ICG Enterprise Trust plc (LON:ICGT) has announced the realisation of Minimax, generating €53 million (£45m) in cash proceeds1 to ICGT. The sale was executed in line with the last reported NAV and proceeds have been received.
ICGT originally invested in Minimax in 2018 alongside funds managed by ICG2.
Minimax is a global supplier of fire protection systems and services, and was ICGT’s largest company exposure at 31 October 2024, accounting for 3.3% of the Portfolio value.
Oliver Gardey and Colm Walsh, Portfolio Managers for ICG Enterprise Trust, commented:
“As a result of the realisation of Minimax and the secondary sale reported earlier this month ICGT has announced over £100m of total proceeds in April, which will be deployed in line with our investment objectives and capital allocation policy.These transactions underline the benefits of our active portfolio management and help validate the quality of the businesses we invest in. These characteristics underpin the long-term returns we seek to generate for our shareholders.
We believe our portfolio of mid-market companies, diversified across North America and Europe and with defensive growth characteristics, gives shareholders exposure to an attractive segment of the private equity landscape. We will continue to monitor the macro-economic environment closely and look forward to discussing our performance and outlook with shareholders in our full year results in early May.”
1Cash proceeds received of €53m, of which ICG Enterprise Trust is reinvesting €14m alongside Management and other investors including certain ICG funds; 2The original investment was through primary commitments to ICG Europe VI and ICG Europe VII as well as a direct co-investment into Minimax
