Carlyle acquires IC Consult Group

The deal is expected to close in Q1 2021, according to a statement.

Carlyle is deploying equity via Carlyle Europe Technology Partners (CETP) IV, which held a final close in January 2019 on €1.35bn. The fund targets small and mid-market technology businesses headquartered in Europe. IC Consult Group will be the vehicle's sixth platform investment, according to Unquote Data.

Co-founder and CEO Jürgen Biermann will remain in his management position following the transaction. Biermann and IC Consult Group's management team are to remain significant minority shareholders in the business.

Unquote sister publication Mergermarket reported in November 2020 that the business was to be marketed based on EBITDA of €10-12m. IC Consult Group was expected to fetch a valuation of more than €160m.

Carlyle and Amira were involved in the auction process, the report noted, and the process had previously seen interest from bidders including Equistone and Deutsche Private Equity.

Company
Established in 1997 and headquartered in Munich, IC Consult Group provides identity and access management (IAM) software, which is used by IT departments to manage the roles and access privileges of network users. The company comprises subsidiaries IC Consult XDI360, IAM Worx and Service Layer.

The company serves more than half of the DAX 30 companies, according to a statement. IC Consult employs 300 people and generates revenues of €50m. It reported 2019 EBITDA of €9.5m.

People
Carlyle – Thorsten Dippel (managing director).
IC Consult Group – Jürgen Biermann (co-founder, CEO).

Advisers
Equity - Heuking Kühn Lüer Wojtek (legal); PwC (commercial due diligence, financial due diligence).

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