Canadian global investment group Caisse de depot et placement du Quebec (CDPQ) plans to acquire a significant stake in communications and advisory provider ICR, which is backed by Bahrain-based Investcorp.
Investcorp, the alternative asset manager which counts Mubadala Investment Company as its largest shareholder, owns a minority stake in ICR and will continue as an investor in the company, said Tarek AlMahjoub, head of United Arab Emirates and Oman for Investcorp’s Private Wealth, in a statement on Tuesday.
“ICR is a market leader in strategic communications and consulting solutions. We believe that the Caisse’s investment will add more depth to what the firm can offer and we look forward to partnering with them as they enter a new chapter of growth, ”said Mr. AlMahjoub.
La Caisse has created a $ 250 million investment fund that will be deployed over four years to increase diversity and inclusion in businesses in Quebec and Canada, according to its website.
Investcorp did not disclose the value of the transaction and said the transaction is subject to customary regulatory approvals.
The fund manager invested in ICR – the American communications and advisory services company – in 2018 for an undisclosed amount in order to focus on accelerating the company’s organic growth, identifying acquisitions complementary products and the development of the activity on a global scale.
ICR provides services in the areas of investor relations, public relations, transaction advice, environment, governance and governance and digital branding, said Investcorp.
With assets worth more than $ 37 billion under management, Investcorp seeks to double its asset base to around $ 75 billion over the next five to seven years, said the co-CEO of the company, Rishi Kapoor, The National in July.
Investcorp’s US portfolio is expected to represent around 45 to 50 percent of its assets under management during this period, he said at the time.
Founded over four decades ago, Investcorp has grown into one of the region’s leading alternative asset management companies, investing in a range of asset classes and countries. The company embarked on a wave of acquisitions during the pandemic to capitalize on lower asset valuations and is optimistic about its portfolio’s growth prospects.
Update: September 21, 2021 10:03 am