CDPQ becomes largest investor in ICR

The Canadian investment group joins Investcorp as private equity partners in ICR, with the goal of boosting the firm's growth.

ICR CEO Tom Ryan
ICR CEO Tom Ryan

NEW YORK: Global strategic communications and advisory firm ICR has secured its largest investment from global investment group Caisse de dépôt et placement du Québec. 

CDPQ joins ICR team members and Investcorp, which became an ICR private equity partner in 2018 and will remain an investor. Financial terms of CDPQ’s investment were not disclosed. 

CDPQ's investment comes at a time when ICR is looking to continue its growth in 2021, which saw organic revenue grow 70% to almost $200 million as it hired more than 175 employees.  

ICR global revenue grew 20% in 2020 to $105 million, according to PRWeek's Agency Business Report 2021. 

In a statement, Martin Laguerre, EVP and head of private equity and capital solutions at CDPQ, said the firm “has created a remarkable value proposition for companies and their leadership teams thanks to its unique portfolio of services, high-quality network and the distinctive profile of its client-facing team members who possess deep industry and capital markets knowledge.” 

The investment will support ICR's continued growth and expansion, including accelerating the firm's core business investor communications, corporate communications, capital markets advisory and ESG.

"We've had a great opportunity to attract and hire incredible talent," said ICR CEO Tom Ryan. "We will continue to hire behind areas we've had a lot of success like industrial technologies, electric vehicles, the healthcare space, digital entertainment and other areas."  

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