Salt Creek Capital Acquires Griplock Systems
Jul. 29, 2016
Menlo Park, California – July 29, 2016 – Salt Creek Capital is pleased to announce the acquisition of Griplock Systems, a market leading designer and provider of proprietary cable suspension hardware and low voltage systems used in architectural lighting, retail display and signage, industrial and high-bay lighting, rigging, art display and other growing end markets.
Todd Hemingway, incoming CEO, stated “Partnering with Salt Creek to acquire a highly engineered manufacturing business that leverages my 20 years of industry experience is an ideal situation. I am eager to begin working with the Griplock team and building upon the strong momentum at the company.”
Salt Creek Capital’s Managing Director, Dan Mytels, commented that “Griplock is an innovative company creating a portfolio of strong intellectual property. Todd will be an excellent addition to the company with his management background and experience as an innovator in fastener products, personally holding 5 related patents. We appreciate the support of Ocean Avenue Capital Partners, Spell Capital and Byline Bank in this transaction.”
Jacques Youssefmir, Partner at Ocean Avenue Capital Partners, added “We are delighted to partner with Salt Creek in this acquisition. The application markets that Griplock serves are growing quickly, and the company is adding new product lines, making this an exciting time of growth and expansion.”
About Griplock Systems
Founded in 1992, Griplock Systems is the leading designer and provider of proprietary cable suspension hardware and low voltage products for LED systems that are revolutionary in eliminating traditional power cords. The Company sells its systems primarily into the architectural lighting end market. In addition, Griplock’s products have applications for retail display and signage, industrial and high-bay lighting, rigging, suspended ceiling, art display, and other growing end markets. More information can be found at www.griplocksystems.com.
About Salt Creek Capital
Salt Creek Capital is a San Francisco Bay Area based private equity firm partnering with experienced operating executives to acquire profitable companies with up to $100 million in revenue. Salt Creek takes a long-term approach to investing in lower middle market businesses and seeks to create value by working closely with management teams to accelerate growth and to improve the operating efficiency of its portfolio companies. More information is available at www.saltcreekcap.com.