Tennessee-based TVV Capital has sold New Albany-based Indco Inc. TVV says the industrial mixing equipment manufacturer was sold to a publicly-traded holding company. Financial terms of the sale were not disclosed.
Indco will operate as a new business segment for its new owner. TVV says the sale generated an "outstanding" return for its investors, 3.2 times more than what it paid when it acquired Indco in 2005.
"When we purchased Indco, we saw potential for expanding their markets, accelerating product development and improving operating margins," Andrew W. Byrd, president of TVV Capital. "While we owned Indco, we helped its leadership team to revitalize its online presence to extend their market reach. We accelerated their product development initiatives to drive sales into new markets, including automotive and pharmaceuticals."
Byrd says Indco’s key managers, including its president, Mark Hennis, and chief financial officer, will remain with the company. Details on how the sale would affect Indco’s employees were not released.