Tencarva Machinery Company, Backed by Bessemer Investors, Acquires Tri-State Coating & Machine
GREENSBORO, N.C., May 30, 2024 /PRNewswire/ -- Tencarva Machinery Company ("Tencarva" or the "Company"), the Southeast's premier value-added distributor of, and service provider to, flow control and process equipment solutions to industrial and municipal end-markets, announced today that it has acquired Tri-State Coating & Machine ("Tri-State").
Tri-State, based in Salt Rock, WV, is a leading provider of specialized thermal coating services and related parts to the industrial market. Tri-State's founder, David Thompson, will retire with the transaction, and the remaining management team and employees will continue to operate the business. Tencarva is backed by Bessemer Investors, LLC ("Bessemer"), a New York-based investment firm. Financial terms of the transaction were not disclosed.
Ed Pearce, President of Tencarva, said, "Tri-State has flourished for 37 years under David's leadership, and our goal is to continue its tradition of providing high-quality specialty coatings and industrial services. Strategically located in Tencarva's footprint, Tri-State bolsters Tencarva's value-added service offerings, particularly through its unique thermal spray coating capabilities."
Tri-State offers the latest technological advances, state-of-the-art facilities, and rotating equipment repair capabilities. Its coating facilities feature technical systems and robotics to deliver coatings tailored to customer specifications, including fusion coatings, HVOF coatings, wire spray, plasma transfer arc, and metalizing.
"This acquisition adds specialized capabilities to Tencarva that enable us to better serve our customers," said Henry Ritchie, Executive Vice President at Tencarva. "Tri-State has built its reputation through word of mouth by consistently providing top-notch service and focusing on relationships. The alignment of culture and values between our two organizations makes Tri-State and Tencarva a great fit."
"This marks Tencarva's second acquisition since Bessemer's partnership with the Company in 2021, and the Company's 14th overall," added Bohdan Tyshynsky, a Vice President at Bessemer. "The team's commitment to providing best-in-class service to its customers has been the core focus of every stage of Tencarva's history. We look forward to continuing to support Tencarva's growth story."
Tencarva continues to actively seek strategic partnerships with industry-leading industrial and municipal flow control and process equipment distribution and service companies. Please contact Andrew Mendelsohn ([email protected]) or Bohdan Tyshynsky ([email protected]) to learn more.
About Tencarva Machinery Company
Tencarva was founded in Greensboro, North Carolina in 1978 with the mission of distributing and servicing 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 525 employees, including over 125 employee shareholders, across 34 locations in the Southeast and Midwest. Tencarva also goes to market under the following brands throughout the Southeast: Southern Sales, Saladin Pump & Equipment, Hudson Pump & Equipment, ESSCO Service & Sales, Fischer Process, and Uniguard Machine Guards. For more information, please visit https://www.tencarva.com.
About Tri-State Coating & Machine
Tri-State Coating and Machine is a leading provider of specialized thermal coatings services and related parts to the industrial market. When applied to machined parts, its differentiated thermal coatings create resistance to abrasion, corrosion, and wear. Offering state-of-the-art coating facilities and rotating equipment repair capabilities, Tri-State Coating & Machine prides itself on providing best-in-class service to its customers. For more information, please visit https://www.tristatecoating.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:
Caroline Luz
Lambert
203-570-6462
[email protected]
SOURCE Bessemer Investors LLC
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