Bessemer Investors buys stake in Tencarva Machinery
New York-based investment firm Bessemer Investors has agreed to make a "significant investment" in Tencarva Machinery Company.
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Bessemer will partner with Tencarva’s existing management team, including president Ed Pearce, who will continue leading the value-added distributor of flow control and process equipment solutions and services to the industrial and municipal end-markets. Financial terms of the transaction were not disclosed.
“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," Pearce said. "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.”
Tencarva operates 28 locations in the Southeast from its headquarters in Greensboro, North Carolina.
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.”
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