Clarion Capital has made an investment in International Cybernetics (ICC), a portfolio company of Delmar Capital that operates in the testing, inspection, certification, and compliance (TICC) sector.
International Cybernetics is a provider of software-powered infrastructure testing services, specializing in pavement condition surveying, structural analysis, and consulting engineering.
ICC manufactures and operates proprietary road condition measurement systems that gather roadway and sidewalk data used by municipalities and departments of transportation for asset maintenance planning. ICC’s capabilities include laser-based pavement distress data collection and analysis, roadway asset inventorying, LiDAR data collection, and structural surveying of pavement networks.
ICC’s service offerings include ICC Profiler and Road Survey Systems, which are deployed across the U.S. and Canada to perform surface condition monitoring and compliance with federal and state-level standards.
Headquartered near Tampa in Largo, Florida, ICC was founded in 1975 and is led by CEO Michael Nieminen, who is also a partner at Delmar Capital. Post-closing, Mr. Nieminen will continue to manage the business of ICC.
Clarion’s buy of ICC represents the first acquisition by the firm in constructing a field testing, inspection, and consulting engineering services firm within the surface transportation and electrical infrastructure sectors and is a cornerstone of a broader TICC platform.
Mustafa Temiz, a former executive with TICC services providers SGS and Intertek, partnered with Clarion on the acquisition of ICC and will work with the firm on the buildout of the ICC platform. “I’m thrilled by the capabilities that ICC will add to the TICC platform and the positive momentum this acquisition demonstrates as we continue to expand the enterprise,” said Mr. Temiz.
New York City-based Clarion Capital makes control and minority equity investments in businesses with $7.5 million to $30 million of EBITDA. The firm’s private equity strategy was launched in 2000 and its structured credit strategy – which focuses on collateralized loan obligation (CLO) equity and mezzanine investments – was launched in 2018.
“Clarion is excited to begin this new partnership with International Cybernetics, a company with a nearly 50-year history,” said Eric Kogan, a partner at Clarion. “ICC’s focus on delivering timely and high quality data collection to a growing number of government agencies across the U.S. and Canada aligns perfectly with our vision for a broader TICC platform. It’s clear that ICC is more than just a service provider—it is a trusted partner to cities and states/provinces across North America. We look forward to creating long term value with the ICC team.”
Morrissey Goodale, a management consulting and research firm exclusively serving the architecture, engineering, and environmental consulting industries, was the financial advisor to ICC on this transaction. Stellus Capital Management provided financing for the transaction.
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