Citigroup Venture Capital, Senior Managers Acquire IWCO

Production house IWCO Direct has been acquired by the company's existing senior management and Citigroup Venture Capital Equity Partners L.P.

The current management team -- including Jim Andersen, president and CEO; Tom Wicka, executive vice president – marketing and sales; and Pete Karle, executive vice president and CFO -- will continue to operate the company. IWCO Direct founder Frank Beddor will retire as company chairman.

Thirty-five year old Chanhassen, MN-based IWCO has 1,100 employees. Terms of the transaction were not disclosed.