SP Industries Announces Acquisition Of FTS Systems

Warminster, PA - SP Industries today announced that it has acquired FTS Systems, located in Stone Ridge, NY, a leading manufacturer of precision thermal control systems serving the pharmaceutical, biotechnology, educational, industrial, semiconductor and OEM markets. The acquisition significantly increases SP's leadership position in Freeze Drying Products and Technology. The value of the acquisition was not disclosed.

FTS‘ consistent growth over the past three years, its introduction of the innovative SMART freeze drying cycle development technology in late 2005 and SP's desire to expand its existing footprint in this market, combined to make this an important and a well-timed acquisition. The FTS Systems family of products includes freeze dryers; thermal control and temperature forcing systems, controlled rate freezers and NMR sample coolers.

"Our partnership with Riverlake Partners, which purchased SP eighteen months ago, has generated a new level of expertise to fuel the company's growth. We have also gained access to the capital necessary to make synergistic acquisitions", said Charles L. Grant, CEO, who is also an operating partner at Riverlake Partners. "This acquisition is an example of the commitment from Riverlake and its partners to SP and sends a strong signal to our employees and the market that SP Industries is committed to profitable growth".

"FTS Systems is an ideal acquisition for SP", said Grant. "It includes an experienced and focused management team in the freeze drying market and offers SP access to markets in the semiconductor, military and aerospace industries. Located near the SP manufacturing facility of VirTis products in Gardiner, FTS offers opportunities for flex loading of the two plants as well as expanded manufacturing capabilities and cost reductions opportunities."

SOURCE: SP Industries