Towerbrook's ICS secures refinancing package

The transaction comes almost five years after Towerbrook acquired ICS from Blackstone. A consortium of banks reportedly provided a £240m debt package to support the original deal.

Under Towerbrook's tenure, the business has diversified into new market segments, in addition to investing in the digitalisation of its systems and the development of new technology.

Towerbrook declined to comment on the identity of the lead arranger, the size of the refinancing package and whether the GP has made a partial exit via the transaction.

Previous investment
Inflexion Private Equity backed ICS's buyout in 2008, in a deal supported by F&C Private Equity Trust.

Blackstone then acquired the company in a secondary buyout two years later in a deal understood to have been worth more than £100m.

Towerbrook acquired the business from Blackstone in 2014 with capital drawn from its fourth fund.

Company
Founded in 1983, London-headquartered ICS provides recruitment and management advisory services related to the healthcare, life sciences and social care segments.

Advisers
Company – Houlihan Lokey (corporate finance).

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• Topics
• Refinancing
• UK / Ireland
• Healthcare
• United Kingdom
• Towerbrook Capital Partners
• Refinancing
• Houlihan Lokey