REG-ICG Enterprise Trust announces realisation of Froneri

ICG Enterprise TrustAnnouncement

24/10/2025 07:02

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24 October 2025

ICG Enterprise Trust announces realisation of Froneri, its largest portfolio
company

ICG Enterprise Trust (“ICGT”) is pleased to announce the realisation of
Froneri. ICGT initially invested alongside PAI Partners in 2013 and reinvested
in 2019. The investment in Froneri has delivered a strong return to ICGT, and
cash proceeds from this realisation of €41 million have been received.

Froneri is a manufacturer and distributor of ice cream products and was
ICGT’s largest company exposure at 31 July 2025, representing 2.7% of the
Portfolio.

At 31 July 2025, ICGT had Total Available Liquidity of £187 million and a
gearing ratio of 5%. Pro forma for this announcement, ICGT would have Total
Available Liquidity of £223 million and a gearing ratio of 3%.

Enquiries

 Analyst / Investor enquiries:                                     
 Martin Li, Shareholder Relations, ICG       +44 (0) 20 3545 1816  
 Nathan Brown, Deutsche Numis                +44 (0) 20 7260 1426  
 David Harris, Cadarn Capital                +44 (0) 20 7019 9042  
                                                                   
 Media:                                                            
 Clare Glynn, Corporate Communications, ICG  +44 (0) 20 3545 1395  
                                                                   
 Website:                                                          
 www.icg-enterprise.co.uk                                          

About ICG Enterprise Trust

ICG Enterprise Trust is a leading listed private equity investor focused on
creating long-term compounding growth by delivering consistently strong
returns through selectively investing in profitable, cash-generative private
companies, primarily in Europe and the US.

We invest in companies directly as well as through funds managed by ICG and
other leading managers who focus on creating long-term value and building
sustainable growth through active management and strategic change.

We have a long track record of delivering strong returns through a flexible
mandate and highly selective approach that strikes the right balance between
concentration and diversification, risk and reward.

Disclaimer

This report may contain forward looking statements. These written materials
are not an offer of securities for sale in the United States. Securities may
not be offered or sold in the United States absent registration under the US
Securities Act of 1933, as amended, or an exemption therefrom. The issuer has
not and does not intend to register any securities under the US Securities Act
of 1933, as amended, and does not intend to offer any securities to the public
in the United States. No money, securities or other consideration from any
person inside the United States is being solicited and, if sent in response to
the information contained in these written materials, will not be accepted