Industrial Growth Partners has acquired SPL, a provider of testing services to the oil and gas industry. The firm acquired SPL through its $800 million fifth fund, Industrial Growth Partners V, LP.
SPL is a provider of hydrocarbon measurement, analysis and reporting services. SPL’s services are used by its oil and gas production and transport customers to evaluate the composition of the hydrocarbons they are producing in order to fine-tune production from wells, market products downstream, meet regulatory reporting requirements, and ensure accurate payment of royalties to leaseholders. The company’s services are provided through a network of 8 labs and 14 field service locations across the US. SPL was founded in 1944 and is headquartered in Houston (www.spl-inc.com).
Industrial Growth Partners (IGP) intends to grow SPL by expanding its services into new geographies and pursuing strategic add-on acquisitions. “The SPL management team is excited to partner with IGP as we strengthen our market position and continue to aggressively pursue opportunities for growth across all facets of our business,” said Ian Milne, CEO at SPL.”IGP’s experience in the test and measurement markets, knowledge base in the energy sector, and strategic focus make them an ideal equity partner for us.”
Industrial Growth Partners provides equity capital to lower-middle market manufacturing and manufacturing services companies with revenues of $30 million to $100 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. The firm was founded in 1997 and is based in San Francisco (www.igpequity.com).
© 2016 Private Equity Professional • 10-4-16
