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ICG Enterprise makes two new direct investments

ICG Enterprise Trust (ICGT) is pleased to announce that it has recently made two new direct co-investments: US$9.0m (£7.9m) in Gateway Services and a US$5.0m (£4.2m) follow-on co-investment in Vistage Worldwide.

Gateway Services – a direct co-investment alongside ICG

Gateway Services Inc (www.gatewayservicesinc.com) operates a network of pet crematoria and pet cemeteries across over 150 locations in 40 US states and four Canadian provinces. The Company is a market leader in its sub-sector and has a diverse customer base with a focus on veterinary clinics and pet hospitals. ICGT says that Gateway intends to continue its strategy of acquiring and partnering with other companies in the sector across the US and Canada. This co-investment follows a number of successful investments by ICGT in the pet care sector, which has benefited from significant secular growth trends over the last decade. In aggregate, on a look-through basis, ICGT is expected to invest approximately US$9.0m (£7.9m) in Gateway.

Vistage Worldwide: direct co-investment alongside Gridiron

Headquartered in San Diego, California, Vistage is the world’s largest executive coaching organisation for small and medium sized businesses, operating for over 65 years with over 28,000 members. Vistage provides a bundled subscription that includes peer advisory meetings, one-on-one coaching, access to speakers and events, and online content. ICGT has made a US$5.0m (£4.2m) follow-on co-investment alongside Gridiron Capital Fund V.. The latest investment is a follow-on to ICGT’s co-investment in Vistage in August 2022 taking its total co-investment in Vistage to US$10.0m (£8.3m).

Four of ICGT’s investments are managed by Gridrion

At 31 July 2022, four companies managed by Gridiron were amongst ICGT’s 30 largest company exposures and collectively accounted for 4.5% of the ICGT’s portfolio value. These are Leaf Home Solutions (6th largest exposure), AML RightSource (10th largest exposure), Class Valuation (24th largest exposure) and Travel Nurse Across America (30th largest exposure).

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