Hastings Adds on with Buy of Caprock Labs

Hastings Adds on with Buy of Caprock Labs

caprock nf2Southern Petroleum Laboratories (SPL), a provider of laboratory services to companies in the oil and gas industry and a portfolio company of Hastings Equity Partners, has acquired Caprock Laboratories.

Caprock provides hydrocarbon laboratory analysis and measurement services to oil and gas companies active in the Permian Basin (located in west Texas and eastern New Mexico). Services include water & waste water analysis; soil chemical analysis; corrosion analysis; gas chromatography; plant and field testing;  antifreeze analysis; and environmental analysis. The company is led by President Jim Pritchard. Caprock was founded in 1992 and is based in Midland, TX (www.caprocklab.com).

“We are very excited about being a part of SPL and look forward to being able to offer more services to our customers through their capabilities,” said Mr. Pritchard. “Being part of SPL – the industry’s leading independent measurement, analysis, allocations and reporting organization – will help us grow.”

SPL is a provider of laboratory analysis, measurement, and allocation services of hydrocarbon products for the oil and gas industry. The company was founded in  1945 by W.A. “Dubb” Frier and Edward Patterson. Today, SPL has 14 locations in Texas, Louisiana, Michigan, Colorado and Oklahoma and is headquartered in Houston (www.spl-inc.com).

ian milne nf1“The acquisition of Caprock is a major milestone for SPL as we continue the growth of our business,” said Ian Milne, CEO of SPL. “Jim and Carol Pritchard and their team are an excellent fit with our organization. It’s an exciting time at SPL as we expand into a new geography by serving the Permian Basin.”

Hastings Equity Partners invests from $5 million to $15 million in niche manufacturing, distribution, and business services companies with EBITDAs from $2 million to $10 million. The firm is based in Waltham, MA (www.hastingsequity.com).

Co-investing in the transaction with Hastings were The Edgewater Funds (www.edgewaterfunds.com) and certain fund clients of Jordan/Zalaznick Advisers (www.jzpartners.com).

Locke Lord (www.lockelord.com) was the legal advisor to the shareholders of SPL.

© 2015 PEPD • Private Equity’s Leading News Magazine • 11-6-15

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