testing equipment

SFW Acquires On-Site Analysis

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Spectro Scientific, a developer and manufacturer of analytical tools and software for industrial fluids analysis and a portfolio company of SFW Capital Partners, has acquired On-Site Analysis. This transaction closed in November 2014.

On-Site Analysis (OSA) specializes in the development and manufacture of advanced fluids analysis hardware and software technologies, primarily for on-premise coolant, oil and lubrication testing for municipal and commercial fleet vehicles. The company is headquartered in Palm Beach Gardens, FL with a manufacturing facility in Marlborough, MA (www.on-siteanalysis.com).

“Since its inception, OSA has pursued a vision of moving the oil and lubrication testing process from large, centralized laboratories to the actual users of the analytical information. That strategy aligns perfectly with Spectro Scientific’s promise of enabling our customers to always make confident, knowledge-based decisions immediately and without the need of an expert operator,” said Spectro Scientific President and CEO Brian Mitchell.

Spectro Scientific, acquired in July 2011 by SFW, specializes in analytical instrumentation and software for industrial performance fluids analysis. It is one of the largest worldwide suppliers of oil, fuel and processed water analysis instruments to industry and the military. Industry clients include petrochemical, mining, power generation and water treatment companies as well as commercial testing laboratories.  Spectro Scientific is headquartered in Chelmsford, MA (www.spectrosci.com).

SFW Capital Partners focuses exclusively on analytical tools and related services companies, including providers of instrumentation, software, information and analytical services. SFW typically invests from $10 million to $75 million of equity in middle market companies that have up to $25 million in EBITDA. The firm has offices in Rye, NY and Hudson, OH (www.sfwcap.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 1-27-15

Industrial Growth Partners Acquires Calder Testers

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Climax Portable Machine Tools, a portfolio company of Industrial Growth Partners (IGP), has acquired Calder Testers, a manufacturer of valve testing equipment. The transaction closed on September 13, 2013 and was supported with an additional equity investment from IGP and management.

Calder Testers is a manufacturer of hydrostatic and pneumatic testing equipment for the oil & gas, power generation, automotive and diesel engine industries. The company is headquartered in Houston (www.caldertesters.com).

Climax Portable Machine Tools, acquired by IGP in June 2013, is a manufacturer of portable machine tools and welding systems used in the power generation, mining, construction, shipbuilding and general industrial markets. Climax is headquartered in Newberg, OR (www.climaxportable.com).

IGP continues to seek add-on acquisitions for Climax that will enhance its position as a global manufacturer of portable machining solutions in the power generation, oil & gas, mining, construction, shipbuilding and general industrial markets.

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).

“We are very excited about the completion of the Calder acquisition as it considerably strengthens Climax’s position in the worldwide valve repair and testing market. Now, in addition to our comprehensive line of valve repair machines, we can also offer customers valve testing and safety protection equipment that will enable them to accurately and safely confirm the integrity of both repaired and newly manufactured valves” said Geoff Gilmore, CEO of Climax. “Calder’s new Houston facility will also serve as an expanded Climax rental depot, giving customers in the region access to a broader range of portable machining and automated welding rental options.”

© 2013 PEPD • Private Equity’s Leading News Magazine • 10-9-13

Saw Mill Capital Acquires Ashtead’s Instrument Division

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Pine Environmental Services, a portfolio company of Saw Mill Capital, has acquired Ashtead Technology’s North American Instrument Division, a testing equipment rental company.

Ashtead Technology’s North American Instrument Division rents environmental testing, non-destructive testing (NDT), remote visual inspection (RVI), and continuous emissions monitoring systems (CEMS) equipment. The division is headquartered in Houston (www.ashtead-technology.com/instruments).

“Ashtead provides the unique opportunity to accelerate our growth in our core environmental testing market while providing access and growth opportunities in the attractive NDT, RVI and CEMS markets,” said Scott Rivard, a Principal at Saw Mill Capital.

Pine Environmental Services was acquired by Saw Mill Capital in August 2012. The company sells, rents and services environmental test and measurement equipment. Pine has more than 2,500 customers in the environmental consulting, construction and engineering sectors. The company was founded in 1995 and is headquartered in Windsor, NJ (www.pine-environmental.com).

Saw Mill Capital invests in manufacturing and service companies with enterprise values of $25 million to $200 million. Platform investments typically have at least $5 million of EBITDA and revenues of $40 million to $150 million. The firm is located in Briarcliff Manor, NY (www.sawmillcapital.com).

Ashtead is a provider of rental equipment serving the environmental, NDT, RVI, and CEMS end markets. The company has a national network of seventeen rental locations and is headquartered in Houston (www.ashtead-technology.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 4-19-13

Saw Mill Capital Acquires Pine Environmental Services

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Pine Environmental Services, a provider of environmental test and measurement equipment and a portfolio company of RAF Industries, has been acquired by Saw Mill Capital.

Pine Environmental Services sells, rents and services environmental test and measurement equipment. The company has more than 2500 customers in the environmental consulting, construction and engineering sectors. The company was founded in 1995 and is headquartered in Windsor, NJ (www.pine-environmental.com).

Saw Mill Capital invests in manufacturing and service companies with enterprise values of $25 million to $200 million. Platform investments typically have at least $5 million of EBITDA and revenues of $40 million to $150 million. The firm is located in Briarcliff Manor, NY (www.sawmillcapital.com).

RAF Industries targets middle market companies with transaction values of $20 million to $200 million. Sectors of interest include branded consumer products and services, niche leasing and proprietary industrial products. The firm was founded in 1979 by Robert Fox and is based in Jenkintown, PA (www.rafind.com).

Harris Williams & Co. acted as the exclusive advisor to Pine Environmental Services. The transaction closed on August 22, 2012 and was led by Patrick Hanraty, David Allebach and Alex Chadwick from the firm’s Philadelphia office.

“Pine has built a remarkable platform in the environmental test and measurement market through an ongoing commitment to customer service, a deep and highly specialized rental fleet and product offering and an aggressive growth strategy. This transaction is a great outcome for all parties and we look forward to Pine’s continued growth in this attractive niche,” said Mr. Hanraty, a managing director at Harris Williams & Co.

© 2012 PEPD • Private Equity’s Leading News Magazine • 8-24-12