LONDON, UK: ICG Enterprise Trust plc (ICGT) announced that it has recently made two new direct co-investments in Gateway Services and Vistage Worldwide.

Gateway Services: direct co-investment alongside ICG

ICG Enterprise Trust has made an investment in Gateway Services (Gateway). This follows a number of successful investments by ICGT in the pet care sector, which has benefited from significant secular growth trends over the last decade.

Gateway is a market leader in its sub-sector, operating a network of pet crematoria and pet cemeteries across over 150 locations in 40 US states and four Canadian provinces. The Company has a diverse customer base with a focus on veterinary clinics and pet hospitals. Gateway intends to continue its strategy of acquiring and partnering with other companies in the sector across the US and Canada.

In aggregate, on a look-through basis, ICGT is expected to invest approximately $9.0m (£7.9m) in Gateway. This figure relates to ICGT’s look-through position in the overall investment into Gateway and is stated before any closing adjustments.

Vistage Worldwide: direct co-investment alongside Gridiron

ICG Enterprise Trust has made a $5.0m (£4.2m) follow-on co-investment alongside Gridiron Capital Fund V in Vistage Worldwide (Vistage). This is a follow-on to our co-investment in Vistage in August 2022 taking our total co-investment in Vistage to $10.0m (£8.3m).

Headquartered in San Diego, California, Vistage is the world’s largest executive coaching organisation for small and medium sized businesses, operating for over 65 years with over 28,000 members. Vistage provides a bundled subscription that includes peer advisory meetings, one-on-one coaching, access to speakers and events, and online content.

At 31 July 2022, four companies managed by Gridiron were amongst ICGT’s 30 largest company exposures and collectively accounted for 4.5% of the Portfolio value: Leaf Home Solutions (6th largest exposure), AML RightSource (10th largest exposure), Class Valuation (24th largest exposure) and Travel Nurse Across America (30th largest exposure).