IGP divests SPL to Sentinel Capital

Industrial Growth Partners has sold Houston-based SPL, a provider of critical outsourced testing, inspection and certification services. The buyer was Sentinel Capital Partners. No financial terms were disclosed. BlackArch Partners was financial advisor to SPL and IGP on the deal.

PRESS RELEASE

CHARLOTTE, N.C. (PRWEB) APRIL 19, 2022
BlackArch Partners (“BlackArch”) is pleased to announce that Industrial Growth Partners (“IGP”) has completed the sale of SPL (the “Company”) to Sentinel Capital Partners (“Sentinel”).

SPL, headquartered in Houston, TX, is a leading independent provider of critical outsourced testing, inspection and certification (“TIC”) services. The Company provides a comprehensive suite of laboratory tests and related field services to a growing network of customers across the energy, environmental and industrial end markets.

Jeff Hibbeler, Chief Executive Officer of SPL, commented, “SPL is a dynamic, high-growth TIC leader serving an expanding network of customers and end markets. BlackArch’s deep understanding of the TIC landscape, our unique business model and our vision for growth ensured the optimal positioning of SPL to the market. Their uncompromising attention to detail and around-the-clock support for our management team also provided us with the highest levels of confidence that they would deliver an attractive outcome for our team. Each member of the BlackArch team worked tirelessly to uphold the high standards of professionalism and client service that their firm has become known for. We are excited to continue growing SPL alongside a new partner and hope to have the opportunity to work with the BlackArch team again in the future.”

Eric Heglie, a Partner at IGP, further noted, “We chose to work with BlackArch because of their sector knowledge, process management expertise and reputation for representing premier TIC services businesses. BlackArch was a true partner to SPL’s management team as well as IGP and provided unwavering guidance and support at every step of the process. Additionally, the senior-level attention and rigorous process management exhibited by their team facilitated a strong outcome for SPL’s shareholders, employees and customers. We look forward to partnering with BlackArch again!”

BlackArch was retained by SPL and IGP to serve as the Company’s exclusive financial advisor. The transaction builds upon BlackArch’s significant expertise and momentum within the TIC, environmental and energy sectors and is a further example of the firm’s focus on providing unique, tailored M&A advisory services to market-leading businesses.

About SPL
SPL, an industry leader in TIC services, serves more than 1,700 customers, including some of the largest global energy companies. SPL operates 22 lab testing and service centers that analyze hundreds of thousands of samples annually for physical and chemical composition of hydrocarbons, lubricants and wastewater. Its service centers house more than 250 highly trained technicians who inspect, install and maintain field measurement systems for customers. Besides testing and services, SPL offers unique digital services, including production allocation, flow assurance and data management. To learn more, visit http://www.spl-inc.com.