Inenco confirms that funds managed by the specialist asset manager Intermediate Capital Group (ICG), a long-term investor in the business, have increased their stake and now control the Group. Completion of the transaction is subject only to FCA approval.
An investor and lender to Inenco since 2013, ICG firmly believes in Inenco’s future potential as a leader and innovator in the UK’s growing business energy industry. ICG supports Inenco’s management and growth plans, and is already investing heavily in its transformation programme.
While ICG is an engaged investor, it does not have any involvement in the day-to-day management of Inenco. In terms of the ongoing business activities, it is very much ‘business as usual’, with Inenco continuing to operate under the stewardship and guidance of its existing management team, led by CEO Gary Stokes.
ICG was founded in 1989 and listed on the London Stock Exchange in 1994. Over 28 years ICG has become one of Europe’s largest specialist asset managers operating across corporate, capital market, real asset and secondary investments. As at 30 June 2017, ICG had EUR23.3 billion of assets under management and employed over 290 staff, including more than 130 investment professionals, across its 15 offices in 13 countries. ICG’s latest financial results, including audited accounts, are available on www.icgam.com
Update 5th December 2017
The FCA has given its clearance for the transaction of the controlling stake of The Inenco Group to Intermediate Capital Group PLC (ICG). This transaction has been confirmed with effect from today (5th December 2017).