24 October 2025
ICG Enterprise Trust announces realisation of Froneri, its largest portfolio company
ICG Enterprise Trust (「ICGT」) is pleased to announce the realisation of Froneri. ICGT initially invested alongside PAI Partners in 2013 and reinvested in 2019. The investment in Froneri has delivered a strong return to ICGT, and cash proceeds from this realisation of €41 million have been received.
Froneri is a manufacturer and distributor of ice cream products and was ICGT’s largest company exposure at 31 July 2025, representing 2.7% of the Portfolio.
At 31 July 2025, ICGT had Total Available Liquidity of £187 million and a gearing ratio of 5%. Pro forma for this announcement, ICGT would have Total Available Liquidity of £223 million and a gearing ratio of 3%.
Enquiries
| Analyst / Investor enquiries: | |
| Martin Li, Shareholder Relations, ICG | +44 (0) 20 3545 1816 |
| Nathan Brown, Deutsche Numis | +44 (0) 20 7260 1426 |
| David Harris, Cadarn Capital | +44 (0) 20 7019 9042 |
| Media: | |
| Clare Glynn, Corporate Communications, ICG | +44 (0) 20 3545 1395 |
| Website: | |
| www.icg-enterprise.co.uk |
About ICG Enterprise Trust
ICG Enterprise Trust is a leading listed private equity investor focused on creating long-term compounding growth by delivering consistently strong returns through selectively investing in profitable, cash-generative private companies, primarily in Europe and the US.
We invest in companies directly as well as through funds managed by ICG and other leading managers who focus on creating long-term value and building sustainable growth through active management and strategic change.
We have a long track record of delivering strong returns through a flexible mandate and highly selective approach that strikes the right balance between concentration and diversification, risk and reward.
Disclaimer
This report may contain forward looking statements. These written materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended, or an exemption therefrom. The issuer has not and does not intend to register any securities under the US Securities Act of 1933, as amended, and does not intend to offer any securities to the public in the United States. No money, securities or other consideration from any person inside the United States is being solicited and, if sent in response to the information contained in these written materials, will not be accepted.
