Branford Castle Rumbles Along, Announces Sale of Surface Preparation Technologies
NEW YORK, Nov. 14, 2019 /PRNewswire/ -- Branford Castle Partners has sold its portfolio company Surface Preparation Technologies (“SPT”) to Dominus Capital. SPT is the nation’s number one provider of rumble strips and related roadway safety services. SPT has installed hundreds of thousands of miles of rumble strips, in almost every state, helping to keep motorists safely on the road and preventing head-on collisions. Branford acquired SPT in February of 2017. During Branford’s ownership period, SPT significantly expanded its geographic reach and fleet of proprietary equipment. In June of 2018, SPT acquired the rumble strip division of Diamond Surface Inc., which dramatically expanded its scale and ability to service customers on a national basis.
“In less than three years, we have accomplished significant organic growth, coupled with a transformative strategic add-on acquisition, to take the business to the next level. This would not have been possible without our excellent management team partners and world-class independent board members,” said Eric Korsten, a Senior Managing Director for Branford.
David Castle, Managing Partner for Branford, said, “We are delighted with the outcome. We believe SPT has been a highly successful investment for Branford and its limited partners.”
“In partnership with Branford, SPT has grown its operations to become a true national service provider. We are very much looking forward to our next chapter with Dominus Capital, where we will leverage our capabilities and fleet for further growth both organically and through acquisitions in the US and beyond,” said Steve Burke, President & CEO of SPT.
Stifel served as financial advisor to SPT. Terms of the transaction were not disclosed.
About Branford Castle Partners ( http://www.branfordcastle.com/ )
Branford Castle is a private market investor focusing on lower-middle-market investments, with a more than 30+ year history of helping to grow businesses. The firm typically makes control investments in companies with less than $15 million of EBITDA and a leadership position in a niche industry. Branford is particularly keen on the strong relationships it develops with its portfolio company managers. Branford has particular expertise in consumer products and services, commercial distribution, industrials/specialty manufacturing, business services and logistics.
About Surface Preparation Technologies ( https://www.rumblestrips.com/ )
Surface Preparation Technologies is the nation’s largest provider of rumble strips and related critical roadway safety services. The company combines 30+ years of roadway infrastructure expertise and a fleet of proprietary, technologically advanced equipment. SPT’s operations are based out of its corporate headquarters in New Kingstown, Pennsylvania with five additional facilities located throughout the United States.
SOURCE Branford Castle