Leading Solutions Provider for Monitoring Liquid Cargo Vessels
Expands TVV Investment Portfolio
TVV Capital, an operationally-focused private equity firm, announced
today that it acquired Pensacola-based Ian-Conrad Bergan, LLC (ICB), a
leading provider of engineered sensors, electronics and software for
monitoring and gauging marine storage tanks. Terms of the transaction
were not disclosed. The acquisition of ICB is the sixth investment for
TVV Capital’s latest fund, TVV III.
“The acquisition of ICB highlights TVV’s focus on acquiring niche
companies with proprietary products, a strong management team and solid
growth opportunities,” stated Andrew W. Byrd, President of TVV Capital.
“ICB’s products and solutions enjoy a strong market share for inland
tank barge sensors and coast-hugging articulated tug-barges. Their
operations include a full complement of design, manufacturing and
marketing of sensors for domestic liquid cargo vessels. We expect demand
to grow for ICB’s products as companies and regulators focus on the safe
operations of domestic liquid cargo vessels and protecting the fragile
environment of inland and coastal waterways.”
ICB’s operations include in-house engineering staff including
mechanical, electrical and software engineers focused on product
development and customer support. The Company’s comprehensive monitoring
solutions for a wide range of marine liquid storage tanks provides them
with significant competitive advantages. ICB’s sensors are usable with
virtually any liquid; including water, fuel, petroleum products and
other liquid chemicals. They can also handle pressurized liquids like
liquid natural gas and high-temperature liquids such as asphalt.
Monitoring products range from simple visual gauges to radar and
magnetic level sensors.
Legal advisors for TVV Capital were Bass, Berry & Sims PLC of Nashville,
TN. Accounting services were provided by DGLF CPAs and Business Advisors
of Nashville, TN.
About Ian-Conrad Bergan, LLC
Founded in Norway in 1975, Ian-Conrad Bergan, LLC (ICB) is a leading
product developer, manufacturer and distributor of engineered sensors,
electronics, and software for the monitoring and gauging of marine
liquid storage tanks. ICB is known for providing expert knowledge in the
monitoring equipment market for domestic liquid cargo vessels. More
information about Ian-Conrad Bergan, LLC is available at https://bergan-blue.com/.
About TVV Capital
TVV Capital (Nashville, TN) is an operationally-focused private equity
investment firm that targets high performing niche manufacturing
companies in the lower middle-market. The firm seeks to accelerate
portfolio growth and expansion through an operational value-added
approach, utilizing senior manufacturing executives to forge close
working partnerships with portfolio company leadership. TVV employs a
direct-to-owner acquisition sourcing model that targets companies with
enterprise values from $10 to $100 million, EBITDA margins of 10 to 25
percent and which are characterized by consistent profitability, strong
management, and identifiable growth prospects. The firm is managed by an
experienced team that has established a 17+ year track record
of delivering best-in-class investment returns. For further information,
please visit www.tvvcapital.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150914006085/en/
Copyright Business Wire 2015
Source: Business Wire
(September 14, 2015 - 12:55 PM EDT)
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