Investment Activity
We closed on three new platform investments in ICV V totaling $79,361,988
We are the first institutional capital in all three platform companies and are excited to work with these founders and their families.
Investment Focus
We invest in family-owned and founder-led companies, as well as corporate divestitures across three industries: Business Services, Food & Beverage and non-discretionary Consumer Services where we have developed investment themes of differentiated insights that seek to drive value creation.
Current Themes
Business Services
Transportation & Logistics
Infrastructure & Facilities
Maintenance
Governance, Regulatory,
Risk & Compliance
Food & Beverage
Sensory & Functional
Ingredients
Ethnic Foods
Baked Goods
Consumer Services
Auto Aftermarket
Residential Services
Distributions
We provided our investors liquidity from four portfolio companies, generating nearly $190 million in distributions
Value Creation Activities
Our in-house Portfolio Operations Group is made up of senior operating professionals
that have led numerous value creation activities across the portfolio.
Desi Fresh Foods Building New Plant
The construction of Desi’s new manufacturing facility in Winchester, Virginia is almost complete, and production is scheduled to begin before year end. The new facility will significantly increase capacity to support growth and allow for currently outsourced product lines to be manufactured in house at higher margins. The new facility will create 56 jobs.
New Leadership Team at Mintz Group
The Mintz Group expanded globally and strengthened its leadership team in 2024. Two long-time partners were named Co-CEOs, and a new CFO, and Chief People Officer joined the team. Mintz Group also expanded its presence in Mumbai and London to better serve clients in Europe, MENA, and Asia.

CEO Retreat
Annually, ICV brings together the CEOs of our portfolio companies for a retreat where they can connect, share insights, and collaborate on strategies to drive further growth and success.
Rockenwagner & Interstate Auto Care Retreats
After the close of an acquisition, ICV hosts offsite retreats to foster collaboration among our portfolio companies. These retreats provide an invaluable opportunity for CEOs and leadership teams to connect, exchange ideas, and share insights on industry trends and operational best practices.

CIO Roundtable on Cyber Security
An opportunity to interact with peers and technology leaders on areas critical to the success of business, addressing current trends in cyber security, the role of AI in security, and other important topics.
Portfolio Company Highlights

IAC received the Sandy McLeod Legacy Award from Valvoline to recognize their commitment to the VIOC system, and IAC’s surrounding Buffalo and Oklahoma communities

FleetOptics received The Canadian Business
Excellence Award in 2024.
People
We are excited to announce the promotion of Lloyd Metz and Zeena Rao to Managing Partners.
Lloyd and Zeena previously held the title of Managing Director and have been with ICV for 23 and 22 years, respectively. Lloyd focuses on Business Services and Food industries. Zeena focuses on Business Services and Consumer Services.
Two new Investment Professionals joined the team
And one team member went to Harvard Business School
This is consistent with ICV’s philosophy of getting its
Associates in the top business schools.
Giving Back
Giving back to the communities where we live and work, as well as to causes that we believe advance society, has been a core value since our inception. The firm and our colleagues have dedicated their time and talents to making a difference to the following organizations:
The Apollo Theater Foundation, Inc., a not-for-profit organization established in 1991, is dedicated to the preservation and development of the legendary Apollo Theater through the Apollo Experience of world-class live performances and education programs.
ICV colleagues serve on the board and assist with fundraising and financial management.
Morehouse College is a private, historically Black men’s liberal arts college located in Atlanta, Georgia. Established in 1867, it is one of the oldest and most renowned institutions of higher education for Black men in the United States. The college has a strong tradition of academic excellence, leadership development, and social responsibility.
ICV colleagues serve on the board and are involved in strategic planning, fundraising, financial management and student engagement.
Morehouse Commencement (Atlanta, GA 2024)

Junior Achievement Miami is a nonprofit organization dedicated to preparing and empowering school aged children with lessons in financial literacy and entrepreneurship. By focusing on the 77% of Miami school aged children that live below the poverty line, JA Miami strives to change the trajectory of their lives by teaching them how to earn, spend, save and share their money.
ICV’s colleagues serve on the board of JA Miami and assist with JA’s investing related program.
Junior Achievement’s Stock Market
Challenge (Miami, FL 2024)

The Initiative for a Competitive Inner City (ICIC) is a nonprofit organization founded in 1994 by Harvard Business School professor Michael Porter. Its mission is to drive economic revitalization in America’s inner cities by fostering business growth and creating job opportunities in these areas. ICIC works to identify and unlock the economic potential of urban neighborhoods that have historically faced challenges like high poverty rates, unemployment, and limited access to resources.
ICV colleagues serve on the board and are involved in strategy planning and programs dedicated to improving inner city communities.
The VERB Kind is a unique and powerful mentoring program that reaches the youth inside the walls of a juvenile detention center and gives them a second chance through mentoring, education and connecting them with community resources.
ICV colleagues volunteer to teach the marginalized population basic financial literacy courses, help obtain GED degrees, and other lifelong skills.
In 2024, ICV continued its decades long partnerships with three organizations, NAIC, MLT, and NASP, which are advocates for diverse investment managers and finance professionals.
Looking Ahead to 2025
Our mission is to generate attractive long-term investment returns for our investors by providing our capital and resources to our management team partners to transform their businesses and create personal wealth because of their success. Visit our website to see our values, review our investment philosophy, and learn more about our portfolio companies.
We look forward to our continued partnership in 2025.