Sovereign exits BIMM to ICG

ICG is currently investing from its Europe Mid-Market Fund, which closed on €1bn in January 2020. The fund was 7% deployed as of June 2020.

During Sovereign's holding period, the company made five strategic acquisitions and five new campus roll-outs.

Previous funding
Sovereign Capital backed the buyout of BIMM with a £10m investment in April 2010. Existing debt facilities from Barclays Bank were rolled over into the newco. At the time, the GP was investing from its third-generation fund, which closed on £250m in June 2010.

Company
Founded in 2007, the Hove-based business has 12 colleges across Europe, including in London, Dublin, Birmingham, Manchester, Berlin and Hamburg. BIMM generated revenues of £43.3m and EBITDA of £16.9m for the year ending on 31 August 2019. It offers a range of qualifications in modern music throughout its colleges.

People
Sovereign Capital Partners – James Dargan (investment director); Andrew Hayden (chairman).

Advisers
Vendor – Houlihan Lokey, Simon Gluckstein, James Local (corporate finance); Pinsent Masons, Tom Leman, Gayle Ditchburn, Rob Cunningham (legal); Alvarez & Marsal, Martin McKay, Dafydd Williams (financial due diligence, tax); EY-Parthenon, Matt Robb, Anna Grotberg (commercial due diligence).
Management – Spectrum Corporate Finance, Simon Davies, Sanjit Benawra (corporate finance); Stevens & Bolton, Keith Syson (legal).

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• Topics
• Buyouts
• Exits
• UK / Ireland
• Support services
• Sovereign Capital
• Intermediate Capital Group
• United Kingdom
• Secondary buyout