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Micheldever, the UK’s leading distributor of car, 4x4 and motorcycle tyres, was sold by Graphite Capital in February 2017 generating proceeds for ICG Enterprise of £35.9 million.

The UK's leading distributor of tyres
Key stats
ICG Enterprise exit value £35.9m
Uplift to carrying value 41%
Underlying manager Graphite Capital
Date realised February 2017
Portfolio High conviction

ICG Enterprise invested in Micheldever Tyre Services (“Micheldever”) both directly and through its commitment to Graphite Capital Partners VI. The company was the largest underlying investment at 31 January 2017.

Graphite had targeted the UK automotive aftermarket for several years, given its characteristics as a large and established market with significant consolidation opportunities in a number of sub-sectors. With the benefit of its strong relationships in the Southeast, Graphite was able to gain a competitive advantage over other potential acquirers, and completed the investment in 2006.

At the time of the £85 million buy-out, the company was the largest distributor of tyres to independent retailers in the UK with its six warehouses serving 2,500 customers. A separate retail business operated from a relatively small chain of 16 sites, including the UK’s largest tyre retail site at Micheldever Station. Over the period of Graphite’s ownership, Micheldever’s management team was significantly strengthened and investment in systems and processes contributed to market share gains and improved working capital efficiency. With the benefit of eight new warehouse sites completing national distribution coverage, the number of wholesale business customers increased to 6,000. Additionally, the retail business was expanded to 99 sites, which successfully established Micheldever as the third largest specialty tyre retailer in the UK by volume.

In February 2017 Graphite Capital sold Micheldever to Sumitomo Rubber Industries, a Japanese tyre manufacturer and distributor, for £215 million. The sale generated a return equivalent to 3.7 times the original investment cost and cash proceeds to ICG Enterprise of £35.9 million at an uplift of approximately 41% to the previous valuation.

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Share price (ICGT)

8.45P (0.78%)
1:58PM 12 Aug 2022
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NAV per share

As of 30 April 2022
Full year results for the twelve months ended 31 January 2022
Year Net assets NAV per share Share price Dividends per share
Jan 2022 £1,158m 1,690p 1,200p 27p
Jan 2021 £952m 1,384p 966p 24p
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