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Spheros

Deutsche Beteiligungs sold Spheros, the bus climate systems manufacturer, to a trade buyer after a four year holding period.

2.5x
Multiple of original cost
Global market leader in development and manufacturer of air conditioning and heating systems for buses.
Key stats
ICG Enterprise exit value £8.9m
Uplift to carrying value 12%
Underlying manager DBAG
Date realised December 2015
Portfolio High conviction

ICG Enterprise invested in Spheros Group (“Spheros”) in December 2011 both through its commitment to Deutsche Beteiligungs AG Fund V (“the Fund”) as well as in a co-investment alongside the Fund. ICG Enterprise was one of only two co-investors in the deal.

Spheros is a global market leader in the development and manufacture of air conditioning and heating systems for buses. Headquartered in Germany, the company has six production sites on three continents serving both mature Western markets as well as emerging economies where strong growth is underpinned by population growth and the trend towards urbanisation.

Deutsche Beteiligungs (“DBAG”) has a long and successful track record of investing in automotive supply businesses, including Preh in which ICG Enterprise also co-invested in 2004.

At the time of acquisition, in a secondary buyout, Spheros employed 700 people and generated revenues of €185 million. Over the four years of ownership by Deutsche Beteiligungs the number of employees increased to 1,045 and revenues grew to €245 million. This was achieved by investing in the company’s capabilities in electronics and by acquiring a similar company in the US.

In December 2015 DBAG agreed to sell Spheros to Valeo, a listed automotive supplier in France achieving a return of 2.5 times original cost, equivalent to an annualised return of 26%. ICG Enterprise received the majority of the sales proceeds of £8.9m in April 2016.

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Share price (ICGT)

834p
0.00P (0.00%)
2:36AM 21 Oct 2020
The share price information is delayed by at least 15 minutes

Net Asset Value

1,127p
As of 31 July 2020
Next update: January 2021 – Q3 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