Branford Castle Partners, the New York private equity firm, through its portfolio company Surface Preparation Technologies (SPT), has purchased the rumble-strip division of Diamond Surface, Inc.
These personnel and proprietary assets will be integrated with SPT’s existing operations under the ongoing leadership of SPT’s President and CEO, Steve Burke. SPT is the nation’s number one provider of rumble strips and related roadway safety services. SPT has cut over 175,000 miles of rumble strips, in almost every state, combating lane drift-off and preventing innumerable head-on highway crashes. The combined operations will significantly enhance national equipment availability and responsiveness. In conjunction with the acquisition, SPT completed a full recapitalization.
Proprietary equipment enables SPT to perform high-speed installation of these life-saving safety devices on concrete or asphalt roadways. Rumble strips are a proven, cost-efficient means to keep travelers safer by reducing crossover risks and run-off traffic accidents. The combined SPT business also offers a unique, quieter “sinus” rumble strip option for certain areas where roadside noise may be a concern. In the world of autonomous-friendly infrastructure, rumble strips also provide valuable functionality – both for high detection by lane departure technology and as a system fail-safe due to the near-permanence of the rumble strip.
“Diamond Surface’s division perfectly complements SPT and will significantly enhance SPT’s equipment capacity, by providing even more depth of coverage across the country” said Eric Korsten, a Managing Director for Branford. “It is a key strategic acquisition designed to take SPT’s business to the next level.” We are also pleased to have partnered with Global Bankers Capital, who supported our recapitalization.
Terms of the current 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.
