ICG chief Eamonn Rothwell leads €1.2bn buyout bid almost 20 years after failed attempt
Eamonn Rothwell, CEO of Irish Continental Group, is leading a €1.2 billion management buyout of the ferry company with backing from BlackRock's GIP subsidiary. This move comes nearly two decades after his initial attempt to take the company private.
Why it matters
This represents a significant consolidation in the European maritime transport sector and highlights the role of private equity in corporate restructuring.
Irish Continental Group’s (ICG) chief executive Eamonn Rothwell is leading a €1.2 billion management buyout bid for the ferries group, almost 20 years after making a failed attempt to buy the business. It is being backed by a unit of US investment giant BlackRock.
Rothwell (71), who owns 21.7 per cent of the business together with other senior managers, who hold a further 2 per cent of the stock, has bid €8 a share for ICG, representing a 28 per cent premium to the closing price on Friday.
Independent members of the board, advised by investment bank PJT Partners (UK) Limited, intend to recommend the offer to shareholders, ICG said in a stock exchange announcement on Friday evening.
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