ICG

Graphite was a founder investor in the start-up of Intermediate Capital Group (ICG), a provider of mezzanine finance for management buy-outs.

The business was an early and innovative provider of mezzanine finance for management buy-outs. The management team had extensive experience of structuring debt and equity packages at a number of major banks. The business was at the forefront of growth in the provision of mezzanine finance in the UK.

ICG was well placed to take advantage of a rapid increase in demand for its offering from an expanding UK and continental European market. There was a shortage of debt providers and none were independent of large banking groups. Graphite knew and understood the market well.

Key Business Achievements

Established itself as the leading provider of mezzanine finance in the UK and subsequently in continental Europe

Raised a series of third-party funds to increase its revenues and expand its loan portfolio

Grew its loan book to £170 million in six years

Increased operating profit to £18 million

4.8 x

Return on Graphite's Investment

Business Exit

In 1994 Intermediate Capital Group was floated on the London Stock Exchange. Graphite continues to have a shareholding and has generated a multiple of 4.8 times cost and an IRR of 23 per cent to date.