ICC Venture Capital completes three exits

17 June 2002

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ICC Venture Capital has announced that since March it has completed three exits, realising a total profit of EUR 53m.

A 1997 investment in Irish national radio station start-up, Today FM, was realised through the sale of the company for EUR 79.4m to Scottish Radio Holdings in April. ICC had invested a total of EUR 3m in the company throughout the course of its investment life, alongside other investors IIU Ltd, Scottish Radio Holdings plc and Broadcast Holdings (a consortium of private individuals involved in the Riverdance production). At the time of the sale it held 26.5% of the companyâ€™s equity and recorded an IRR of 47.6% on the investment. The divestment was coordinated by Tom Kirwan on behalf of ICC Venture Capital.

In 1990 ICC Venture Capital and ICC Venture Trust Fund invested in Power Leisure (a bookmaking chain). Combined they invested a total of EUR 1.15m in return for 18.5% of the company. Power Leisure subsequently floated on the London Stock Exchange when ICC reduced its shareholding to 11.8%. ICC sold its remaining shares by way of a post-flotation placing in March this year, which was arranged by Goodbody Stockbrokers in Dublin and ING Barings in London. ICC recorded a return of 33 times cost on this investment.

Finally in March ICC Venture Capital sold its 27% shareholding in an undisclosed UK construction and utility services company to Balfour Beatty plc, recording an IRR of 62.4% per annum on the investment. ICC had invested in the company in March 1999 to fund a management buyout from a UK plc. The sale was managed by Tom Kirwan of ICC Venture Capital. ICC was advised by KPMG in Leeds on the financial side, and Eversheds on the legal side.