Exail

€109m

ICG Europe MM Investment Amount

£20m / #12 of ICGT portfolio at 31 July 2025

Investment Date: September 2022 | Sector: Technology/Defence | Geography: France

ICGT co-investment

Company Description

  • Provider of autonomous systems for the aerospace and maritime sectors
  • In May 2022, ECA Group signed the acquisition of iXblue, a French company active in navigation systems, maritime autonomy and photonics
  • Merger will create a leader ranking among the world’s top players in maritime navigation and autonomy

ICG solution

  • ICG team has built a strong relationship with the team and structured a flexible financing of the transaction
  • Tailored solution: fully debt structure with strong alignment on value creation through substantial equity warrants. Negotiated a bespoke governance package, including Board representation and downside protection measures

Investment rationale

  • Strong market growth prospects in underlying defence and non defence sectors, in particular in maritime and underwater technologies and photonics
  • High visibility on revenues: long term contracts, healthy backlog

Source: ICG, as at 31 December 2025. All company names and logos are trademarks and are owned by their respective holders. Use of them herein does not imply any affiliation with or endorsement by them. Invested amount includes third party capital and ICG plc commitment. The specific investments identified and described are not representative of all of the investments purchased, sold, or recommended for the fund. There can be no guarantee that similar investment opportunities will be available in the future or that the fund will be able to exploit similar investment opportunities should they arise.

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