INDUSTRY: Event photography services
Friend Skoler's investment in Iconic Group ("Iconic") is an example of how FSC deployed an acquisition strategy with private equity and management partners to successfully consolidate the fragmented photographic services industry to create a market leading company. In 2007, FSC partnered with Raymond James Capital and the selling shareholders of Bob Knight Photomarketing Inc. to create Iconic. During the subsequent six year period, Iconic completed 18 acquisitions to build a business with leadership positions in graduation, endurance race, and mall based photography.
FSC and its partners recruited new senior management, established a corporate office, and assisted with acquisition strategies, diligence, and execution. FSC and its partners also supported substantial technology and infrastructure investments in the business to allow for the development and execution of best practices across all business units and a geographic footprint that includes North America and Europe. Iconic today services 3,000+ event sponsors and organizers and photographs more than 5 million event participants attending 5,000 distinct events annually.
During FSC's ownership, Iconic's revenues almost tripled. In 2018 Iconic Group was sold to a private equity investor group, resulting in a cumulative 3.0x cash on cash return for FSC.
Iconic Revenues
Growth = 3x