LONDON, UK: ICG Enterprise Trust plc (ICGT) introduced that it has recently made two new direct co-investments in Gateway Services and Vistage Worldwide.
Gateway Services: direct co-investment alongside ICG
ICG Enterprise Trust has made an investment in Gateway Services (Gateway). This follows a variety of profitable investments by ICGT within the pet care sector, which has benefited from significant secular growth trends over the final decade.
Gateway is a market chief in its sub-sector, working a community of pet crematoria and pet cemeteries throughout over 150 locations in forty US states and 4 Canadian provinces. The Company has a various buyer base with a spotlight on veterinary clinics and pet hospitals. Gateway intends to proceed its technique of buying and partnering with different companies within the sector throughout the US and Canada.
In aggregate, on a look-through basis, ICGT is anticipated to make investments roughly $9.0m (£7.9m) in Gateway. This determine pertains to ICGT’s look-through place within the general funding into Gateway and is stated earlier than any closing adjustments.
Vistage Worldwide: direct co-investment alongside Gridiron
ICG Enterprise Trust 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 teaching organisation for small and medium sized businesses, working for over sixty five years with over 28,000 members. Vistage provides a bundled subscription that features peer advisory meetings, one-on-one coaching, entry to audio system and events, and on-line content.
At 31 July 2022, 4 companies managed by Gridiron were amongst ICGT’s 30 largest firm 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).