Industrial Growth Partners has acquired Houston, Texas-based SPL, a provider of hydrocarbon measurement, analysis and reporting services for oil and gas production and transport in the U.S. No financial terms were disclosed.
San Francisco, CA – Industrial Growth Partners, in partnership with management, has acquired SPL. Headquartered in Houston, Texas, SPL is a leading independent provider of critical outsourced hydrocarbon measurement, analysis and reporting services for oil and gas production and transport in the United States. The Company provides a comprehensive suite of gas and liquid laboratory tests and related field services from its network of 8 labs and 14 field service locations across the U.S., and counts leading independent and major exploration and production companies, as well as midstream operators, amongst its customers. SPL’s test and measurement services enable its customers to evaluate the composition of the hydrocarbons they are producing in order to fine-tune production from wells, market products downstream, meet regulatory reporting requirements, and ensure accurate payment of royalties to leaseholders.
“The SPL management team is excited to partner with IGP as we strengthen our leading independent market position and continue to aggressively pursue opportunities for growth across all facets of our business,” said Ian Milne, CEO at SPL.”IGP’s deep experience in the test and measurement markets, knowledge base in the energy sector, and strategic focus make them an ideal equity partner for us.”
Acquisition Details – On September 29, 2016, Industrial Growth Partners, through its recently activated Fund V, and in partnership with management, acquired SPL. The transaction creates a platform for SPL to accelerate its growth by expanding its service offering into new geographies and pursuing strategic add-on acquisitions. The acquisition is an attractive fit with IGP’s strategy of investing in niche industrial companies with leading market positions and significant growth opportunities. To learn more about SPL, please visit www.spl-inc.com.
Industrial Growth Partners, founded in 1997, is a San Francisco-based specialist private investment partnership with $2.2 billion of equity capital raised since inception. The firm invests exclusively in middle-market companies in the industrial sector in partnership with management teams.