Salt Creek Capital has acquired King Tester Corporation, a manufacturer and distributor of metallurgical testing equipment.
King Tester sells a full line of hardness testers, microscopes, scanning devices and supplies. The company is the leading supplier of portable Brinell hardness testers and microscopes worldwide. King Tester was founded in 1955 and is based in King of Prussia, PA (www.kingtester.com).
Salt Creek Capital is a private equity firm focused on executive-led buyouts of profitable companies with up to $50 million in revenue. Sectors of interest include business services, distribution, energy services, franchising, logistics and specialty finance. The firm is based in Menlo Park (www.saltcreekcap.com).
“We’re excited about the King Tester acquisition and about our partnership with Jim Knight, incoming-CEO of King Tester,” said Dan Phelps, Managing Director of Salt Creek Capital. “King has a long history of market leadership, and we look forward to working closely with Jim and the current management team to ensure a smooth transition to the company’s next phase of growth.”
Mr. Knight was a participant in Salt Creek Capital’s Executive Partnership Program which assists executives in identifying and acquiring small businesses. He joined Salt Creek Capital as an Executive Partner in 2014 and is now the CEO of King Tester.
Before joining Salt Creek, Mr. Knight was the founder and CEO of Pelletco, a startup in the renewable energy sector. Prior to Pelletco, he was the President and CEO of Knight-Celotex, a maker of fiberboards for the residential and commercial construction industry. Earlier in his career, Mr. Knight held positions at several companies, including Chicago Metallic Corporation, SCA Consulting, The Boston Consulting Group, and Apple. He has a BS in Finance from Boston University and an MBA from Dartmouth College.
“I am excited to partner with Salt Creek, a firm with a strong track record of investing in growing manufacturing companies, on this acquisition. I look forward to working with the team at King to continue serving our loyal customer base and further our mission of providing the most innovative products to our industry,” said Mr. Knight.
© 2015 PEPD • Private Equity’s Leading News Magazine • 10-16-15
