Graham Partners acquires SP Industries
Private equity firm buys manufacturer of medical equipment and freeze dryers
US private equity firm Graham Partners has acquired SP Industries, a manufacturer of medical equipment and components used in pharmaceutical development and production, from another US private equity firm, Riverlake Partners, of Portland, Oregon. Financial terms of the deal were not disclosed.
Riverlake led the acquisition of SP Industries in 2005 and added FTS Systems in 2006 and Genevac in 2007.
Headquartered in Warminster, PA, and employing around 400 people, SP Industries’ two main product categories are: Research and Process Equipment, including the VirTis, FTS, Genevac, and Hull brands, which are focused on laboratory research applications and pharmaceutical production freeze dryers; and Research Glass, which offers laboratory glassware and equipment, precision glass components, and nuclear magnetic resonance tubing. SP Industries’ products are also used for environmental testing as well as flavours and fragrance research and development.
The firm has production facilities in Gardiner and Stone Ridge, NY, Vineland, NJ and Ipswich, UK. Its main customers are research labs and production facilities in industrial, university and government accounts in the pharmaceutical, biotech and life science markets.
‘SP Industries is a dynamic company producing industry leading technologies and equipment,’ said Rob Newbold, managing principal at Graham Partners. ‘The company's exceptional management team, strong brands, loyal customer base, and ability to create innovative and dependable products provide it with a strong competitive advantage.’
Chuck Grant, president and chief executive of SP Industries, added: ‘I look forward to partnering with Graham to further expand our product portfolio and our global footprint.’
