Blackstreet investment in former Itron plant follows rescue of Park Seed Company in 2010
GREENWOOD, S.C.--(BUSINESS WIRE)-- The May purchase of Itron’s Greenwood, South Carolina facility by an investment group headed by Blackstreet Capital is the second time the Maryland private equity firm has rescued a local company from the brink of closure.
In 2010, in a deal supported by the mayor and members of the Greenwood City Council, Blackstreet purchased the assets Park Seed Company during a bankruptcy proceeding, investing millions of dollars in the company along with a commitment (since fulfilled) to sustain current operations and preserve more than 150 local positions.
In November 2011, when Itron announced the closure of its Greenwood plant, which manufactures the world-renowned Neptune flow meters, local officials immediately contacted Blackstreet. The result, seven months later, was the plant’s sale to Red Seal Measurement – backed by Blackstreet Capital – preserving the more than 50 local jobs. The Greenwood plant will remain the worldwide headquarters for production, sales and support of Neptune liquid measurement products.
“This was another opportunity to work with the community to save a great business,” said Murry Gunty, Managing Partner at Blackstreet Capital. “Greenwood is the home of great managers, employees and community leaders who understand what it takes to preserve and create jobs. We are proud to be doing business in Greenwood again.”
Blackstreet focuses on control buyouts of companies that are either underperforming, in out-of-favor industries or are undergoing some form of transition. The firm invests in a range of industries, including manufacturing and distribution, restaurants, specialty retail, business services and health care.
Neptune branded flow meters are used in industrial processes and at all stages of the delivery chain for petroleum and LPG products, from the refinery to home delivery. The business has an established reputation for accuracy and dependability spanning decades.
“Thanks to Blackstreet Capital for their ongoing investment in Greenwood County,” said County Council Chairman Robbie Templeton. “It is important to also thank all our state, regional and local partners in making this happen. While we all like to announce a new business locating in the county, it is very gratifying to retain jobs that could have been lost.”
“Many state, regional and local partners came together after the announcement by Itron to see what we could do to help retain the business and jobs for Greenwood County,” said Mark Warner, CEO of Greenwood Partnership Alliance. “In particular we want to thank the Upstate SC Alliance, Piedmont Technical College and the Business Services Team at the South Carolina Department of Commerce, who worked with local management to identify potential buyers. We need to recognize the Greenwood Commissioners of Public Works, the Greenwood Metropolitan District, Duke Energy, the South Carolina Manufacturing Extension Partnership, the Upper Savannah Workforce Investment Board, and Greenwood County Council for their efforts to help this come about.”
About Blackstreet Capital
Blackstreet Capital (www.blackstreetcapital.com) is a Chevy Chase, MD based private equity firm with over $200 million of capital under management. Blackstreet focuses on control buyouts of companies that are either underperforming, in out-of-favor industries or are undergoing some form of transition. Blackstreet seeks investments in a range of industries, including manufacturing and distribution, restaurants, specialty retail, business services and health care.
Blackstreet Capital
Amanda Keating, 202-898-0995
amanda.keating@rubinmeyer.com
Source: Blackstreet Capital