AIM-listed private equity group CEPS has conditionally agreed to sell its subsidiary ICA Group to German-headquartered Certania Holding for a total consideration of £14 million.
The disposal values ICA at an enterprise value of £30.45 million on a debt-free, cash-free basis, representing approximately 10 times the company’s FY25 unaudited adjusted EBITDA.
CEPS will receive £12.74 million for its 100% equity stake plus £1.27 million for outstanding loan notes and interest.
ICA generated unaudited revenues of £11.53 million in the six months to 30 June 2025, with profit before tax of £760,000 and net assets of £4.21 million.
Since the initial £872,000 investment in January 2016, the disposal has generated an internal rate of return of approximately 39.8% and a money multiple of roughly 18.8 times.
CEPS said its capacity to support ICA’s growth ambitions had become inherently constrained as the subsidiary pursued larger acquisitions.
CEPS will not participate in any earn-out payment to the buyer, Certania Acquico-UK, which was established by Certania Holding management specifically for the acquisition.
Proceeds will be used to pay down CEPS’ existing external debts, totalling around £10 million, with remaining funds allocated to strategic priorities including bolt-on acquisitions in existing subsidiaries, increasing shareholdings in subsidiaries, and share buybacks.
CEPS shares were 40% higher at the time of writing.