ICG completes £440m CPA MBO

Mezzanine lender ICG has acquired a significant minority stake in patent and legal services firm CPA Global today in a reported £440m management buyout, as the Royal Jersey Court has sanctioned the transaction structured as a scheme of arrangement.

Shareholders are understood to receive a cash payment of £260m, and will retain a 31% stake in the company. ICG is expected to take a 47% share, with management, led by Peter Sewell, holding the balance. The transaction also includes a provision in which a co-investor can purchase a further 9% from the 300 shareholders.

The deal is said to be financed with £175m of senior and mezzanine loans, along with a £50m revolving credit facility, to be provided by Lloyds, HSBC, Bank of Ireland, Calyon, Bank of Scotland, Ares Capital Europe and ICG.

CPA employs 1,600 people. The company generated £150m of revenues last year and £45m EBITDA.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Support services
• UK / Ireland
• HSBC
• Lloyds
• Intermediate Capital Group