Sentinel Capital Partners acquires SPL


Industry-Leading Testing, Inspection and Certification Company is Newest Platform to Join Business Services Vertical


April 7, 2022 – Sentinel Capital Partners, a private equity firm that invests in promising midmarket companies, today announced its acquisition of SPL, a leader in testing, inspection, and certification ("TIC”) services for energy and environmental markets. Terms of the deal were not disclosed.

SPL, an industry leader in TIC services, serves more than 1,700 customers, including some of the largest global energy companies. SPL operates 22 lab testing and service centers that analyze hundreds of thousands of samples annually for physical and chemical composition of hydrocarbons, lubricants, and wastewater. Its service centers house more than 250 highly trained technicians who inspect, install, and maintain field measurement systems for customers. Besides testing and services, SPL offers unique digital services, including production allocation, flow assurance, and data management.

SPL serves an international customer network, spanning the North American, EMEA, and APAC markets. SPL assists clients with transactional obligations, regulatory compliance, and energy production monitoring. SPL is also at the forefront of helping customers maintain proper environmental, social, and governance ("ESG”) standards through its water testing labs. SPL sets itself apart through its technical expertise and breadth of integrated services, and by helping set industry standards in partnership with regulatory bodies.

"SPL's advanced capabilities, deep expertise, best-in-class technology, and long-term relationships make the company a trusted partner to a diverse network of energy-related asset owners, operators, and customers, said Scott Perry, partner at Sentinel. "SPL's senior leadership team, with nearly 200 years of combined experience, has driven an impressive organic growth plan, including completion of five acquisitions since 2017.”

"SPL is well-positioned to benefit from the investments we have made to expand our capabilities and organization,” said Jeff Hibbeler, SPL's CEO. "Our industry has entered a secular upswing, and we believe Sentinel's proven expertise in helping companies like ours accelerate growth organically and via acquisitions will enable SPL to outperform.”

Sentinel has significant investment experience with business services, including those in the TIC energy and environmental services space. Previous investments include Apex Companies (environmental services specializing in water resources and industrial hygiene); Trinity (air quality consulting and compliance services); Precision Pipeline Solutions (specialty technical services to natural gas and electric utilities); and Engineered Controls International (specialized pressure regulators, valves, and control equipment for liquified and compressed gasses).