Branford Castle Partners said Nov. 14 that it sold Surface Preparation Technologies to Dominus Capital. Financial terms weren’t announced. Surface Preparation provides rumble strips and related roadway safety services.
Branford Castle Rumbles Along
Announces Sale of Surface Preparation Technologies
New York, November 14 – Branford Castle Partners has sold its portfolio company Surface Preparation Technologies (“SPT”) to Dominus Capital. SPT is the nation’s number one provider of rumble strips and related roadway safety services. SPT has installed hundreds of thousands of miles of rumble strips, in almost every state, helping to keep motorists safely on the road and preventing head-on collisions. Branford acquired SPT in February of 2017. During Branford’s ownership period, SPT significantly expanded its geographic reach and fleet of proprietary equipment. In June of 2018, SPT acquired the rumble strip division of Diamond Surface Inc., which dramatically expanded its scale and ability to service customers on a national basis.
“In less than three years, we have accomplished significant organic growth, coupled with a transformative strategic add-on acquisition, to take the business to the next level. This would not have been possible without our excellent management team partners and world-class independent board members.” said Eric Korsten, a Senior Managing Director for Branford.
David Castle, Managing Partner for Branford, said, “We are delighted with the outcome. We believe SPT has been a highly successful investment for Branford and its limited partners.”
“In partnership with Branford, SPT has grown its operations to become a true national service provider. We are very much looking forward to our next chapter with Dominus Capital, where we will leverage our capabilities and fleet for further growth both organically and through acquisitions in the US and beyond,” said Steve Burke, President & CEO of SPT.
Stifel served as financial advisor to SPT. Terms of the transaction were not disclosed.