Global alternative investment firm HIG Capital is to sell its portfolio company, ICG Group, a provider of communication infrastructure services, to SPIE Group, a European specialist in multi-technical services in the areas of energy and communications.
Following the acquisition by SPIE, which is listed on the Paris stock exchange, ICG’s management will remain in place and continue to drive the company’s future development.
The transaction is subject to clearance by antitrust authorities.
ICG Group was launched in 2021 with HIG’s platform investment in Infratech, which builds complex FTTx networks on behalf of public and private German network operators. ICG subsequently acquired comcross, a German service provider for mobile telecommunication infrastructure. The mobile communication segment was further developed through ICG’s bolt-on investments in telecommunication solutions providers Schwan and TripleA as well as telecommunication network planner DPE.
ICG currently has over 700 employees in 16 locations throughout Germany, as well as in the Netherlands and Croatia. According to a press release, ICG’s revenue quadrupled during HIG’s ownership, and the company has built more than 15,000 mobile communications sites, deployed more than 15,000 km of fibre-optic lines and connected more than 100,000 households to the fibre-optic network.
