Le Lézard
Classified in: Mining industry, Business
Subject: VEN

Bessemer Investors Establishes Partnership with Tencarva Machinery Company, a Leading Distributor of Liquid Handling Equipment


GREENSBORO, N.C., Nov. 18, 2021 /PRNewswire/ -- Tencarva Machinery Company ("Tencarva" or the "Company"), the Southeast's premier value-added distributor of flow control and process equipment solutions and services to the industrial and municipal end-markets, and Bessemer Investors LLC ("Bessemer"), a New York-based investment firm, announced today that Bessemer has agreed to make a significant investment in Tencarva. Bessemer will partner with Tencarva's existing management team, including President Ed Pearce, who will continue leading the Company, to support the Company's growth. Financial terms of the transaction were not disclosed.

Mr. Pearce commented, "We are very pleased to have established this partnership with Bessemer and are confident that they are a great steward to retain our culture and lead our business into the future. Bessemer understands our vision and recognizes the value of our industry-leading employees, including over 100 employee equity owners in the business who will retain significant stakes going forward. We believe Bessemer's values and longer-term, more flexible capital base is the right match for our employee-owned business and will assist us in our next phase of growth."

With over 350 employees across 28 locations in the Southeast, Tencarva provides high quality flow control and process equipment solutions and services on behalf of its industry-leading original equipment manufacturer ("OEM") partners. Tencarva focuses on providing top-quality equipment and best-in-class repair and support services to both industrial and municipal end-customers.

Andrew Mendelsohn, Principal at Bessemer, said, "We are excited to partner with Tencarva and build on their 40-year history of growth, strong execution and long-term partnerships with their OEM partners. Tencarva's highly skilled salesforce of degreed engineers and repair service providers is a unique differentiator within the industry. Their business sits at the intersection of two of our key investment areas of focus: value-added distribution and flow control, and our capital base offered the Company an attractive alternative to traditional private equity."

Wells Fargo served as financial advisor to Tencarva, while Schell Bray served as legal counsel. William Blair served as financial advisor to Bessemer Investors and Akin Gump Strauss Hauer & Feld LLP served as legal counsel. Barings is leading the debt financing for the transaction.

The transaction is expected to close prior to year-end 2021.

About Tencarva Machinery Company
Tencarva was founded in Greensboro, North Carolina in 1978 with the mission of providing pumps and associated liquid handling equipment to industrial customers. Tencarva has increased its capabilities, added new suppliers, expanded geographies and enhanced its product portfolio, entering the municipal market in 2006. Today, Tencarva employs over 350 employees, including over 100 employee shareholders, across 28 locations in the Southeast. Tencarva also goes to market under the following brands throughout the Southeast: Southern Sales, Saladin Pump & Equipment, Hudson Pump & Equipment, ESSCO Service & Sales, and Uniguard Machine Guards. For more information, please visit https://tencarva.com.

About Bessemer Investors
Bessemer Investors is a New York-based investment firm focused on partnering with middle market businesses to support growth and enhance value creation. Bessemer differentiates itself by combining a long-term, flexible capital base with a team of experienced private equity professionals. This approach offers unique solutions to Bessemer's partners and the flexibility to maximize long-term value. For further information, please visit https://www.bessemerinvestors.com.

Contact:
Joanne Lessner
Lambert & Co.
212-222-7436
jlessner@lambert.com

 

SOURCE Bessemer Investors LLC


These press releases may also interest you

at 03:00
Powerbridge Technologies Co., Ltd. ("Powerbridge" or the "Company"), a SaaS solutions and Blockchain applications provider, today announced that it has received a notification letter (the "Notification Letter") from the Nasdaq Stock Market LLC (the...

at 02:00
From the 18th to midnight (UTC+8) on the 25th of January, investors depositing Inflation Hedging Coin (IHC) tokens on the X-Meta Exchange (x-meta.com) will be eligible for an exclusive reward of 5% of the total amount of IHC tokens they deposit. The...

15 jan 2022
Beyond Protocol, the distributed ledger technology platform, is proud to announce that its native token, $BP, will be listed on Gate.io starting Sunday. Gate.io is one of the top 10 crypto exchanges in the world. "Beyond Protocol is excited to...

15 jan 2022
WHAT: HairClub, with our Miami Heat partner, is donating a once-in-a-lifetime all-inclusive suite night and 200 tickets to a deserving selection of community-driven centers and organizations around South Florida. WHO/WHEN: As part of HairClub's...

15 jan 2022
The Casino Association of New Jersey (CANJ) announced today that Atlantic City saw a year of modest growth amid the ongoing COVID-19 pandemic, according to the December 2021 Division of Gaming Enforcement (DGE) gaming revenue results report....

15 jan 2022
In the news release, Color Street Foundation Pledges $1M to March of Dimes to Improve Maternal and Infant Health, issued 11-Jan-2022 by Color Street over PR Newswire, we are advised by the company that the "Color Street Foundation" hyperlink in...



News published on 18 november 2021 at 07:00 and distributed by: