Sperry & Rice products include rubber seals, mandrel-formed hose products, weather stripping products, pressure-sensitive applied products, colored rubber extruded products, and sponge sealing systems. The company was founded in 1946 and is headquartered northwest of Cincinnati in Brookville, IN with an additional manufacturing plant in Killbuck, OH (www.sperryrice.com).
Salt Creek Capital has named Randy Dobbs, an Executive Partner of the firm since 2015, as Sperry & Rice’s new chief executive officer. “Salt Creek Capital has been an excellent partner in identifying this opportunity and closing this transaction. I am pleased to have their support in driving the company’s future growth.”
With the close of the transaction, James Gregory, owner & CEO of Sperry & Rice, is retiring from the company. “It has been a privilege to lead this company over the past 12 years,” he said. “Randy is an exceptional executive, and I am confident that Sperry & Rice will continue to thrive under his leadership. Randy’s leadership succession and Salt Creek’s ability to provide liquidity was the combination I needed as a retiring owner.”
Salt Creek Capital invests in executive-led buyouts of companies with up to $100 million in revenue and EBITDA from $750,000 to $5 million. Sectors of interest are varied making the firm nearly industry agnostic but areas of specific interest include manufacturing, business and consumer services, distribution, and franchisors. The firm is based in Menlo Park (www.saltcreekcap.com).
Managing Director Dan Phelps led the transaction for Salt Creek Capital.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 4-20-16