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Stellus Capital Management, LLC Provides First Lien Financing to Industrial Growth Partners and SPL, Inc.

Oct 04, 2016

Houston – TX, October 4, 2016 – Stellus Capital Management, LLC (“Stellus”) announced today that its affiliates acted as Joint Lead-Arranger in providing a Unitranche Loan Facility in support of Industrial Growth Partners’ (“IGP”) purchase of SPL, Inc.

SPL is a leading independent provider of critical outsourced hydrocarbon measurement, analysis and reporting services for oil and gas production and transport in the United States. The Company provides a comprehensive suite of gas and liquid laboratory tests and related field services from its network of 8 labs and 14 field service locations across the U.S., and counts leading independent and major exploration and production companies, as well as midstream operators, amongst its customers. SPL’s test and measurement services enable its customers to evaluate the composition of the hydrocarbons they are producing in order to fine-tune production from wells, market products downstream, meet regulatory reporting requirements, and ensure accurate payment of royalties to leaseholders.

Robert T. Ladd, Managing Partner at Stellus, noted, “We are pleased to support IGP and SPL in this transaction. This deal continues our long track record of working closely with leading private equity firms, strong management teams, and middle-market businesses.”

Adam Pollock, Managing Director at Stellus added, “This was an opportunity to partner with IGP, SPL, and Ally Commercial Finance (Joint Lead-Arranger) to provide a comprehensive capital solution to support a unique platform opportunity in the energy sector.”

Moore & Van Allen PLLC acted as legal counsel to Stellus in this transaction.

About Stellus

Stellus is a leading middle market private investment firm with approximately $1.2 billion of assets under management across its two investment platforms – private credit and energy private equity. The private credit platform focuses on originating direct loans to middle market companies. The energy private equity platform focuses on providing flexible equity capital to small and middle market energy companies. Each platform is led by a dedicated investment team investing out of strategy-specific private institutional funds.

Collectively, the Stellus team possesses over 270 years of experience in middle market equity and credit investing, investment banking and corporate restructuring. Stellus has offices in Houston, TX and the Washington D.C. area. For additional information, please visit us at www.stelluscapital.com.

For Inquiries Related to this Press Release, please contact:
Stellus Capital Management, LLC
Toni Peluso, (301) 634-3007
Vice President
tpeluso@stelluscapital.com