 Partnerships **
Mid-market and large
buyouts 2019 Europe 15.0 1.6
12 BC European Capital X
Large buyouts 2016 Europe 14.0 1.7
13 One Equity Partners VI
Mid-market buyouts 2016 Europe/USA 13.4 0.6
Graphite Capital
14 Partners VII * / **
Mid-market buyouts 2007 UK 12.2 2.8
ICG Strategic
15 Secondaries Fund II
Secondary fund
restructurings 2016 Europe/USA 11.8 16.2
ICG Asia Pacific Fund
16 III
Mezzanine and equity
in midmarket buyouts 2016 Asia Pacific 11.4 3.0
CVC European Equity
17 Partners VII
Large buyouts 2017 Europe/ North America 11.4 10.8
18 Resolute IV
Mid-market buyouts 2018 USA 11.4 5.5
19 Gryphon V
Mid-market buyouts 2019 North America 11.3 1.5
20 Permira V
Large buyouts 2013 Europe/USA 11.2 0.5
New Mountain Partners
21 V
Mid-market buyouts 2017 North America 11.2 2.3
Oak Hill Capital
22 Partners IV
Mid-market buyouts 2017 USA 10.5 0.7
23 TDR Capital III
Mid-market and large
buyouts 2013 Europe 10.4 1.7
24 Permira VI
Large buyouts 2016 Europe 10.3 2.0
Charterhouse Capital
25 Partners X
Large buyouts 2015 Europe 9.6 4.5
Thomas H Lee Equity
26 Fund VIII
Mid-market and large
buyouts 2017 USA 9.6 8.8
27 Resolute II **
Mid-market buyouts 2018 USA 9.5 1.7
Leeds Equity Partners
28 VI
Mid-market buyouts 2017 North America 8.4 0.7
Graphite Capital
29 Partners IX
Mid-market buyouts 2018 UK 7.8 20.6
30 Bain Capital Europe IV
Mid-market buyouts 2014 Europe 7.2 1.3
Total of the largest 30 fund investments 450.6 136.3
Percentage of total investment Portfolio 55.1%
------------------------------------------------------------------ ------------ ----------------
* Includes the associated Top Up funds.
** All or part of an interest acquired through a secondary
fund purchase.
Portfolio analysis
All balance sheet 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 24.7%
Third party co-investments 16.4%
Third party secondary investments 5.1%
Total High Conviction Investments 46.2%
Third Party Funds 53.8%
Total 100.0%
---------------------------------- --------------
Portfolio by investment type % of value of underlying investments
----------------------------- ------------------------------------
Large buyouts 54.1%
Mid-market buyouts 35.8%
Small buyouts 10.1%
Total 100.0%
----------------------------- ------------------------------------
Portfolio by calendar year of investment % of value of underlying investments
-------------------------------------------- --------------------------------------
2020 5.4%
2019 20.0%
2018 20.7%
2017 18.7%
2016 10.7%
2015 8.6%
2014 6.3%
2013 3.6%
2012 1.0%
2011 0.0%
2010 1.2%
2009 0.4%
2008 0.1%
2007 0.5%
2006 and before 2.8%
--------------------------------------------- --------------------------------------
Total 100.0%
--------------------------------------------- --------------------------------------
Portfolio by sector % of value of underlying investments
---------------------------- ------------------------------------
Consumer goods and services 20.0%
Healthcare 19.4%
TMT 17.0%
Business services 13.0%
Industrials 10.5%
Education 6.9%
Financials 5.8%
Leisure 2.8%
Other 4.6%
Total 100.0%
----------------------------- ------------------------------------
Portfolio by geographic distribution based on location
of Company headquarters % of value of underlying investments
North America 39.2%
Europe 32.5%
UK 20.1%
Rest of world 8.2%
---------------------------------------------------------- --------------------------------------
Total 100.0%
---------------------------------------------------------- --------------------------------------
Balance sheet information
The summary balance sheet at 31 October 2020 is set out below.
31 October 31 January
2020 2020
-------------- --------------
% of net % of net
GBPm assets GBPm assets
-------------- -------------- -------------- -------------- --------------
Total
portfolio 818.1 95.7% 806.4 101.6%
Cash and
liquid
assets 72.7 8.5% 14.5 1.8%
Other net
current
liabilities (36.0) (4.2%) (27.4) (3.4)%
-------------- -------------- -------------- --------------
Net assets 854.8 100.0% 793.5 100.0%
Movement in the portfolio 9 months
GBPm 31 October 20
------------------------------------------------------- ----------------------
Opening Portfolio* 806.4
Third Party Funds drawdowns 64.2
High Conviction Investments -- ICG funds, secondary
investments and co-investments 17.8
----------------------
Total new investment 82.0
Realisation Proceeds (166.2)
----------------------
Net cash outflow (84.2)
Underlying Valuation Movement** 63.6
Currency movement 32.3
Closing Portfolio* 818.1
----------------------
% underlying Portfolio growth (local currency) 7.9%
% currency movement 4.0%
----------------------
% underlying Portfolio growth (Sterling) 11.9%
----------------------
** 90% of the Portfolio is valued using 30 September
2020 (or later) valuations (31 Jan 20: 95%).
Movement in liquid assets 9 months
GBPm 31 October 20
--------------------------------------------------------- --------------------
Additions (82.0)
Cash proceeds generated by the portfolio (including
income) 166.2
--------------------
Net cash generated by the investment portfolio 84.2
Non-investment cash flows (12.6)
Effect of changes in foreign exchange rates (0.2)
--------------------
Cash inflow before shareholder distributions 71.4
Dividends paid to shareholders (12.4)
Share buy backs (0.8)
--------------------
Net cash movement 58.2
Opening cash and liquid assets 14.5
--------------------
Closing cash and liquid assets 72.7
--------------------
Uncalled commitment coverage
31 October
2020
GBPm 31 January 2020
----------
GBPm
----------------------------------- ---------- ---------------
Cash and liquid assets 72.7 14.5
Undrawn bank facility 158.3 147.8
----------------------------------- ---------- ---------------
Total liquidity 231.0 162.3
Outstanding commitments 431.4 458.6
Less: Total liquidity (231.0) (162.3)
----------------------------------- ---------- ---------------
Over-commitment 200.4 296.3
Over-commitment as % of net assets 23.4% 37.3%
(1) 90% of the Portfolio is valued using 30 September 2020 (or later)
valuations.
(2) Valuation based on the terms of the initial public offering which
priced at $17 per share on 19 November 2020
(END) Dow Jones Newswires
February 04, 2021 02:00 ET (07:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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