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Quirónsalud, the leading private healthcare operator in Spain, was sold by CVC in February 2017 generating proceeds for ICG Enterprise of £5.9 million.

The leading private healthcare operator in Spain.
Key stats
ICG Enterprise exit value £5.9m
Uplift to carrying value 65%
Underlying manager CVC Capital
Date realised February 2017
Portfolio High conviction (secondary ) and third party funds

Quirónsalud is the leading private healthcare operator in Spain, with a nationwide portfolio of 84 hospitals and medical centres and a total staff of 35,000. ICG Enterprise invested in the business in March 2011 through its commitment to CVC European Equity Partners V.

Growth in healthcare expenditure is expected to continue to be fuelled by favourable trends such as a growing, ageing population. With well-invested hospitals in key regional markets, as well as better efficiency ratings and service levels than publicly funded facilities, Quirónsalud had demonstrated strong performance being well positioned to win new public auctions and to continue to consolidate the industry through acquisitions. Further, CVC had previously invested in the business between 1998 and 2005, and expected the company to benefit from regulatory changes implemented in the Madrid region in December 2010.

In 2014, Quirónsalud acquired Grupo Hospitalario Quirón, the leading private hospital in Spain focused on the insurance funded and self-pay segments of the market. As a result of the transaction, Quirónsalud became the clear leader in the Spanish hospital sector and the company continued to execute smaller add-ons to reinforce its private business in targeted regions.

In February 2017, Quirónsalud was sold to Fresenius Helios, Europe’s largest private hospital operator. The sale generated a return of 4.4 times the original investment cost, equivalent to an annualised return of 34%. The cash proceeds to ICG Enterprise of £5.9 million represented an uplift of approximately 65% to the July 2016 valuation.

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Share price (ICGT)

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Net Asset Value

As of 31 July 2021
Next update: Q3 results for quarter ended 31 October 2021
Year Net assets NAV per share Share price Dividends per share
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