iCOM

We’re pleased to have acted as lead Corporate Finance advisers to the shareholders of iCOM Reward Works Limited, a leading UK provider of employee benefits and rewards, on its sale to Terryberry, a US-based business.

iCOM, established in 1990 and based in Cardiff, provides integrated rewards and benefits platforms for large private sector companies such as Brains, Allianz and Greene King, alongside a large number of public sector customers from local authorities, the NHS and blue light services.

Terryberry, based in Michigan and with 30 offices through the US and UK, is a leading employee recognition business and is backed by Tenex Capital following its investment in 2019.

Our Corporate Finance team led by Director Thomas Edwards managed interactions with all the potential acquirers, negotiated terms and steered the process through to a successful completion. Terryberry surfaced as the favoured acquirer for the business and provides a home for the iCOM business to grow. iCOM’s management team, Dave Baker and Don Reed, will stay with the business following completion.

Thomas Edwards, Director at FRP Corporate Finance, said: “We are delighted to have advised Dave and Don on this deal, which is the second transaction we have worked on with them following the sale of iCOM Print Works earlier in 2019. They have built an exceptional business that attracted significant attention – the cultural and strategic fit with Terryberry was visible from the initial conversations and we look forward to seeing the combined business grow in the future.”

Dave Baker, Managing Director at iCOM, said: “As founder of the company, you want to find the best fit for your business and the best partners to work with to make the deal happen. We are very happy that we found both in the shape of Terryberry as our new owners. The Cardiff team worked very hard with great tenacity and creativity on our behalf to deliver a great outcome for all stakeholders.”