Private equity firm Foresight has sold its stake in print services business ICA Digital to a trade buyer, realising a 2.4x return for investors.
The business has been bought by ASL Group, which operates in the same sector.
Foresight originally invested £2 million in 2014 to fund the management buyout of ICA Digital, which is based in Horley. During the course of the investment, Foresight supported the management to execute a focused sales strategy, in particular developing high-margin contracted service revenues.
The sale of ICA Digital is Foresight’s first exit in 2018.
Chris Wardle, Investment Manager of Foresight, said: “We have enjoyed working with Simon and management over the past few years, and are proud of the progress ICA has made in differentiating itself, while retaining a focus on the customer. This marks another great exit for Foresight, after a run of profitable realisations in 2017.”
Simon Whapshott, Managing Director of ICA Digital, added: “Foresight has been a really supportive partner since investment, and have helped us successfully grow the value in the business, evidenced by this successful sale. The team and I are excited to be working with the ASL team going forward, and to see the potential of ICA grow further.”