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iCON Infrastructure Mergers and Acquisitions Summary

Infrastructure Profile

In the last 3 years, iCON Infrastructure has acquired 7 companies. It has also invested in 1 other.

iCON Infrastructure’s most common sectors for investment aretransportation (19%) and healthcare services (13%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (47%) and stake purchase (22%). In total, iCON Infrastructure has invested in 4 US states and 14 different countries. Its largest (disclosed) acquisition occurred in 2023 when it acquired Alliance Medical for $1.4B.

In the last 3 years, iCON Infrastructure has exited 1 company. The Firm’s most common exit type is trade sale (60%). iCON Infrastructure’s largest (disclosed) exit occurred in 2013 when it sold Sutton and East Surrey Water for $253M.

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M&A Summary

  • M&A Total Activity42
    • M&A Buy Activity32
    • M&A Sell Activity10
  • Total Sectors Invested 13
  • Total Countries Invested 14
  • M&A Buy/Sell Connections 16
  • M&A Advisors 12

iCON Infrastructure

iCON Infrastructure LLP

15 Golden Square,
London, W1F 9JG
United Kingdom
+44 20 7292 9670
www.iconinfrastructure.com

iCON Infrastructure is an independent private equity firm focused on investing in infrastructure assets throughout Europe and North America. iCON targets mid-market opportunities covering transportation, utilities, communications, energy, and environmental. iCON Infrastructure was founded in 2004 and is based in London, England.


Investment Criteria

Sectors of Interest: Business Services, Communications, Energy Services and Equipment, Environmental, Financial Services, Infrastructure, Oil/Gas Exploration, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Nordic, Middle East

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (2.2/yr) # 21 3 2 5 1 - 32
vol $235M $1.4B $1.6B
Sell (0.2/yr) # 9 - 1 - - - 10
vol $253M $253M
  42

Most Recent M&A

Company Date Value Type
QSL International Ltd. 2024-02-23 - Buyout (LBO, MBO, MBI)
Quebec, Quebec · www.qsl.com
Enoe Energie SAS 2023-11-21 - Buyout (LBO, MBO, MBI)
Marseille, France · www.enoe-energie.fr
Utility Pipeline Ltd. 2023-11-10 - Stake Purchase
Canton, Ohio · www.utilitypipelineltd.com
Alliance Medical Ltd. 2023-10-05 1.4B GBP Divestiture
Warwick, United Kingdom · www.alliancemedical.co.uk
Mercurius Health 2023-05-09 - Secondary Buyout
Porto Salvo, Portugal · www.mercuriushealth.com
NVA S.r.l 2023-04-04 - Buyout (LBO, MBO, MBI)
Lainate, Italy · www.nvarenewables.com
Cruise Terminals International 2022-12-19 - Joint Venture
London, United Kingdom
Gruppo Spinelli 2022-09-15 - Stake Sale
Genoa, Italy · www.gruppospinelli.com
Sestrieres S.p.A 2022-01-01 - Buyout (LBO, MBO, MBI)
Sestriere, Italy · www.vialattea.it
Strategic Fiber Networks GmbH 2021-10-29 - Buyout (LBO, MBO, MBI)
Schwabisch, Austria · www.strategic-fiber-networks.de
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Transportation 4 (22%) - 6 (19%) -
Healthcare Services 4 (22%) 1.4B (86%) 4 (13%) 1.4B (86%)
Utilities - - 4 (13%) -
Communications 3 (17%) - 3 (9%) -
Infrastructure - - 3 (9%) -
Consumer Services 2 (11%) 235M (14%) 2 (6%) 235M (14%)
Business Services - - 2 (6%) -
Energy Services and Equipment - - 2 (6%) -
Renewable Energy 2 (11%) - 2 (6%) -
Environmental 1 (6%) - 1 (3%) -
Financial Services - - 1 (3%) -
Leisure 1 (6%) - 1 (3%) -
Oil/Gas Exploration 1 (6%) - 1 (3%) -
Total 18 $1.6B 32 $1.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 4 (22%) 1.6B (100%) 7 (22%) 1.6B (100%)
Italy 3 (17%) - 5 (16%) -
United States 3 (17%) - 4 (13%) -
  South Carolina 1 (6%) - 1 (3%) -
  Ohio 1 (6%) - 1 (3%) -
  Iowa 1 (6%) - 1 (3%) -
  West Virginia - - 1 (3%) -
Denmark 2 (11%) - 2 (6%) -
Portugal 1 (6%) - 2 (6%) -
Spain - - 2 (6%) -
Netherlands - - 2 (6%) -
Sweden - - 2 (6%) -
Canada 1 (6%) - 1 (3%) -
  Quebec 1 (6%) - 1 (3%) -
France 1 (6%) - 1 (3%) -
Germany 1 (6%) - 1 (3%) -
Austria 1 (6%) - 1 (3%) -
Ireland 1 (6%) - 1 (3%) -
Norway - - 1 (3%) -
Total 18 $1.6B 32 $1.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 11 (61%) - 15 (47%) -
Stake Purchase 3 (17%) - 7 (22%) -
Divestiture 1 (6%) 1.4B (86%) 5 (16%) 1.4B (86%)
Secondary Buyout 2 (11%) 235M (14%) 4 (13%) 235M (14%)
Joint Venture 1 (6%) - 1 (3%) -
Total 18 $1.6B 32 $1.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 4 (40%) 253M (100%)
Secondary Sale 2 (20%) -
Stake Sale 2 (20%) -
Trade Sale 2 (20%) -
Total 10 $253M

Top M&A Advisors

Financial Deals
DC Advisory
 2
Citi
 1
CIBC Capital Markets
 1
Legal Deals
Mannheimer Swartling Advokatbyra AB
 2
Orrick
 2
Horten Advokatpartnerselskab
 1

Deal Values

buy # Total
> $1B 1 $1.4B
$100M to $1B 1 $235M
TOTAL $1.6B
Largest Alliance Medical Ltd.
$1.4B (2023-10-05)
sell # Total
$100M to $1B 1 $253M
TOTAL $253M
Largest Sutton and East Surrey Water plc
$253M (2013-02-04)

M&A Connections

Deals
Acquired from
Investor(s)
13%
4 (13%)
Strategic(s)
19%
6 (19%)
Exited to
Investor(s)
30%
3 (30%)
Strategic(s)
70%
7 (70%)

Investor Summary

Investor Type

Infrastructure

Size

Mega

PE Assets

8.0B USD

Established

2004

Specialist/Generalist

Generalist

Leadership

Paul Malan

Founder & Senior Partner

Indradoot Dhar

CIO

Caroline Granshaw

Head of Compliance

Simon Casey

Head of Debt Finance

Charles Haine

Head of ESG and Safety

FAQ

When was iCON Infrastructure founded?

iCON Infrastructure was founded in 2004.

What type of investor is iCON Infrastructure?

iCON Infrastructure is an infrastructure investor.

Where is iCON Infrastructure headquartered?

iCON Infrastructure is headquartered in London, United Kingdom.

How much capital does iCON Infrastructure have under management?

iCON Infrastructure has 8.0B USD under management.

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