TVV Capital acquires ICB

TVV Capital has bought Pensacola, Florida-based Ian-Conrad Bergan LLC, a provider of engineered sensors, electronics and software for monitoring and gauging marine storage tanks. No financial terms were disclosed.


NASHVILLE, Tenn.–(BUSINESS WIRE)–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

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