Hastings Equity Partners, a private equity firm focused on investing in lower middle-market energy services and equipment companies, has sold Southern Petroleum Laboratories Inc. (SPL) to Industrial Growth Partners (IGP). A San Francisco-based specialist private investment partnership, IGP focuses exclusively on investing in middle-market companies in the industrial sector. The company has raised $2.2 billion of equity capital since its inception in 1997.
Based in Houston, Texas, SPL is an independent provider of outsourced hydrocarbon measurement, analysis, and reporting services for oil and gas production.
Hastings purchased a majority interest in SPL in the summer of 2014, in addition to various funds advised by Jordan/Zalaznick Advisers Inc. and The Edgewater Funds. The 2014 sale was the first exit from Hastings Fund III, which closed on $172 million in late 2014.
Harris Williams & Co. served as exclusive financial advisor to SPL for the transaction, and Locke Lord, LLP served as legal counsel to the shareholders of SPL in the transaction.