Ropes & Gray has advised Intermediate Capital Group (ICG), on its sale and reinvestment – alongside Hg and Leonard Green – into IRIS Software Group (IRIS), a leading global provider of mission-critical software and services in accountancy, payroll, HR and education.
As part of the deal, Leonard Green & Partners will take a co-controlling stake alongside Hg which will remain invested in the business. ICG will remain as a minority investor in the business.
The investment represents one of Europe’s largest software buyouts for 2023, valuing IRIS at an Enterprise Value of around £3.15 billion. The Ropes & Gray team was led by private equity transactions partner Helen Croke, with associates Nick Matthew and Will Allen. Other members of the team included finance partner Alex Robb and associate Jacob Bennett; and tax partner Chris Agnoli.
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