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CPA Global

CPA Global, a leading intellectual property management company was sold by Cinven in August 2017 generating proceeds for ICG Enterprise of £11m.

2.9x
Multiple of original cost on sale
Strong growth through geographic expansion
Key stats
Proceeds received on sale £11m
Uplift to carrying value 44%
Underlying manager Cinven
Date realised August 2017

CPA Global is a leading global provider of intellectual property software, services and data
and analytics for companies and law firms. The company manages more than two million patents for more than 10,000 customers across the globe. It has 23 offices worldwide and operates from its headquarters in Jersey, Channel Islands.

Cinven acquired CPA Global in March 2012 for c. £950m. The investment formed part of Cinven’s strategy of investing in world-class European companies where it could support global growth using its sector expertise and its experience of driving geographic expansion. CPA Global was a company well known to ICG Enterprise, having originally invested in the business in 2010 through its holding in ICG European Mezzanine IV. In 2012, ICG Enterprise co-invested alongside Cinven as well as having exposure to the business through its commitment to the Fourth Cinven Fund. 

Under Cinven’s ownership, CPA Global continued its strong growth, accelerated its global expansion, and led a successful transformation to become a technology-led business. Cinven was successful in making a number of transformative add-on acquisitions, which enabled the company to accelerate its geographic expansion in Asia and broaden its technological capabilities.

In August 2017, Cinven announced the sale of CPA Global to Leonard Green and Partners, a
large US buyout firm. The sale generated a return of 2.9x the original invested cost, equivalent to an annualised return of 25%. The total cash proceeds to ICG Enterprise of £11m represented an uplift of approximately 44% to the July 2017 valuation.

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Share price (LSE)

864p
2.00P (0.23%)
11:44PM 22 Jun 2018
The share price information is delayed by at least 15 minutes

Net Asset Value

970p
As of 30 April 2018
Next update: October 2018 – Q2 results
Year Net assets NAV per share Share price Dividends per share
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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