MANAMA, Bahrain, 23 September 2019 – Arcapita, a global leader in Shari’ah-compliant alternative investments, announced today that its portfolio company, MC Group, has acquired Icon, a leading provider of signage and interior solutions in the United States. With nearly a century of operating history, a veteran management team, and an attractive blue-chip client base, Icon has the potential to significantly bolster MC Group’s leading position within the signage space and expand its product offering.
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.
Martin Tan, Arcapita’s Chief Investment Officer, 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.”
Tim Eippert, MC Group’s Chief Executive Officer, said: “This has been an exciting process as we are strategically combining two of the largest players in our industry. Both MC Group and Icon have strong signage businesses at their core with complementary service offerings. We can capitalize 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 organization 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.