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ICG Enterprise Trust PLC   -  ICGT   

ICG Enterprise Trust Plc: Quarterly Update for the three months to 30 April 2019

Released 15:30 27-Jun-2019

ICG Enterprise Trust Plc: Quarterly Update for the three months to 30 April 2019

27 June 2019
ICG ENTERPRISE TRUST PLC
Quarterly Update
For the three months to 30 April 2019

 

Highlights

Strong performance across the portfolio

Realisations outweighed new investment


Continued activity since quarter end

Strong balance sheet

Dividend

Consistent strong performance
The performance of the Company remains strong over the short, medium and long term

Performance to 30 April 20193 months1 year3 years5 years10* years 
Net asset value per share+1.6%+12.4%+53.2%+74.6%+187.0% 
Share price+7.7%+5.6%+76.5%+77.4%+542.5% 
FTSE All-Share Index+7.8%+2.6%+33.3%+35.2%+194.5% 
 
* As the Company changed its year end in 2010, the ten-year figures are for the 121 month period to 30 April 2019.

Emma Osborne, Head of Private Equity Fund Investments, ICG, commented:
“We are pleased with the performance of the portfolio in what is typically a quarter in which managers tend not to revalue unrealised investments significantly. All parts of the portfolio contributed to growth, and the portfolio remains cash generative with several full and partial realisations in the three months. We remain highly selective in redeploying capital and have a strong pipeline of new opportunities, and the portfolio is well positioned to continue to generate shareholder value.”


Enquiries  

Analyst / Investor enquiries:  +44 (0) 20 3201 7700 Emma Osborne, Head of Private Equity Fund Investments, ICG 
Owen Jones, Investor Relations, ICG 

Media:
Alicia Wyllie, Co-Head of Corporate Communications, ICG   +44 (0) 20 3201 7994
Vikki Kosmalska, Associate Partner, Maitland  +44 (0) 20 7379 5151


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. This report contains information which, prior to this announcement, was inside information.
 

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 30 April 2019. 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 investment Portfolio.

 CompanyManagerYear of investmentCountryValue as a % of Portfolio
1DomusVi+    
 Operator of retirement homesICG2017France3.7%
2City & County Healthcare Group    
 Provider of home care servicesGraphite Capital2013UK3.3%
3Minimax+    
 Supplier of fire protection systems and servicesICG2018Germany2.7%
4Visma+    
 Provider of accounting software and accounting outsourcing servicesCinven / ICG2014 / 2017Europe2.5%
5Froneri+^    
 Manufacturer and distributor of ice cream productsPAI Partners2013UK2.4%
6Yudo+    
 Manufacturer of components for injection mouldingICG2018South Korea2.3%
7Roompot+    
 Operator and developer of holiday parksPAI Partners2016Netherlands2.2%
8nGAGE    
 Provider of recruitment servicesGraphite Capital2014UK2.0%
9Ceridian+    
 Provider of payroll and human capital softwareThomas H Lee Partners2007USA1.9%
10Beck & Pollitzer    
 Provider of industrial machinery installation and relocationGraphite Capital2016UK1.9%
11ICR Group    
 Provider of repair and maintenance services to the energy industryGraphite Capital2014UK1.9%
12Education Personnel+^    
 Provider of temporary staff for the education sectorICG2014UK1.8%
13System One+    
 Provider of specialty workforce solutionsThomas H Lee Partners2016USA1.7%
14IRI+    
 Provider of data and predictive analytics to consumer goods manufacturersNew Mountain2018USA1.6%
15Gerflor^    
 Manufacturer of vinyl flooringICG2011France1.5%
16PetSmart+    
 Retailer of pet products and servicesBC Partners2015USA1.4%
17YSC    
 Provider of leadership consulting and management assessment servicesGraphite Capital2017UK1.3%
18Endeavor Schools+    
 Operator of schoolsLeeds Equity Partners2018USA1.3%
19PSB Academy+    
 Provider of private tertiary educationICG2018Singapore0.9%
20U-POL^    
 Manufacturer and distributor of automotive refinishing productsGraphite Capital2010UK0.9%
21Cognito+^    
 Supplier of communications equipment, software & servicesGraphite Capital2002 / 2014UK0.8%
22Abode Healthcare+    
 Provider of hospice and healthcare servicesTailwind Capital2018USA0.8%
23Compass Community    
 Provider of fostering services and children residential careGraphite Capital2017UK0.8%
24David Lloyd Leisure+    
 Operator of premium health clubsTDR Capital2013UK0.7%
25LeafFilter    
 Provider of gutter protection solutionsGridiron2016USA0.7%
26Random42    
 Provider of medical animation and digital media servicesGraphite Capital2017UK0.7%
27New World Trading Company    
 Operator of distinctive pub restaurantsGraphite Capital2016UK0.7%
28Skillsoft+    
 Provider of off the shelf e-learning contentCharterhouse2014USA0.6%
29Drew Marine^    
 Manufacturer of advanced performance chemicals and safety solutionsJordan Company2013USA0.6%
30Alerian^    
 Provider of data and investment products focused on natural resourcesICG2018USA0.6%
 Total of the 30 largest underlying investments   46.2%
      
 ⁺ 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 2019 are:

 FundYear of commitmentCountry/ regionValue £mOutstanding commitment £m
1Graphite Capital Partners VIII *   
 Mid-market buyouts2013UK88.616.9
2ICG Europe VI **    
 Mezzanine and equity in mid-market buyouts2015Europe18.54.3
3CVC European Equity Partners VI   
 Large buyouts2013Europe/USA17.83.5
4BC European Capital IX **    
 Large buyouts2011Europe/USA15.20.5
5PAI Europe VI    
 Mid-market and large buyouts2013Europe14.9-
6Thomas H Lee Equity Fund VII    
 Mid-market and large buyouts2015USA14.53.1
7One Equity Partners VI    
 Mid-market buyouts2016Europe/USA14.51.1
8Gridiron Capital Fund III    
 Mid-market buyouts2016North America13.44.9
9ICG Strategic Secondaries Fund II   
 Secondary fund restructurings2016Europe/USA13.216.1
10Activa Capital Fund III    
 Mid-market buyouts2013France12.51.8
11Graphite Capital Partners VII * / **   
 Mid-market buyouts2007UK12.54.7
12Advent Global Private Equity VIII   
 Large buyouts2016Europe/USA12.12.6
13Resolute II **    
 Mid-market buyouts2018USA11.42.4
14CVC European Equity Partners V **   
 Large buyouts2008Europe/USA11.00.5
15Permira V    
 Large buyouts2013Europe/USA10.41.4
16Sixth Cinven Fund    
 Large buyouts2016Europe9.48.0
17IK VII    
 Mid-market buyouts2013Europe9.20.4
18Fifth Cinven Fund    
 Large buyouts2012Europe9.21.3
19ICG Asia Pacific Fund III    
 Mezzanine and equity in midmarket buyouts2016Asia Pacific8.93.4
20TDR Capital III    
 Mid-market and large buyouts
2013Europe8.42.2
21Nordic Capital Partners VIII    
 Mid-market and large buyouts2013Europe8.01.4
22Bowmark Capital Partners V    
 Mid-market buyouts2013UK7.90.1
23Hollyport Secondary Opportunities VI   
 Tail-end secondary portfolios2017Global7.52.7
24Bowmark Capital Partners IV    
 Mid-market buyouts2007UK7.4-
25Silverfleet II    
 Mid-market buyouts2014Europe7.34.7
26IK VIII    
 Mid-market buyouts2016Europe7.32.5
27Deutsche Beteiligungs Fund VI   
 Mid-market buyouts2012Germany6.80.8
28ICG European Fund 2006 B**    
 Mezzanine and equity in mid-market buyouts2014Europe6.72.1
29Hollyport Secondary Opportunities V   
 Tail-end secondary portfolios2015Global6.62.3
30Bain Capital Europe IV    
 Mid-market buyouts2014Europe6.41.8
 Total of the largest 30 fund investments 397.597.5
 Percentage of total investment Portfolio 56.5% 
 * 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, which is consistent with the commentary in previous annual and interim reports

Investment category% of portfolio
High conviction portfolio
ICG
 
20.5%
Third party co-investments15.7%
Third party secondary investments5.0%
Total High Conviction investments41.2%

 
Third party funds portfolio
Graphite Capital primary funds 

14.2%
Third party primary funds
Total diversified fund investments
44.6%
58.8%
Total100.0%


 

 

 

Portfolio by investment type
  

 

 

% of value of underlying investments
Large buyouts 44.9%
Mid-market buyouts 46.5%
Small buyouts 5.3%
Other 3.3%
Total 100.0%
 

Portfolio by calendar year of investment
  

% of value of underlying investments
2019  2.6%
2018  21.0%
2017  20.2%
2016  17.7%
2015  8.6%
2014  11.8%
2013  8.7%
2012  2.5%
2011  1.2%
2010  1.7%
2009  1.0%
2008  0.2%
2007  2.4%
2006 and before  0.4%
Total  100.0%



Portfolio by sector
 % of value of underlying investments
Healthcare and education 21.2%
Industrials 20.6%
Business services 15.0%
Consumer goods and services 13.1%
TMT 12.1%
Leisure 8.6%
Financials 5.9%
Other 3.5%
Total 100.0%


Portfolio by geographic distribution based on location of Company headquarters  

% of value of underlying investments
UK 30.7%
North America 26.5%
Europe 38.3%
Rest of world 4.5%
Total 100.0%

Balance sheet information

The summary balance sheet at 30 April 2019 is set out below.

 30 April 2019% of net assets31 January 2019% of net assets
 £m£m
Total portfolio703.495.3%694.895.1%
Cash and liquid assets61.58.3%60.68.3%
Other net current liabilities(26.2)(3.6%)(24.5)(3.4)%
Net assets738.7100.0%730.9100.0%


 Movement in the portfolio 3 months
 £m 30 April 19
 Opening Portfolio* 694.8
 Third-party funds portfolio drawdowns 15.6
 High conviction investments – ICG funds, secondary
investments and co-investments
 4.7
 Total new investment 20.3
 Realisation Proceeds (27.7)
 Net cash (inflow)/outflow (7.4)
 Underlying Valuation Movement** 19.6
 Currency movement (3.6)
 Closing Portfolio* 703.4
 % underlying Portfolio growth (local currency) 2.8%
 % currency movement (0.5%)
 % underlying Portfolio growth (Sterling) 2.3%
  

** 65% of the Portfolio is valued using 31 March 2019 (or later) valuations (31 Jan 19: 91%).
 
 

Movement in liquid assets
  
   
Additions2(20.3) 
Cash proceeds generated by the portfolio (including income)27.7 
Net cash generated by the investment portfolio7.4 
Non-investment cash flows(2.6) 
Effect of changes in foreign exchange rates(0.2) 
Cash inflow before shareholder distributions4.6 
Dividends paid to shareholders(3.5) 
Share buy backs(0.2) 
Net cash movement0.9 
Opening cash and liquid assets60.6 
Closing cash and liquid assets61.5 


 

 

 

Uncalled commitment coverage
  
 30 April
2019
31 January 2019
 £m£m
Cash and liquid assets61.560.6
Undrawn bank facility151.4103.9
Total liquidity212.9164.5
   
Outstanding commitments443.4411.2
Less: Total liquidity(212.9)(164.5)
Over-commitment230.5246.7
Over-commitment as % of net assets31.2%33.7%

 

 





1 65% of the Portfolio is valued using 31 March 2019 (or later) valuations.

2 As at 31 May 2019



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ICG Enterprise Trust Plc: Quarterly Update for the three months to 30 April 2019 - RNS