ICV Closes at $585 Million

ICV Partners has held a final closing of ICV Partners IV LP (Fund IV) with $585 million of committed capital. With this closing, ICV now has more than $1.3 billion of assets under management.

Limited partners in Fund IV include endowments, foundations, state pension plans, family offices, gatekeepers, insurance companies and fund of funds. ICV’s earlier fund, ICV Partners III LP, closed in May 2014 with $400 million of committed capital.

“We are grateful for the immense support we’ve had from existing limited partners, many of whom have increased their commitment in Fund IV,” said Willie Woods, President of ICV Partners. “We are excited by the enthusiasm for our 20-year, value-oriented approach to the lower middle market and we look forward to building on our success in Fund IV.”

ICV invests in family-owned and closely-held businesses as well as corporate divestitures that have revenues from $25 million to $250 million and EBITDAs from $5 million to $30 million. Sectors of interest include manufacturing, consumer goods and services, business services, food and beverage, commercial services, and healthcare. ICV was founded in 1998 and has offices in New York and Atlanta (www.icvpartners.com).

Fund IV has made one portfolio company investment with the buy of Outpatient Imaging Affiliates (OIA) in March 2018. The company develops, markets and operates outpatient imaging centers (PET, CT, MRI, X-ray, and other types) both singularly and through joint ventures with health systems, academic medical centers, and radiology groups. OIA has over 30 locations in the Southeast, Mid-Atlantic and Midwest and is headquartered near Nashville in Franklin, TN (www.oiarad.com).

Acalyx Advisors (www.acalyx.com) was the placement agent for this fundraise and Willkie Farr & Gallagher (www.willkie.com) provided legal services.

© 2018 Private Equity Professional | July 24, 2018

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