Our Portfolio

Cambium

4.8x
RETURN ON INVESTMENT
A provider of educational software for primary schools in the US
Key stats
Proceeds received on sale £19m
Uplift to carrying value 113%
Underlying manager ICG
Date realised December 2018

Cambium provides educational software for primary schools in the United States. It was acquired in 2016 as part of a restructuring transaction originated by the ICG Strategic Equity's team. The team agreed to acquire interests in US based mid-market manager, Veronis Suhler Stevenson’s (“VSS”) 2005 vintage fund. VSS believed that the remaining portfolio needed additional time to optimise returns but much of the investor base wanted to realise their interests in the fund, which was in its 11th year.

The restructuring of the fund resulted in ICG Strategic Equity providing additional capital to invest in the underlying companies, extending the fund’s life and providing existing investors with an option to exit. As a result, the ICG Strategic Equity team acquired Cambium at a highly attractive entry multiple. ICG Enterprise participated in the transaction through its commitment to ICG Strategic Secondaries II and directly.

The ICG Strategic Equity team played an active role in the management of the Cambium, helping to drive strategic change and to make key changes to Cambium’s senior management team. The team also helped to accelerate the digitisation of the business and its conversion to a subscription based model as well as working with VSS to formulate an exit strategy.

Between 2016 and 2018, EBITDA grew by 10% p.a. and free cash flow was used to completely deleverage the business. In December 2018, Cambium was sold for $685m, a 113% uplift to the January 2018 valuation and a gross IRR on the investment of 82%. The transaction demonstrated the ability of the Strategic Equity team to acquire companies at attractive valuations and the value of its active operational involvement to generate strong returns.

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Share price (ICGT)

786p
-16.00P (-2.00%)
11:50PM 9 Aug 2020
The share price information is delayed by at least 15 minutes

Net Asset Value

1,100p
As of 30 April 2020
Next update: October 2020 – Q2 results
Year Net assets NAV per share Share price Dividends per share
Jan 2020 £794m 1,152p 966p 23p
Jan 2019 £731m 1,057p 822p 22p
Jan 2018 £664m 959p 818p 21p
Jan 2017 £613m 871p 698p 20p
Jan 2016 £521m 731p 545p 11p
Jan 2015 £507m 695p 575p 15.5p
Jan 2014 £494m 677p 563p 15.5p
Jan 2013 £460m 631p 487p 5p
Jan 2012 £415m 569p 357p 5p
Jan 2011 £389m 534p 308p 2.25p
Dec 2009 £338m 464p 305p 2.25p
Dec 2008 £327m 449p 187p 4.5p

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