Harris Williams & Co. Advises SPL Holdings, LLC on its Sale to Industrial Growth Partners

September 30, 2016

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for 25 years, announces the sale of SPL Holdings, LLC (SPL) to Industrial Growth Partners (IGP). SPL is a leading provider of hydrocarbon testing, measurement, analysis and reporting services to the oil and gas industry in the U.S. Harris Williams & Co. served as the exclusive advisor to SPL, a portfolio company of Hastings Equity Partners, LLC (Hastings). The transaction was led by Matt White, Brian Lucas, Luke Semple, Chris Burnham, Michael Drummond and Adam Daigle of Harris Williams & Co.’s Energy, Power & Infrastructure Group.

“We are very excited to have represented SPL’s shareholders and management in this transaction,” said Matt White, a managing director at Harris Williams & Co. “We look forward to watching the continued growth and development of the company as it enters into a new partnership with IGP.”

“SPL marks another successful transaction for Harris Williams & Co. in the test and inspection services sector,” added Luke Semple, a director at Harris Williams & Co.  “In today’s market, business models with highly recurring revenue and a proven ability to perform through industry cycles continue to attract strong interest from both strategic and financial buyers.”

SPL, headquartered in Houston, Texas, is a leading independent provider of outsourced hydrocarbon measurement, analysis and reporting services for oil and gas production in many of the top producing regions of the U.S. With a more than 70 year history of operations, SPL is recognized as an industry leader in laboratory, field and production allocation services.

Hastings is a private equity firm focused on investing in lower-middle market energy services and equipment businesses. Hastings’ approach is to leverage the extensive operational experience of the firm’s managers and investors, many of whom are active or former CEOs of Fortune 1000 companies. In addition, due to the firm’s expanding portfolio of oilfield services companies, it is able to share best practices, technology trends and contacts across its platform to ensure that all of its investments benefit. Hastings strives to help its portfolio companies create sustained value for their employees, customers and investment partners.

IGP is a San Francisco-based specialist private investment partnership focused exclusively on acquiring middle market industrial manufacturing and industrial services businesses. Since IGP’s inception in 1997, they have raised $2.2 billion in equity capital across five funds and have successfully invested alongside management in over 30 platform transactions. Over that period, IGP has adhered to a consistent approach, focused on building global, market-leading manufacturing and industrial services companies.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.  The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence.  Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Harris Williams & Co.’s Energy, Power & Infrastructure Group has experience across a broad range of sectors, including oil and gas equipment and services, energy efficiency and clean tech, industrial and infrastructure services, power products and technology, engineering and construction and environmental services.  For more information on our energy, power and infrastructure experience, please visit the Energy, Power & Infrastructure Group’s section of the Harris Williams & Co. website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority.  Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.