Salt Creek Capital has acquired Griplock Systems from KCA Partners which first invested in the company in September 2008.
Griplock Systems is designer and provider of cable suspension systems that are used in multiple industrial and commercial markets including retail signage and store fixture display; architectural ceilings; theatrical and trade show rigging; and museum quality art displays. Griplock Systems was founded in 1992 by Sebastian Giefer and is headquartered near Santa Barbara in Carpinteria, CA (www.griplocksystems.com).
Co-investing on this transaction with Salt Creek was Ocean Avenue Capital Partners (www.oceanavenuecapital.com) and Spell Capital (www.spellcapital.com). Byline Bank provided senior financing (www.bylinebank.com). “We are delighted to partner with Salt Creek in this acquisition. The application markets that Griplock serves are growing quickly, and the company is adding new product lines, making this an exciting time of growth and expansion,” said Jacques Youssefmir, a Partner at Ocean Avenue.
With closing of the acquisition, Salt Creek has named Todd Hemingway as the new CEO of Griplock. “Partnering with Salt Creek to acquire a highly engineered manufacturing business that leverages my 20 years of industry experience is an ideal situation. I am eager to begin working with the Griplock team and building upon the strong momentum at the company.” Mr. Hemingway joined Salt Creek Capital as an Executive Partner in 2016. Previously, he served as the Americas Division CEO and Corporate VP of Engineering for A Raymond, a designer and maker of metal and plastic fastening systems.
“Griplock is an innovative company creating a portfolio of strong intellectual property,” said Salt Creek Capital’s Managing Director, Dan Mytels. “Todd will be an excellent addition to the company with his management background and experience as an innovator in fastener products, personally holding 5 related patents.”
Salt Creek 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).
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