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Mutual Capital Group Acquires ICC Holdings for $73.8 Million in Cash

  • June 10, 2024

Mutual Capital Group - ICC Holdings Merger

Mutual Capital Group, Inc. entered into a definitive merger agreement on June 8, 2024, to acquire ICC Holdings, Inc. (ICCH) in an all-cash deal valued at $73.8 million.

Deal Structure:

Under the terms of the agreement, Mutual Capital Group will acquire all outstanding ICC shares for $23.50 in cash, representing a premium of 46.88% from the stock’s last close.

Company Profile:

ICC Holdings is a specialty insurance carrier for the food and beverage industry, operating in 13 states through its subsidiary Illinois Casualty Company and marketing via 184 independent agents, with additional subsidiaries including ICC Realty, Beverage Insurance Agency, Estrella Innovative Solutions, and Southern Hospitality Education.

Mutual Capital Group is a company serving the mutual insurance industry. It is the parent company of different insurance providers like Mutual Capital Holdings, Mutual Capital Analytics, Mutual Capital Investment Fund, and Mutual Capital Services.

Deal Details and Timeline:

After the deal is closed, which is expected in the fourth quarter of 2024, ICC will continue to operate as an independent subsidiary of MCG.

ICC Holdings’s current Price/Book (TTM) ratio is 0.69, below the sector median of 1.11.

Deal Metrics:

To delve into more specific details of the above M&A transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of ICC Holdings, Inc. (ICCH) by Mutual Capital Group, Inc.

The Deal Metrics page for each merger or acquisition includes:

  • A spread history chart of the merger from announcement through eventual completion or failure.
  • Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
  • News and SEC filings.
  • A history of deal updates.
  • And a whole lot more.

Disclaimer: This article is meant to inform and should not be used as a basis for investment decisions. Please conduct thorough personal research before trading any securities mentioned herein. We do not guarantee the comprehensive accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article