Abstract

In July 2011, SFW Capital Partners, a private equity firm, bought Littleton, Mass.-based Spectro, a 30-year-old maker of Fourier transform infrared spectroscopy, X-ray, and optical emission tools for analysis of fuels and lubricating oil. The seller was England-based defense contractor QinetiQ. For Roger C. Freeman, a partner at SFW Capital, the deal was another opportunity to invest in a company that provides high-value analytical solutions to customers. For Brian Mitchell, who earlier this year became president and chief executive officer of Spectro, SFW’s understanding of the instrumentation market, along with its “invest and build” mentality, means that Spectro can focus on putting together a new line of portable tribology instruments. SFW’s purchase of Spectro, which has about 55 employees, has given it new resources and the opportunity to innovate. Likewise, supportive private equity investors have made it possible for 20-year-old Advion to focus on its instrument business after the sale ...

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