Irish Continental Group ICG acquired by Management & Private Investors

Bluefin Bidco Limited, the management buyout vehicle controlled by Irish Continental Group’s senior executives, finalized the acquisition of ICG at an enterprise value of €1–10bn, implying an EV/EBITDA multiple of 5x–12x. Funding is structured through €455 million of preferred equity contributed by BlackRock’s Global Infrastructure Partners and €798 million of senior secured debt arranged by BNP Paribas and Banco Santander, complemented by a €90 million cash outflow from the management team for one‑third of their existing stake, the balance being rolled into the new vehicle. The senior debt is senior‑secured, amortised over a ten‑year horizon and covenanted against the cash‑flow profile of ICG’s ferry and LoLo freight businesses; the preferred equity is non‑voting, participating capital that sits junior to senior debt but senior to common equity, granting GIP a preferred return while preserving management control. The deal is slated for completion in Q4 2026, subject to shareholder approval, antitrust clearance in the United Kingdom and the European Union, and sanction by the Irish High Court under a scheme of arrangement. Advisors to the bidder and management consortium are Arthur Cox and Goodbody Stockbrokers. The offer represents a 28 % premium to the closing price on 24 July 2026 and a 34.8 % premium to the twelve‑month volume‑weighted average price, and will result in the delisting of ICG from Euronext Dublin and the London Stock Exchange. Strategically, the management consortium argues that public‑market pricing does not fully reflect the regulated‑infrastructure nature of ICG’s assets and that private ownership will eliminate the quarterly earnings reporting constraint, thereby facilitating long‑duration capital investment in the fleet. BlackRock’s preferred equity provides a meaningful economic interest without conferring governance control, positioning the investor for a potential recapitalisation or partial exit within a three‑to‑five‑year horizon tied to the next fleet renewal cycle. At the operating level, ICG reported FY2025 revenue of €450–900M, an EBITDA of €100–200M, and an EBITDA margin of [members only]%, reflecting modest passenger‑volume pressure offset by stronger freight volumes and a 10.4 % revenue growth year‑on‑year.