SPP is a value-added distributor of highly specialized herbicide and pesticide products to professional customers across the Unites States. During Calvert Street’s ownership, the company was comprised of two operating subsidiaries, ADAPCO and Red River, through which it developed leading market positions across several attractive specialty chemical market segments, including mosquito control, forestry, industrial vegetation management, and range & pasture.
Industry: Industrial Services
SPP was formed by Calvert Street in July of 2006 in order to build a diversified, market-leading, specialty chemical distribution platform serving high value-add, niche market segments across North America.
Value Creation Milestones
- Professionalized the management team, including the hiring of a new CEO, Steve Burt, in 2007
- Supported the management team in executing a number of strategic initiatives:
- Overhauled internal processes and systems to enhance controls, visibility, customer service, and margins
- Streamlined operations to improve profitability through rationalizing legacy, non-core operations
- Successfully executed and integrated two highly strategic acquisitions (Red River and Townsend Chemical), providing scale and diversifying the business across complementary end markets and geographies
- During Calvert Street’s ownership, SPP grew from a niche service provider in the mature mosquito control industry into a diversified specialty chemical distributor providing highly technical services across a variety of attractive end markets
- From July 2006 to September 2013, TTM revenue and EBITDA more than doubled from both organic and acquisition-related initiatives
- In September of 2013, SPP was sold to Koda Distribution, Inc.