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Clarion Launches Infrastructure Testing Platform
- Clarion Capital invests in International Cybernetics (ICC), a company in the testing, inspection, certification, and compliance sector.
- ICC specializes in software-powered infrastructure testing services including pavement condition surveying and structural analysis.
- ICC manufactures proprietary road condition measurement systems used for asset maintenance planning by municipalities and departments of transportation.
- ICC's services include laser-based pavement distress data collection, asset inventorying, LiDAR data collection, and structural surveying of pavement networks.
- ICC's products, ICC Profiler and Road Survey Systems, are utilized in the U.S. and Canada for surface condition monitoring and compliance.
- ICC, founded in 1975 and based in Largo, Florida, is led by CEO Michael Nieminen.
- Clarion's acquisition of ICC marks its entry into the field testing, inspection, and consulting engineering services market.
- Mustafa Temiz, a former executive from SGS and Intertek, collaborated with Clarion on the acquisition.
- Clarion plans to build a TICC platform with ICC as a cornerstone.
- Clarion focuses on control and minority equity investments in businesses with $7.5 million to $30 million of EBITDA.
- Eric Kogan, a partner at Clarion, highlights ICC's long history and role as a trusted data collection partner for government agencies.
- Morrissey Goodale served as the financial advisor to ICC on this transaction, with financing provided by Stellus Capital Management.
- The acquisition strengthens Clarion's presence in the TICC sector, aiming for long-term value creation with the ICC team.
- The partnership between Clarion and ICC is seen as a strategic move aligning with the vision for a broader TICC platform.
- Overall, the investment in ICC by Clarion signifies a significant step towards expanding into infrastructure testing and related sectors.
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