Icv Sells Hilsinger - Black Enterprise
Black Enterprise Magazine September/October 2018 Issue

Three years after acquiring Hilsinger Holdings, a leading provider of optical and ophthalmic products, ICV Capital Partners (No. 4 on the BE PRIVATE EQUITY FIRMS list with $400 million in capital under management) and Palladium Equity Partners sold Hilsinger to PNC Equity Partners for more than $100 million, attaining an annualized rate of return greater than 30%. ICV is a private investment firm that focuses on growing middle-market companies through acquisition.

“It is the fourth company that we’ve sold, and it is a huge transaction,” says Tarrus Richardson, managing director and co-founder of ICV, who sponsored and brokered the deal.

The investment capital came from ICV’s first fund, now closed, which holds $130 million. ICV aligned with Palladium, the country’s largest Hispanic private investment firm, and the two companies obtained a controlling interest in Plainville, Massachusetts-based Hilsinger. ICV and Palladium invested $30 million in Hilsinger for control of approximately 80% of the company, and management retained a 20% stake.

In 2004, with funding from American Capital Strategies, ICV purchased MSI Inc., Leader Sports, and Quality Accessories—three smaller acquisitions that helped increase Hilsinger’s 2006 net sales to $60 million, a 36% increase since 2003.

In September, ICV formed Entertainment Cruises Inc. to purchase Spirit Cruises, Odyssey Cruises, Mystic Blue, and Sea Dog in a deal valued at more than $100 million. It is now the leading dinner cruise company in the country with $85 million in sales. ICV invested approximately $50 million of equity from ICV II, a $313 million second fund raised in 2006. The transaction was financed with a $61 million senior debt facility from Chicago-based Madison Capital Funding L.L.C.

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Marcia Wade Talbert

Marcia is a multimedia content producer focusing on technology at Black Enterprise Magazine. In this capacity she writes and assigns stories to educate readers about social media; digital integration; gadgets, apps, and software for business and professional development; minority tech startups; and careers in STEM (Science, Technology, Engineering, and Mathematics). In 2012, she received two Salute to Excellence Awards from the National Association of Black Journalists and was recognized by Blacks in Technology (BiT) as one of the Top 10 Black achievers in the tech arena for 2011 at SXSW in Austin, Texas. She has spoken about technology on panels for New York Social Media Week, at The 2012 Rainbow/PUSH Wall Street Summit, as well as at Black Enterprise’s Entrepreneurs Conference and Women of Power Summit. In 2011, SocialWayne.com chose her as one of 28 People of Color Impacting the Social Web, and through crowdsourcing she was listed as one of BlackWeb2.0's/HP's 50 Most Notable African American Tastemakers in Social Media and Technology for 2010. Since taking on the role of Tech editor in September 2010, she has conceived and produced five cover stories on Technology and/or STEM and countless articles, videos, and slideshows online. Before joining BlackEnterprise.com as an interactive general assignment reporter in 2008, she freelanced with Black Enterprise beginning in 2003 while working as the technical editor at Prepared Foods magazine. There she further honed her writing skills and became an authority on food ingredients, including ingredients used in food fortification and enrichment. Meanwhile, her freelancing with Black Enterprise and BlackEnterprise.com helped her stay current on issues pertaining to the financial and business welfare of African Americans. As a general reporter for Black Enterprise she attended and reported on the Democratic and Republican National Conventions, where she interviewed Valerie Jarrett, senior advisor and assistant to President Barack Obama and U.S. Attorney General Eric Holder. Marcia has a Bachelor of Science degree in Agriculture with an emphasis in food science from the University of Minnesota, and a Master of Science degree in journalism from Roosevelt University in Chicago. En route to her secondary degree, she served as the editor-in-chief of the Roosevelt University Torch, a weekly, student-run newspaper. An avid photographer and videographer, Marcia is one of several employees at BLACK ENTERPRISE who interned for the publishing company as a college student. She lives in New Jersey with her husband, a food scientist; her seventeen-month-old daughter; and “The Cat”, but still considers Chicago home.

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