Gresham makes third successful exit with ICR sale
PRIVATE equity investor Gresham’s Manchester team has made a third successful exit in as many months with the sale of energy services group ICR Integrity.
Gresham acquired the Aberdeen-based company in July 2011 and has funded a major growth drive to broaden the depth of its services and to internationalise its offering – new offices in Perth, Australia and Dubai have been particularly successful.
Among the acquisitions made as part of Gresham’s buy and build strategy was MOSS – Mechanical On Site Services, based at Kendal, Cumbria.
Financial terms of the sale to Graphite Capital were not disclosed, but sources close to the deal said it was in the region of £90m, which represents a 4x money multiple on the initial investment.
ICR, which provides maintenance services to the oil and gas sector, specialises in the reapir and maintenance of pipelines.
Over the three year period, turnover has increased five-fold from £6m to over £30m this year and employee numbers have grown from 45 to over 170 across the ICR group.
Iain Wolstenholme, partner who led the initial investment and exit for Gresham, said:
“We are very proud of ICR’s growth under our ownership. From the beginning there was a strategic ambition shared with Willie and management to create an international group focused on integrity services for the oil and gas sector.
“This strategy has been executed by acquiring market leading businesses, internationalisation through opening new overseas offices and investment to drive strong organic growth. Graphite will be great partners for the next phase of ICR’s exciting growth story.”
Willie Rennie, chief executive of ICR, added: “We are delighted with the success of our growth strategy and with the support we have received from Gresham and HSBC. From the outset Gresham has supported our vision for ICR and its buy and build approach. As a result, we are now ready to take ICR to the next phase of its evolution with our new investment partners at Graphite.”
Gresham’s Manchester team of Mr Wolstenholme and Andy Marsh have also recently exited shoe manufacturer and retailer Hotter Comfort Concept and Midlands-based legal services group LAS.
