M&A · Financials · Fire, Marine & Casualty Insurance
Mutual Capital Holdings, Inc. to acquire ICC Holdings, Inc.
Announced Jun 8, 2024 · Closed Mar 13, 2025
Deal value$74M
Premium48.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$23.50 per share
Transaction
- Acquirer
- Mutual Capital Holdings, Inc.
- Target
- ICC Holdings, Inc. (ICCH)
- Buyer type
- Strategic
- Offer price per share
- $23.50
- Enterprise value
- —
- Status
- Closed Mar 13, 2025
Deal protections
- Break fee (target pays)
- $2.5M · 3.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Griffin Financial Group
- To the target
- Not disclosed
Sector context · Financials
- Comparable deals
- 56 in the prior 24 months
- Premium
- 48.0% vs. 33.5% sector median
- EV / Adj. EBITDA
- Sector median 15.6x
- Break fee
- 3.4% vs. 3.0% sector median
Timeline
- AnnouncedJun 8, 2024
- Proxy filedOct 16, 2024
- Definitive proxyOct 28, 2024
- Shareholder voteNov 26, 2024
- ClosedMar 13, 2025
Valuation · fairness opinions
Trading comparables$15.22$24.10
Future share price$13.92$22.00
Future share price$15.42$23.46
Offer $23.50
Implied value per ICC Holdings, Inc. share by analysis · DCF discount rate 14.5%–16.5%.