ICG Enterprise Trust (ICGT) has announced the realisation of its investment in Minimax, a global fire protection systems provider, generating cash proceeds of €53m (£45m). The sale was completed in line with the last reported NAV, and proceeds have now been received.
ICGT first backed Minimax in 2018 via primary commitments to ICG Europe VI and VII, alongside a direct co-investment. As of 31 October 2024, Minimax represented the trust’s largest single exposure, accounting for 3.3% of portfolio value.
Following this sale, and a separate secondary transaction earlier this month, ICGT has now realised over £100m of proceeds in April alone. Of the Minimax proceeds, €14m is being reinvested alongside management and other ICG-affiliated investors. Portfolio managers Oliver Gardey and Colm Walsh said the transactions highlight the benefits of ICGT’s active portfolio management and reinforce the quality of the businesses it invests in. They added that the trust’s mid-market focus across North America and Europe offers shareholders access to resilient growth opportunities in private equity. Full-year results are expected in early May.
