Investment Summary

Hastings Equity Partners, JZ Partners and Edgewater Capital Partners Invest In SPL

On August 4, 2014, private equity firms Hastings Equity Partners, JZ Partners and Edgewater Capital Partners invested in business services company SPL

Investment Highlights
  • This is Hastings Equity Partners’ 1st, JZ Partners’ 2nd and Edgewater Capital Partners’ 1st transaction in the Business Services sector.
  • This is Hastings Equity Partners’ 16th, JZ Partners’ 12th and Edgewater Capital Partners’ 16th transaction in the United States.
  • This is Hastings Equity Partners’ 5th, JZ Partners’ 2nd and Edgewater Capital Partners’ 2nd transaction in Texas.
Investment Fate
  • SPL was sold to a consortium of financial buyers in 2016.
  • SPL was sold to a consortium of financial buyers in 2022.

Investment Summary

Date 2014-08-04
Target SPL
Sector Business Services
Investor(s) Hastings Equity Partners
JZ Partners
Edgewater Capital Partners
Deal Type Growth Capital
Advisor(s) Riveron Consulting (Financial)
Edwards Wildman Palmer LLP (Legal)

Target

SPL

The Woodlands, Texas, United States
SPL is an 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. SPL’s test and measurement services enable its customers to evaluate the composition of the hydrocarbons they are producing to fine-tune production from wells, market products downstream, meet regulatory reporting requirements, and ensure accurate payment of royalties to leaseholders. SPL was founded in 1944 and is based in The Woodlands, Texas.

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Investor(S) 3

DESCRIPTION

Hastings Equity Partners is a private investment firm focused on small to mid-sized enterprises in the business and industrial services sector. Hastings looks to invest in and acquire North American companies with trailing EBITDA of $5 to $20 million. Hastings looks for control situations only and will consider funding buyouts (LBOs, MBOs), recapitalizations, and growth capital financings. Hastings Equity Partners was formed in 2004 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 17 of 34
Sector: Business Services M&A 1 of 3
Type: Growth Capital M&A Deals 5 of 13
State: Texas M&A 5 of 12
Country: United States M&A 16 of 33
Year: 2014 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-01 Danlin Industries

Thomas, Oklahoma, United States

Danlin Industries, Inc. provides chemicals to support drilling, production, and transportation of oil and natural gas. The company has 24 locations throughout the US and is headquartered in Thomas, OK.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-01 Advanced Precision Products

Palmer, Massachusetts, United States

Advanced Precision Products, Inc. is a provider of tight tolerance, precision machined components and assemblies for the medical, defense, aerospace, oil & gas, automotive and general industrial end markets.

Sell -
Investor

JZ Partners


Category Private Equity Firm
Founded 1986
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

JZ Partners is a private equity firm focused on acquiring middle-market companies valued up to $200 million. JZ seeks profitable companies with strong management, defensible market positions, and low capital expenditures. Sectors of interest include niche manufacturing, value-added distribution, industrial services, healthcare, education, transportation, and business services. JZ Partners was formed in 1986 and has offices in Chicago and New York City.


DEAL STATS #
Overall 13 of 18
Sector: Business Services M&A 2 of 2
Type: Growth Capital M&A Deals 2 of 2
State: Texas M&A 2 of 3
Country: United States M&A 12 of 17
Year: 2014 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-10 TierPoint

St. Louis, Missouri, United States

TierPoint is a provider of data center colocation, internet connectivity, managed services, cloud services, and disaster recovery services. TierPoint was founded in 2010 and is based in St. Louis, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-15 Paragon Water Systems

Clearwater, Florida, United States

Paragon Water Systems, Inc. develops and produces “point-of-use” water filtration products for leading global Original Equipment Manufacturer (“OEM”) clients, big brand suppliers to specialty and big box retailers, direct sales organisations and companies with national or international water filtration dealership networks.

Buy -
Investor

Edgewater Capital Partners

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
Size Middle-Market
Type Sector Focused
DESCRIPTION

Edgewater Capital Partners is a private equity firm focused on acquiring established, lower middle-market companies. Prospective investment situations include corporate divestitures, management buyouts, and family business liquidity. The Firm's industry preferences include highly-engineered manufacturing, specialty chemicals, specialty Industrials, Life Science. Edgewater Capital Partners was formed in 1982 and is based in Cleveland, Ohio.


DEAL STATS #
Overall 16 of 31
Sector: Business Services M&A 1 of 1
Type: Growth Capital M&A Deals 1 of 4
State: Texas M&A 2 of 5
Country: United States M&A 16 of 30
Year: 2014 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-31 FAR Chemical

Palm Bay, Florida, United States

FAR Chemical, Inc. is a manufacture of specialty organic chemicals for customers in industries including pharmaceuticals, structural composites, CASE and foam, electronics, flavors, fragrances and personal care, catalysts, polymers and plastics. FAR Chemical, Inc. was founded in 1982 and is based in Palm Bay, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-28 ChemQuest Chemicals

Pasadena, Texas, United States

ChemQuest Chemicals is a custom blender and value-added supply chain partner for chemical companies serving a broad range of industries, including agriculture, water treatment, petrochemicals, and other industrial applications. ChemQuest Chemicals is based in Pasadena, Texas.

Buy -