News & Insights

Recent News

BlackArch Partners Advises on the Sale of SPL to Sentinel Capital Partners

BlackArch Partners is pleased to announce that Industrial Growth Partners has completed the sale of SPL to Sentinel Capital Partners.

CHARLOTTE, NC (April 19, 2022) – BlackArch Partners (“BlackArch”) is pleased to announce that Industrial Growth Partners (“IGP”) has completed the sale of SPL (the "Company”) to Sentinel Capital Partners (“Sentinel”).

SPL, headquartered in Houston, TX, is a leading independent provider of critical outsourced testing, inspection and certification (“TIC”) services. The Company provides a comprehensive suite of laboratory tests and related field services to a growing network of customers across the energy, environmental and industrial end markets.

Jeff Hibbeler, Chief Executive Officer of SPL, commented, “SPL is a dynamic, high-growth TIC leader serving an expanding network of customers and end markets.  BlackArch’s deep understanding of the TIC landscape, our unique business model and our vision for growth ensured the optimal positioning of SPL to the market.  Their uncompromising attention to detail and around-the-clock support for our management team also provided us with the highest levels of confidence that they would deliver an attractive outcome for our team.  Each member of the BlackArch team worked tirelessly to uphold the high standards of professionalism and client service that their firm has become known for.  We are excited to continue growing SPL alongside a new partner and hope to have the opportunity to work with the BlackArch team again in the future.”

Eric Heglie, a Partner at IGP, further noted, “We chose to work with BlackArch because of their sector knowledge, process management expertise and reputation for representing premier TIC services businesses.  BlackArch was a true partner to SPL’s management team as well as IGP and provided unwavering guidance and support at every step of the process.  Additionally, the senior-level attention and rigorous process management exhibited by their team facilitated a strong outcome for SPL’s shareholders, employees and customers.  We look forward to partnering with BlackArch again!”

BlackArch was retained by SPL and IGP to serve as the Company’s exclusive financial advisor. The transaction builds upon BlackArch’s significant expertise and momentum within the TIC, environmental and energy sectors and is a further example of the firm’s focus on providing unique, tailored M&A advisory services to market-leading businesses.

About SPL

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. To learn more, visit

About Industrial Growth Partners

Industrial Growth Partners, founded in 1997, is a San Francisco-based private equity investment firm with over $2.2 billion of equity capital raised since inception. The firm invests exclusively in middle-market companies in the industrial sector in partnership with management teams. To learn more, visit

About Sentinel Capital Partners

Sentinel Capital Partners specializes in buying and building midmarket businesses in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, going-private transactions and structured equity investments of established businesses with EBITDA of up to $80 million. Sentinel also invests in special situations, including balance sheet restructurings, operational turnarounds and minority junior capital solutions. For more information, visit

About BlackArch Partners

BlackArch Partners is a leading middle market investment bank offering a full spectrum of advisory services to financial sponsors, private companies and diversified corporations. BlackArch addresses the needs of owner-operators, founders and shareholders of private companies with specialized services that include M&A advisory, strategic advisory and private capital solutions. Headquartered in Charlotte, NC, BlackArch features a total of 12 industry-focused practices that cover all sectors of interest to middle market investors. BlackArch professionals have closed more than 400 transactions in 16 countries on four continents. To learn more, visit

Securities offered through BlackArch Securities LLC. Member FINRA and SIPC.  Testimonials may not be representative of the experience of all clients.  Testimonials are not a guarantee of future performance or success.