Greensboro’s Tencarva Machinery, which distributes flow control and process equipment, said it bought Tri-State Coating & Machine of Salt Rock, West Virginia.
Terms weren’t disclosed.
Tri-State sells thermal coating services and related parts. While its management team will keep operating the business, founder David Thompson is retiring.
Tencarva is backed by New York-based private-equity group Bessemer Investors. It is Tencarva’s 14th acquisition and second since Bessemer invested in the company in 2021, Bessemer Vice President Bohdan Tyshynsky said in a release.
“This acquisition adds specialized capabilities to Tencarva that enable us to better serve our customers,” said Henry Ritchie, executive president. The company is led by President Ed Pearce.
Founded in 1986, Tencarva employs more than 525 people, including 125 who own shares in the company. It has 34 locations in the Southeast and Midwest. It is among North Carolina’s largest privately owned companies.
Bessemer Investors is among the financial companies owned by the Phipps family, heirs of Henry Phipps, who was a partner of Andrew Carnegie in the early 20th century.
