Prior notification of a concentration (Case M.12027 – ICG / CAPITON / DEC) – Candidate case for simplified procedure
Date: 2025-07-03
Institutions: Directorate-General for Competition, European Commission
Subjects: business management, chemical industry, economic concentration, industrial manufacturing, investment company, merger control, pharmaceutical industry, production technique








C_202503665EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/3665


3.7.2025






Prior notification of a concentration
(Case M.12027 – ICG / CAPITON / DEC)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2025/3665)


1.   
On 23 June 2025, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


Intermediate Capital Group plc (‘ICG’, United Kingdom),










—


Capiton AG (‘Capiton’, Germany),










—


Dec Group (‘Dec’, Switzerland), controlled by Capiton.




ICG and Capiton will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Dec.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


ICG is a global alternative asset manager active in structured and private equity, private debt, real assets, and credit based in the UK with presence in Europe, Asia Pacific and the US.










—


Capiton is an investment firm headquartered in Berlin, focusing on investments in small and medium sized enterprises in Germany, Austria and Switzerland by means of management buy-outs and expansion financing.










—


Dec provides integrated process solutions for a range of industries, with a particular emphasis on the chemical and pharmaceutical sectors.






3.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


4.   
The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.12027 – ICG / CAPITON / DEC
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2025/3665/oj
ISSN 1977-091X (electronic edition)