ICG flags value uplift from PAI Roompot transaction

ICG Enterprise Trust announced on Monday that PAI Partners has agreed to sell Roompot, an operator and developer of holiday parks in Northern Europe, to KKR.

The FTSE 250 firm said the financial terms of the transaction were not being disclosed.

It originally invested in Roompot in 2016, alongside private equity manager and its existing partner PAI Partners.

The board said ICG invested in Roompot both through its commitment to the PAI VI fund, and through a co-investment alongside the fund.

Roompot is its sixth largest investment, representing 2.1% of its portfolio as at 30 April.

“The agreed sale of Roompot will result in a significant uplift to the value of the company’s holding in the business,” the board said in its statement.

“Based on the expected net proceeds from the transaction, the company estimates the uplift would be equivalent to an increase in the net assets of the company of 1.3%, or 14p per share.”

The transaction remained subject to customary closing conditions, with proceeds expected to be received in the third quarter of the calendar year, ICG said.

At 1017 BST, shares in ICG Enterprise Trust were up 1.42% at 780.95p.