Industrial Growth Partners (IGP) has sold SPL, a provider of testing, inspection and certification services for the energy industry, to Sentinel Capital Partners.
Houston, Texas-based SPL provides testing, measurement, analysis and reporting services for production, midstream and finished products including crude, condensate, and natural gas assets. SPL has more than 1,700 customers, including some of the largest global energy companies.
SPL operates 22 lab testing and service centers that each year analyze hundreds of thousands of samples of hydrocarbons, lubricants, and wastewater to determine physical and chemical compositions. The company’s service centers employ more than 250 technicians who inspect, install, and maintain field measurement systems.
IGP acquired SPL in September 2016 and during its hold the company closed six add on acquisitions including environmental and chemical analytical testing company Oxidor Laboratories (January 2022), energy consulting and engineering company AFS (September 2021), the laboratory and measurement services business of Banded Iron US (November 2019), oil and gas measurement service provider AMI (January 2019), independent laboratory Alcor Petrolab (February 2018) and oil and gas measurement service provider AMS (September 2017).
“IGP was an incredible partner to SPL,” said Jeff Hibbeler, the CEO of SPL. “Through five and a half years of partnership, we were able to penetrate new markets, expand our operating footprint domestically and internationally, and launch several new proprietary digital solutions, all while nearly tripling the size of our business. SPL is now positioned better than ever for growth across several end markets and geographies – we are grateful for the partnership and strategic support provided by IGP.”
Industrial Growth Partners provides equity capital to lower-middle market niche manufacturing and industrial services companies with revenues of up to $250 million. The firm invests equity in a range of transactions involving a change of ownership, such as management buyouts, leveraged buyouts, corporate divestitures, recapitalizations and management buy-ins. IGP was founded in 1997 and is based in San Francisco.
“SPL’s advanced capabilities, deep expertise, best-in-class technology, and long-term relationships make the company a trusted partner to a diverse network of energy-related asset owners, operators, and customers, said Scott Perry, a partner at Sentinel. “SPL’s senior leadership team, with nearly 200 years of combined experience, has driven an impressive organic growth plan, including completion of six acquisitions since 2017.”
New York City-based Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of businesses with EBITDAs up to $80 million. The firm targets eight industry sectors: aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrials.
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San Francisco-based 
Thomas H. Lee Partners has agreed to acquire Carpe Data, a provider of data and analytics to the insurance industry.
“Since forming Carpe Data in 2016, we have rapidly grown and cultivated a blue-chip customer base, and we believe THL is the ideal partner for the next phase of our journey,” said Mr. Drucker. “The depth of their expertise in the insurance technology and automation sectors, combined with their experience scaling high-growth technology businesses, makes THL well suited to help us execute on our strategic roadmap for continued growth. With this investment, we have a unique opportunity to further expand across core segments, introduce new products and use cases, and enter adjacent markets.”
“As leading investors in the insurance and automation space for over 20 years, we have witnessed the growing demand among carriers for automated alternative data and predictive analytics to improve performance and gain a competitive edge in all key workflows,” said Edward Shahnasarian, a director at THL. “With a strong track record of innovation and growth, Carpe Data is meeting this demand by creating a new market for alternative data to unlock automation and improve outcomes across the insurance lifecycle.”
York Private Equity has acquired Healthcare Linen Services Group (HLSG), a provider of laundry services and linen products for the healthcare and hospitality industries, from Thompson Street Capital Partners.
“HLSG is one of the leading outsourced healthcare linen providers both regionally and nationally,” said Seth Pearson, a managing director at York Private Equity. “Our investment in the company aligns with our goal of backing strong management teams with additional capital to drive value for their customers, enter new markets, and execute on their growth strategy.”
“We are thrilled to partner with the team at HLSG as we work together to pursue the next chapter of growth for the Company,” said Harish Nataraj a managing director at York Private Equity. “This investment represents an attractive opportunity to create value for all of the company’s stakeholders given York Private Equity’s extensive experience in both the healthcare and facilities services sectors.”
St. Louis-based TSCP invests in companies with EBITDA between $5 million and $25 million. Sectors of interest include healthcare and life science services, software and technology services, and business services and engineered products. In July 2018, the firm held a final closing of its fifth fund, Thompson Street Capital Partners V LP, at its hard cap of $1.15 billion.