ICV Partners
ICV Partners is a US private equity firm founded in 1998 that invests $5-30 million in lower middle market founder and family-owned businesses across business services, non-discretionary consumer services, and food and beverage sectors, managing over $1.4 billion across four funds.
- Company typePrivate
- Founded1998
- HeadquartersNew York, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What ICV Partners does
ICV Partners is a US-based private equity investment firm founded in 1998 that invests in lower middle market companies, primarily those that are founder or family-owned and at an inflection point. The firm is structured as a 51% minority-owned entity, co-sponsored historically by the Initiative for a Competitive Inner City (founded by Harvard Business School Professor Michael E. Porter) and American Securities Capital Partners. ICV pursues a thesis-driven, sector-focused strategy concentrated in three verticals: essential business services (facility maintenance, governance/risk/compliance, niche transportation and logistics), non-discretionary consumer services (residential and auto aftermarket), and food and beverage (baked goods, ingredients/spices/flavorings, global/ethnic foods).
The firm operates a multi-fund private equity model, having raised four funds to date: Fund I ($130.5M, 2000), Fund II ($313M, 2006), Fund III ($400M, 2014), and Fund IV ($585M, 2018), with aggregate committed capital exceeding $1.4 billion and over $1 billion invested across approximately 35 portfolio companies. Investments are structured as equity checks of $5-30 million into companies with $25-100 million revenue, $5-15 million EBITDA, and greater than 10% EBITDA margins, with a stated preference for heavy-equity, conservatively levered capital structures.
ICV generates revenue through management fees on committed capital under management and carried interest from successful exits. Reported realizations include a 3x return on Sterling Foods, nearly 3x on Entertainment Cruises, and over 2x on Innovative Folding Carton, among others. The firm is led by Founder/President & CEO Willie E. Woods and Managing Partners Lloyd M. Metz and Zeena Rao (announced December 2024), with a team of approximately 11-50 employees including managing directors, principals, and portfolio operations staff, headquartered in Miami with offices in Atlanta and New York.
ICV Partners firmographics
Firmographics- Name
- ICV Partners
- Legal name
- ICV Partners, LLC
- Website
- https://icvpartners.com
- Company type
- Private
- Founded year
- 1998
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- ICV Partners is a US private equity firm founded in 1998 that invests $5-30 million in lower middle market founder and family-owned businesses across business services, non-discretionary consumer services, and food and beverage sectors, managing over $1.4 billion across four funds.
- Ownership category
- akta.pro rank
Where ICV Partners is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
ICV Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Management Fees: Private equity firm generates revenue through management fees on committed capital under management
- Carried Interest: Performance-based carried interest from successful portfolio company exits and realizations
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
ICV Partners product offering
Product offeringCore offering
ICV Partners is a private equity investment firm that invests growth capital in founder and family-owned businesses in the lower middle market. The firm typically invests $5-$30 million in companies with $25-$100 million in revenue, $5-$15 million in EBITDA, and greater than 10% margins, focusing on business services, non-discretionary consumer services, and food & beverage sectors.
Product overview
ICV Partners is a private equity investment firm that operates as a single, unified investment platform rather than a modular product structure. The firm's core offering is providing growth capital, strategic guidance, and operational support to lower middle market companies. Their investment thesis focuses on non-discretionary business models with defensive niche positioning. The company maintains a focused portfolio strategy targeting business services, consumer services, and food & beverage sectors.
Differentiator
Problem solved
Functional benefit
Products and services
- Private Equity Investment Services ICV Partners provides private equity investment services to lower middle market businesses, focusing on founder and family-owned companies at inflection points. The firm invests $5-$30 million in companies with $25-$100 million in revenue, $5-$15 million in EBITDA, and greater than 10% margins, with a focus on business services, non-discretionary consumer services, and food & beverage sectors. Services include growth capital, strategic insight, board-level engagement, and sound capital structures designed for long-term initiatives.
Quantifiable outcome
- Invested over $1 billion in 35 companies
- +1 more outcomes
Companies that use ICV Partners
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles2 records
ICV Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
ICV Partners partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor and core.
- 21st Century GroupminorDallas-based private equity firm providing equity alongside ICV for Innovative Folding Carton acquisition; manages approximately $80-160 million in capital
- Palladium Equity PartnersminorJoint investment partner for The Hilsinger Company acquisition in 2003; equal stake investments with ICV on select transactions
- ICIC Enterprises (Initiative for a Competitive Inner City)coreCo-sponsor of ICV; founded by Harvard Business School Professor Michael E. Porter; provides research and resources supporting ICV's focus on inner-city and minority-owned businesses
Scale indicators11 records
Recent moves6 records
Expansion highlights5 records
ICV Partners competitors and assessment
Company assessmentDirect peers
- Trivest Partners: Lower middle market PE firm focused on founder/family-owned businesses with non-discretionary characteristics. Multiple ICV team alumni (Lindsey Foulkes, Agustin Garcia) joined from Trivest, reflecting strong model overlap.
- Palladium Equity Partners: Lower middle market PE firm that has co-invested with ICV (e.g., The Hilsinger Company, 2003) and shares ICV's sector focus on business services and consumer-driven niches among Hispanic and minority-owned businesses.
- American Securities: New York-based PE firm that was an original co-sponsor and 49% owner of ICV and continues to provide shared back-office support. Operates as a larger-scale operating partner in the lower middle market space.
- Wind Point Partners: Lower middle market PE firm focused on control investments and leveraged buyouts. ICV Managing Director Qian Elmore was a Senior Associate at Wind Point, and the firm shares ICV's sector mix and check size discipline.
- Red Hill Ventures: Lower middle market firm focused on technology and technology-enabled services acquisitions where ICV VP Wiley Davis worked as a Senior Associate. Similar check size and growth-equity orientation.
- Reliant Equity Investors: Lower middle market PE firm where ICV Managing Director Qian Elmore was previously a Principal. Targets control investments in similar EBITDA and revenue bands as ICV.
- Frontenac Company: Chicago-based lower middle market PE firm investing behind founder and family-owned businesses — a close comparable to ICV's thesis, sector mix, and check size.
- White Wolf Capital Group: Lower middle market PE firm focused on control investments and LBOs — directly comparable to ICV's investment size and style. ICV Associate Christian Kechriotis joined ICV from White Wolf.
- Aldrich Capital Partners: Lower middle market growth equity firm where ICV Vice President Wiley Davis previously worked. Comparable focus on technology-enabled and business services companies in similar size bands.
- McCown De Leeuw & Company: Long-established lower middle market PE firm focused on control investments and operating value creation — directly comparable to ICV's investment approach and team lineage (Qian Elmore worked there).
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
ICV Partners social profiles
Digital presenceICV Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
ICV Partners leadership team
Management profileNumber of profiles
Profiles15 records
ICV Partners funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ICV Partners M&A and investment
M&A and investmentM&A17 records
Investments10 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ICV Partners
What does ICV Partners do?
ICV Partners is a private equity investment firm that invests growth capital in founder and family-owned businesses in the lower middle market. The firm typically invests $5-$30 million in companies with $25-$100 million in revenue, $5-$15 million in EBITDA, and greater than 10% margins, focusing on business services, non-discretionary consumer services, and food & beverage sectors.
Is ICV Partners a public or private company?
ICV Partners is a private company. It is classified as management employee owned and is currently operating.
When was ICV Partners founded?
ICV Partners was founded in 1998. It employs 11 to 50 people.
Where is ICV Partners based?
ICV Partners is headquartered in New York, United States, in the North America region.
How does ICV Partners make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest.
Who are ICV Partners's main competitors?
Direct peers on record are Trivest Partners, Palladium Equity Partners, American Securities, Wind Point Partners, Red Hill Ventures, Reliant Equity Investors, Frontenac Company, White Wolf Capital Group, Aldrich Capital Partners and McCown De Leeuw & Company.
Does ICV Partners have an API?
No public API is recorded for ICV Partners.