Mutual Capital Group Finalizes Acquisition of ICC Holdings for $73.8 Million

Deal News | Mar 21, 2025 | Troutman Pepper Locke, LLP

Mutual Capital Group, Inc., the parent company of Mutual Capital Holdings, Inc. (MCH), has successfully completed an all-cash acquisition of ICC Holdings, Inc. (ICCH), which is the parent company of Illinois Casualty Company. The acquisition deal, valued approximately at $73.8 million, converts each ICCH common stock share into $23.50 in cash. The acquisition was supported through a blend of debt and equity financing and has received regulatory endorsement from insurance departments in both Illinois and Pennsylvania. The leading legal advisor for the transaction was Troutman Pepper Locke, LLP, with key roles played by attorneys Brett Pritchard and Charles Wu. The debt financing was spearheaded by Michael Harrison, and Tim Farber led efforts for regulatory compliance. The legal firm, renowned for its expertise in insurance transactions and regulatory advisory, ensures seamless compliance with stringent regulatory landscapes, facilitating corporate transactions such as mergers and acquisitions for its clients.

Sectors

  • Insurance and Reinsurance
  • Legal Services
  • Financial Services

Geography

  • United States – The acquisition involved companies and regulatory bodies based in Illinois and Pennsylvania, showing the geographical focus within the United States.
  • Illinois – Illinois is particularly relevant as the location of ICC Holdings, Inc. and the Illinois insurance department that provided regulatory approval.
  • Pennsylvania – Pennsylvania's insurance department also provided regulatory approval, underscoring its significance in the transaction.

Industry

  • Insurance and Reinsurance – The acquisition involves ICC Holdings, Inc. and Illinois Casualty Company, indicating activity in the insurance sector which often deals with regulatory approvals as seen in this transaction.
  • Legal Services – Troutman Pepper Locke is a law firm advising on the acquisition, emphasizing the role of legal expertise in facilitating corporate transactions.
  • Financial Services – The deal was financed through debt and equity, highlighting the financial mechanisms and expertise required in executing such transactions.

Financials

  • $73.8 million – Total value of the acquisition of ICC Holdings by Mutual Capital Group.
  • $23.50 – Cash received per share of ICC Holdings' common stock.

Participants

NameRoleTypeDescription
Mutual Capital Group, Inc.Bidding CompanyCompanyParent company of Mutual Capital Holdings, Inc., which acquired ICC Holdings, Inc.
ICC Holdings, Inc.Target CompanyCompanyParent company of Illinois Casualty Company, acquired by Mutual Capital Group.
Mutual Capital Holdings, Inc.Other CompanyCompanySubsidiary/parent company involved in the acquisition process.
Illinois Casualty CompanyOther CompanyCompanySubsidiary of ICC Holdings, Inc., involved in the transaction.
Troutman Pepper Locke, LLPLegal AdvisorCompanyLaw firm advising Mutual Capital Group, providing legal counsel for the acquisition.
Brett PritchardLead AdvisorPersonLed the Troutman Pepper Locke team advising Mutual Capital Group.
Charles WuLead AdvisorPersonCo-led the Troutman Pepper Locke team advising Mutual Capital Group.
Michael HarrisonDebt Financing AdvisorPersonLed the debt financing for the transaction.
Tim FarberRegulatory Approval AdvisorPersonLed the regulatory approval process.