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ICR secures significant investment from CDPQ

ICR, a specialist in strategic communications and advisory services, has secured a significant investment from Caisse de dépôt et placement du Québec (CDPQ), a global investment group. 

CDPQ joins with ICR team members and Investcorp, a leading global provider and manager of alternative investment products, which remains an investor in ICR.
CDPQ’s investment will support ICR’s continued growth, including expansion of existing services and entry into new sectors and markets. ICR, which has recorded double-digit compounded growth since its founding in 1998, expects firmwide total revenue to grow organically in excess of 70 per cent to almost USD200 million in 2021. The firm’s growth, demonstrated by the hiring of more than 175 new team members in 2021, has been fuelled by increased activity in all areas, including its core investor relations and public relations practices, as well as its capital markets advisory, corporate governance/ESG and digital branding groups. 
Tom Ryan and Don Duffy, CEO and President of ICR, respectively, says: “We are pleased to partner with CDPQ and their team while continuing to leverage our existing relationship with Investcorp. Our fundamental focus as a firm is to continue driving growth, which serves as a powerful engine for our team members, creating new learning opportunities, increased responsibility and seniority, expanded knowledge and category expertise, and accelerated professional development. Ultimately, ICR’s history demonstrates that investing in people creates significant value while delivering exceptional service and results for our clients. We look forward to continuing that tradition as CDPQ joins Investcorp as a strategic partner.”

Founded in 1998 by a team of former Wall Street analysts, including Mr. Ryan, ICR has been one of the fastest growing agencies in the world over the past 20 years, establishing itself as a leading advisor to companies in need of communications and advisory support. Based on its unique industry-focused model, ICR provides fully-integrated services across investor relations, public relations, transaction advisory, governance/ESG and digital branding.
“ICR has created a remarkable value proposition for companies and their leadership teams thanks to its unique portfolio of services, high‑quality network and the distinctive profile of its client-facing team members who possess deep industry and capital markets knowledge. This provides ICR a unique advantage to align strategic communications and transaction advisory among all stakeholders,” says Martin Laguerre, Executive Vice-President and Head of Private Equity and Capital Solutions at CDPQ. “CDPQ is excited to join forces with Investcorp and ICR’s team to further propel the Company’s growth.”
Investcorp invested in ICR in 2018 to focus on accelerating the Company’s organic growth, identifying complementary acquisitions, and expanding the business globally. 
“ICR is a proven market leader, well known for its differentiated coupling of capital markets and communications professionals to help effectively deliver on its clients’ goals of building and protecting their equity and brand value,” says David Tayeh, Head of Private Equity – North America at Investcorp. “We look forward to our continued partnership with ICR – and working alongside CDPQ – as we further expand the business to meet the growing needs of current and prospective clients.”
Jefferies LLC served as lead financial advisor, while William Blair also served as financial advisor for Investcorp and ICR. White & Case acted as company counsel. Credit Suisse served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel for CDPQ.

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