Graham Prepares for Winter with a Hot Exit
December 9th, 2015
Graham Partners, a private investment firm focused on investing in businesses with advanced industrial technologies, innovative product offerings, and strong growth potential, is pleased to announce it has sold SP Industries, Inc. (“SP”), a leading designer and manufacturer of state-of-the-art scientific equipment and precision labware. SP’s premium brands support research and production primarily in the global life sciences market. Headquartered in Warminster, PA, SP offers more than 20,000 different product SKUs and holds a leading market position in numerous end markets in the U.S. and internationally.
Activist Ownership Fuels 55% EBITDA Growth
Under Graham’s ownership, SP’s EBITDA increased by 55%, driven by innovative product launches, proprietary add-on acquisitions, and cost savings initiatives. SP’s status as an industry leader is evidenced by its commercialization of ControLyo – a revolutionary technology used for freeze-drying biological pharmaceuticals that presents a several hundred million dollar market opportunity for the company. Graham Partners also worked closely with SP to complete two strategic add-on acquisitions on a proprietary basis, enabling the company to strengthen its key distribution relationships and broaden its product offering. Furthermore, Graham’s Operations Team partnered with SP’s management to consolidate operating facilities, renegotiate existing leases, and execute on lean manufacturing initiatives. As a result, several million dollars in annual cost savings were realized during Graham’s ownership.
Bill Downs, President and CEO of SP, states “Our experience with Graham Partners has been tremendously helpful in shaping the strategy, vision, and culture of SP. Graham’s operational background and expertise, coupled with its network of experienced industry professionals, has helped the company advance into a successful business poised for long-term growth.” Rob Newbold, Managing Principal at Graham Partners, continues, “It was a pleasure to partner with SP’s outstanding management team to implement game-changing strategic initiatives for the company while fostering a culture committed to continuous innovation. We’re confident that this team and business will continue to thrive under new ownership and wish them the best.”
About SP Industries (http://www.spindustries.com)
Headquartered in Warminster, Pennsylvania, SP is a leading designer and manufacturer of state-of-the-art laboratory equipment, pharmaceutical manufacturing solutions, laboratory supplies and instruments, and specialty labware. SP’s products support research and production primarily in the global life sciences market. A primary growth driver for the business is increased adoption of biologically-based pharmaceuticals and treatment solutions.
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