ICG Enterprise Trust Plc: Portfolio Update, Rea...

ICG Enterprise Trust plc

7 July 2021

Portfolio Update

Realisation of U-POL generates estimated 19. 8 p per share uplift in NAV

ICG Enterprise Trust (“ICGT”) is pleased to announce that Graphite Capital has entered into a definitive agreement to sell U-POL Ltd (“U-POL”) to US-listed Axalta Coating Systems. Based in the United Kingdom and selling its products in over 100 countries, U-POL is a leading manufacturer of repair and refinish products used primarily for automotive refinish and aftermarket protective applications.

At 30 April 2021 U-POL was ICGT’s 13th largest underlying investment and represented c. 1.3% of ICGT’s Portfolio Value.

The transaction values U-POL at a 128% uplift to its carrying value at 30 April 2021, and ICGT estimates that the uplift from this realisation relative to ICGT’s net asset value at 30 April 2021 is c. 1.4%, or 19.8p per share.

Had U-POL been valued at this valuation at 30 April 2021, ICGT estimates that ICGT’s net asset value per share at that date would have been 1,422.0p.

The transaction is expected to close in the second half of 2021, subject to clearance under applicable antitrust laws and other customary closing requirements. Upon closing, ICGT expects to receive cash proceeds of c. £24m.

Enquiries

Analyst / Investor enquiries: [phone]
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, [phone]
Ed Gascoigne Pees, Eddie Livingstone-Learmonth, Camarco, [phone]

Website:
www.icg-enterprise.co.uk

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.