MANAMA: Bahrain-based Arcapita, a Sharia-compliant investment manager, has acquired US-based Icon, a signage and interior solutions provider, through its portfolio company MC Group.

Financial terms of the transaction were not disclosed.

This transaction marks MC Group’s third strategic acquisition over the past 24 months, following the acquisition of Integra in December 2017, and Coastal Signs in January 2019.

These acquisitions have broadened MC Group’s services, expanded its clientele, and positioned it as the market leader in the US signage industry.

Arcapita chief investment officer Martin Tan said: “Following two years of strong organic growth and successful acquisitions, MC Group’s EBITDA has more than doubled, positioning the company as the largest provider of signage services in the US. This growth is a testament to the significant potential of MC and the strength of its management team. We will continue to support MC Group and are committed to working alongside the MC team to capture future growth opportunities.”

Icon has nearly a century of operating history, a veteran management team and an attractive blue-chip client base.

MC Group chief executive Tim Eippert said it is a strategic combination of two of the largest players in the industry.

“Both MC Group and Icon have strong signage businesses at their core with complementary service offerings.

We can capitalise on this through offering MC’s fast-growing energy services to Icon’s customers, and Icon’s interior, remodel and refresh services to our clients. It’s a big win for our combined customer base.”

MC Group’s headquarters in Ohio will serve as the new corporate headquarters for the combined organisation while Icon’s headquarters in Illinois will be retained as a secondary base of operations. The combined company will continue to operate under both brand names in the near term with plans to consolidate under one name in the future.

Mr Eippert will serve as CEO, supported by Kurt Ripkey as president/chief revenue officer and Dave Walters as president/chief operating officer.

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