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ICG’s North American Direct Private Equity team acquires Seaway Plastics Engineering

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NEW YORK, June 23, 2022--(BUSINESS WIRE)--ICG, the global alternative asset manager, today announced that its North American Direct Private Equity team has completed the acquisition of Seaway Plastics Engineering ("Seaway"). Seaway is a leading provider of injection-molded, engineered components and value-added services to the medical device, healthcare, specialty industrial, A&D, and other end markets in the United States.

ICG’s North American Direct Private Equity team will work with Seaway to grow the business organically, as well as through acquisition, in order to expand both its product and geographic footprint. Financial terms of the transaction have not been disclosed.

"As our North American Direct Private Equity business continues to grow, we are thrilled to partner with Seaway," said Alan Jones, Head of North American Direct Private Investments at ICG. "We are confident in the company’s exceptionally strong management team, impressive client base, and reputation for delivering high-quality manufactured products and related services, all of which position the firm for continued growth."

Seaway was founded in 1984 and has grown to become a full-service partner to over 400 customers across a range of end markets, with the majority of revenue generated by the medical device and healthcare segments. Seaway provides component manufacturing, design for manufacturing, and post-manufacturing services, with expertise in complex, low-to-mid volume production. Seaway was acquired by Tonka Bay Equity Partners in 2015, and acquired Wright Engineered Plastics in 2020 to further bolster its product capabilities and geographic reach. Seaway is headquartered in Port Richey, Florida and operates 3 facilities across California and Florida.

"We are very pleased to partner with ICG as we look to accelerate our growth," said Tom Orr, President & CEO of Seaway. "I am immensely proud of all the success Seaway has seen in its nearly 40-year history. We have enjoyed working with Tonka Bay over the past several years and look forward to partnering with ICG to further strengthen our sales coverage, product capabilities, and production capacity."

"Seaway has a truly unique value proposition within a range of attractive end markets," said Uzair Dossani, Managing Director, North American Direct Private Equity at ICG. "We look forward to working with Tom and the Seaway team to create compelling value for their clients, as well as for our investors, by investing to facilitate both organic growth and acquisitions."

Kevin Gregory, Healthcare Sector Lead, North American Direct Private Equity at ICG added, "The global medical device market is large, defensive, and growing. As device manufacturers seek high-quality outsourcing partners for complex production and related services, Seaway is particularly well-positioned to benefit."

In addition to supporting Seaway as it executes on its long-range plan, ICG will help Seaway establish a formal ESG program and management framework, including systems for reporting against set science-based targets.

Baird and Stifel served as financial advisers to ICG, and Stout served as financial adviser to Seaway Plastics Engineering. Kirkland & Ellis served as legal counsel to ICG.

About ICG

ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 30 years’ history, managing $71bn of assets and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.

We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.

ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedIn and Twitter.

About Seaway

Seaway Plastics Engineering has established high standards for excellence and quality within highly regulated industries requiring tooling, plastic injection molding and secondary operations. From prototype to higher volume production capabilities, the company is a one-stop solution for complex projects in the medical, aerospace, defense, and precision industrial industries. Seaway has 3 locations on the East and West Coast occupying 130,000 square feet and is ISO 13485 certified in all facilities to service a wide range of clients. With over 250 employees and one-third of the workforce averaging 10+ years at Seaway, the team’s experience ensures that products are completed with skill and speed for faster turnarounds and a commitment to quality.

**For institutional/professional/accredited investors only.

This document is being provided to you by the subsidiaries or affiliates of Intermediate Capital Group plc ("ICG", and together with their respective directors, officers, employees, partners, members, shareholders, advisers, and agents, as the context requires, "the ICG Parties") on a strictly confidential basis and no part may be reproduced or redistributed in any form, by any means without the prior express written consent of ICG. This document is intended only for information purposes and convenient reference and does not create any legally binding obligation on any of the ICG Parties. The ICG Parties expressly disclaim any liability for the use, misuse, or distribution of this information to unauthorized recipients.

This document: (i) is not intended as an offer or solicitation with respect to the purchase or sale of any security or financial instrument; (ii) is not to be relied upon in evaluating the merits of investing in any securities; and (iii) is provided solely as reference material for background purposes. You should be aware that investing in a fund sponsored by ICG (an "ICG Fund") involves a high degree of risk, and there can be no assurance that an ICG Fund’s investment objective will be achieved or that you will receive a return on your capital. The possibility of partial or total loss of capital from an investment in an ICG Fund will exist and you must be prepared to bear such losses. You should refrain from investing in an ICG Fund unless you fully understand all the risks involved and you independently determine that the investment is suitable for you. ICG is not your designated investment advisor.

ICG may encounter potential conflicts of interest in connection with the activities of an ICG Fund. Please see the applicable ICG Fund’s offering memorandum or any other such similar documents for additional information. A private offering of interests in an ICG Fund may only be made pursuant to the final confidential private placement memorandum for the fund and any supplements (or any other such similar documents) thereto (the "Memorandum") and the fund’s governing and subscription documents (together, the "Offering Documents"), which may be furnished to qualified investors on a confidential basis at their request for their consideration in connection with such offering. The information contained herein will be superseded by and is qualified in its entirety by reference to the Offering Documents, which contains additional information about the investment objective, terms and conditions of an investment in the fund and also contains tax information and risk and conflict of interest disclosures that are important to any investment decision regarding the fund. No person has been authorized to give any information or make any representations other than as contained in the Memorandum and, if given or made, any such information or representation must not be relied upon as having been authorized by the fund or any of the ICG Parties. A prospective investor should not invest in any fund interests unless satisfied that it (alone or together with its investment representative) has asked for and received all information that would enable the investor (or both of them) to evaluate the merits and risks of the proposed investment.

Although certain information has been obtained from, and is based upon sources that we consider reliable, none of the ICG Parties guarantee its accuracy, and it may be incomplete or condensed. All opinions, projections and estimates constitute the judgement of the ICG Parties, as of the date of the document and are subject to change without notice. The ICG Parties make no representation or warranty, express or implied as to the fairness, correctness, accuracy or completeness of this document. The ICG Parties accept no responsibility for any loss arising for any action taken or not taken by anyone using the information contained herein. This document is not to be relied upon in substitution for the exercise of independent judgment. ICG may have issued, and may in the future issue, other communications that are inconsistent with, and reach different conclusions from, the information contained herein. This document reflects the different assumptions, views and analytical methods of the analysts who prepared them and ICG is under no obligation to ensure that such communications are brought to the attention of any recipient of this document. Past performance should not be taken as an indication or guarantee regarding future performance, and no representation or warranty, express or implied is made regarding future performance. Moreover, certain information contained herein constitute "forward-looking statements," which may be identified by the use of forward-looking terminology such as "may," "will", "should," "expect," "anticipate," "target," "project," "forecast," "estimate," "intend," "continue" or "believe," or the negatives thereof or other variations thereon or comparable terminology. Any forward-looking statements or results in this presentation are based upon current assumptions, may be simplified and may depend on events outside ICG’s control. Due to various risks and uncertainties actual events or results or the actual performance of the fund may differ materially from those reflected or contemplated in such forward-looking statements. Statements herein are made as of the date hereof unless stated otherwise herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220623005095/en/

Contacts

ICG
Clare Glynn
Tel: +44 (0)20 3545 2000
clare.glynn@icgam.com

Seaway Plastics Engineering
Pete Poodiack
ppoodiack@seawayplastics.com