Published Oct. 1, 2012
Blackstreet Capital, a Maryland-based private equity firm that acquired Park Seed Co. of Greenwood out of bankruptcy two years ago, has made a second acquisition in Greenwood.
The equity firm said Monday it purchased the former Itron plant in Greenwood that manufactures liquid meters for industrial applications. Itron announced plans in November to close the facility.
The plant is now doing business as Red Seal Measurement, and more than 50 people work there.
The Greenwood plant will remain the worldwide headquarters for production, sales and support of Neptune-branded liquid measurement products, the company said in a news release.
“This was another opportunity to work with the community to save a great business,” Murry Gunty, managing partner at Blackstreet Capital, said in a news release. “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 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. The company said it has more $200 million of capital under management.
“Thanks to Blackstreet Capital for their ongoing investment in Greenwood County,” County Council Chairman Robbie Templeton said in a news release. “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.”