Industrial Growth Partners (“IGP”) is pleased to announce the sale of SPL to an affiliate of Sentinel Capital Partners in a transaction that closed on April 7, 2022.
SPL, headquartered in Houston, TX, is a leading testing, inspection, and certification (TIC) services provider for the energy industry and other end markets.
Original Acquisition Details
IGP, together with members of the management team, acquired SPL in September 2016. Since that time, SPL has continued to execute on its strategic plan to become a leader within the global TIC market. During IGP’s ownership, SPL made significant investments to expand its addressable market and geographic reach, add service capabilities and penetrate new end markets. These investments included six strategic add-on acquisitions, green-fielding new facilities, augmenting the existing management team and launching proprietary digital solutions. Additionally, SPL developed several new services to assist clients with achieving their ESG goals and objectives. These strategic add-on acquisitions and organic investments, combined with management’s successful execution of SPL’s long-term strategic plan, have positioned SPL for its next phase of growth.
Jeff Hibbeler, CEO of SPL, commented: “IGP was an incredible partner to SPL. Through five and a half years of partnership, we were able to penetrate new markets, expand our operating footprint domestically and internationally, and launch several new proprietary digital solutions, all while nearly tripling the size of our business. SPL is now positioned better than ever for growth across a number of end markets and geographies – we are grateful for the partnership and strategic support provided by IGP.”