May River Capital has acquired NSL Analytical Services, an Ohio-based provider of laboratory testing services.
NSL Analytical provides materials testing to more than 1,700 companies operating in a range of sectors including additive manufacturing (3D printing), aerospace, automotive, electronics, general manufacturing, medical devices, nuclear power generation, and nutraceuticals. The company’s testing capabilities include metals, alloys, plastics, composites, and ceramic materials in powdered, solid, or liquid form.
NSL Analytical has a 31,000 square foot facility in the Cleveland suburb of Warrensville Heights which houses its administrative offices, customer service department and polymer, ophthalmic, elemental chemical analysis and composite materials testing laboratory. The company has an additional 11,500 square foot facility, also in Warrensville Heights, that houses the company’s mechanical and metallurgical testing and machining operations. NSL Analytical, founded in 1945, is led by President Larry Somrack and has 75 employees.
“The board and I carefully evaluated the next phase of development for NSL, our employees and our customers,” said Mr. Somrack. “We are pleased to be partnering with a group in May River that is like-minded and aligned with us on both the cultural values and the strategic path necessary to meet our collective goals.”
With the close of the transaction with May River, Mr. Somrack will continue with NSL Analytical as President Emeritus. Joining the management team will be new CEO Ron Wesel, growth and development officer Carey Lewis, and finance and administration officer Andy Housley. From 2014 to 2016, Mr. Wesel was the senior vice president of sales and marketing for Transcendia, a Franklin Park, Illinois-headquartered maker of more than 8,000 SKUs of engineered materials including plastic films. Mr. Lewis was previously with Eurofins Scientific, EAG Laboratories and Underwriters Laboratories; and Mr. Housley was active guiding the financial operations of Eurofins Scientific and EAG Laboratories.
“Thanks to Larry’s decades of leadership, NSL’s expert team, and the value they provide customers around the world, NSL has experienced consistent and impressive growth,” said Mr. Wesel. “We are excited to preserve and build upon that legacy, and to support the kind of continued investment in innovation, scientific capabilities and talent that will drive NSL forward in the future.”
Chicago-based May River invests from $15 million to $40 million of equity in companies with enterprise values of $15 million to $75 million. Sectors of interest include precision manufacturing, engineered products, specialized industrial services, and value-added industrial distribution. May River was founded in February 2012 and closed its inaugural fund, May River Fund I LP, in March 2017 with total commitments of $170 million.
© 2020 Private Equity Professional | January 22, 2020