TVV Capital has acquired Ian-Conrad Bergan (ICB), a provider of sensors that are used to monitor marine storage tanks. This is the sixth investment made by TVV’s third and most recent fund.
Ian-Conrad Bergan is a developer, manufacturer and distributor of sensors, electronics, and software for the monitoring and gauging of marine liquid storage tanks. 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. The company staff includes in-house engineering and mechanical, electrical and software engineers focused on product development and customer support. ICB was founded in Norway in 1975 and today is based in Pensacola, FL (www.bergan-blue.com).
“The acquisition of ICB highlights TVV’s focus on acquiring niche companies with proprietary products, a strong management team and solid growth opportunities,” said Andrew 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.
TVV Capital is a lower middle-market buyout firm focused on acquiring market-leading niche companies across a range of industries. The firm targets companies with enterprise values from $10 million to $100 million, revenues from $15 million to $150 million, and EBITDA margins of 10 to 25 percent. TVV Capital was founded in 1997 and is headquartered in Nashville (www.tvvcapital.com).
Accounting services were provided to TVV Capital by Nashville-based DGLF CPAs and Business Advisors (www.dglfcpa.com). Legal advisory for TVV Capital were provided by Bass, Berry & Sims, also based in Nashville (www.bassberry.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 9-15-15
