Riverspan Partners has acquired POLARIS Laboratories, a provider of test and measurement services.
POLARIS Laboratories provides advanced laboratory testing and AI-enabled analysis services for oils, fuels, coolants, and greases used in transportation, backup power, mining, industrial, oil and gas, and marine applications.
The company’s services assist companies with maintaining their equipment, preventing breakdowns, and reducing downtime through predictive maintenance.
For example, a mining company that operates a fleet of expensive equipment like excavators, bulldozers, and haul trucks might use POLARIS to test and analyze its machinery’s oils, fuels, and coolants. POLARIS would regularly collect engine oil samples from an excavator and run lab tests to detect contamination, wear metals, or coolant leaks. Using AI-enabled software, POLARIS would then provide the company with detailed reports and actionable insights on the equipment’s health. If abnormal wear metals are found in the oil sample, POLARIS could alert the company to replace a critical component before it fails, avoiding costly, unscheduled downtime.
POLARIS, led by CEO Bryan Debshaw, is headquartered in Indianapolis, Indiana. It has additional laboratory locations in Utah, Texas, Alberta, Poland, Guatemala, and Colombia.
“This investment is a testament to the strength of our team and steadfast commitment to constant innovation,” said Mr. Debshaw. “Partnering with Riverspan will facilitate development of our cutting-edge solutions – including the launch of new HORIZON tools and advanced automation technologies – and accelerate our expansion into new markets. We are confident that Riverspan is the right partner to help us drive meaningful advancements, foster innovation, and achieve our shared vision for future success.”
“We deeply admire what POLARIS has built over the past 25 years and are excited to partner with Bryan and the team to drive continued growth,” said Dave Thomas, a partner at Riverspan. “In particular, we see significant opportunities to support investment in product and service offerings and geographic expansion. We support Bryan’s vision and look forward to helping the company accelerate its growth trajectory.”
Riverspan invests in lower middle-market industrial businesses, including industrial services and testing and inspection, with EBITDA between $5 million and $35 million. Riverspan was founded in 2022 by John Gilligan and Dave Thomas and is headquartered in Chicago.
KPMG Corporate Finance is the financial advisor to POLARIS on this transaction.
© 2024 Private Equity Professional | October 9, 2024
