TVV Capital, an operationally-focused private equity firm, has acquired Pensacola-based Ian-Conrad Bergan (ICB), a provider of engineered sensors, electronics and software for monitoring and gauging marine storage tanks.
Terms of the transaction have not been 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,” says Andrew W Byrd (pictured), 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 pressurised 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.
