Salt Creek Capital acquired Sperry & Rice, which makes rubber components for appliances, automobiles, heavy trucks and buses. Salt Creek executive partner Randy Dobbs has become the company’s new chief executive officer.
Salt Creek Capital is pleased to announce the acquisition of Sperry & Rice, a leading manufacturer of specialized rubber components for the appliance, automotive, and heavy truck & bus industries. Sperry & Rice is headquartered in Brookville, Indiana with an addition manufacturing plant in Killbuck, Ohio.
Randy Dobbs, the Company’s new CEO, stated “I am excited to work with the team toward future successes by identifying new markets and new products, while building on the Company’s history of outstanding customer focus.” Randy, who joined Salt Creek Capital as an Executive Partner in 2015, continued, “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.”
James Gregory, owner & CEO of Sperry & Rice, stated “it has been a privilege to lead this Company over the past 12 years. 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’s Managing Director, Dan Phelps, added, “Jim and his team built a well-established business, and we are delighted to carry on his legacy in the Company’s next chapter. We look forward to supporting Randy’s leadership of the Company going forward.”
About Sperry & Rice
Established in 1946, Sperry & Rice has become a sole-source supplier to many leading industrial and equipment manufacturers due to its ability to engineer specialty rubber and plastic compounds and to build custom in-house tooling. The Company’s primary products are used as seals, hoses, tubing, and straps, addressing customer demand in several distinct market niches. The Company’s comprehensive manufacturing capabilities and its commitment to meeting the specialized product needs of its customers has led to numerous longstanding customer relationships. More information is available at www.sperryrice.com.
About Salt Creek Capital
Salt Creek Capital is a San Francisco Bay Area-based private equity firm partnering with experienced operating executives to acquire profitable companies with up to $100 million in revenue. Salt Creek takes a long-term approach to investing in lower middle market businesses and seeks to create value by working closely with management teams to accelerate growth and to improve the operating efficiency of its portfolio companies. More information is available at www.saltcreekcap.com.