SP Industries Changes Private Equity Ownership
The Philadelphia Business Journal reported that Riverlake sold its 90% share of the company and that the other 10% is held by management. Rob Newbold, managing principal at Graham Partners, told the Journal that SP Industries generates annual sales of more than $75 million and has 400 employees.
Newtown Square, PA 3/3/11; Portland, OR 3/3/11—Riverlake Partners has sold SP Industries to Graham Partners, a lower middle-market private equity firm. Terms were not disclosed. SP Industries design and manufactures laboratory products and pharmaceutical production equipment. “SP has built a reputation within the industry for cutting edge, cost-effective products that deliver high level solutions to the biopharmaceutical industry. I look forward to partnering with Graham to further expand our product portfolio and our global footprint,” commented SP Industries President and CEO Chuck Grant. Based in Warminster, Pennsylvania, SP Industries’ two business segments are Research and Process Equipment, which supplies the VirTis, FTS, Genevac and Hull brands, and Research Glass.
