June 28, 2024

May River Capital Completes Sale Of NSL Analytical Services

Chicago, IL – June 28, 2024May River Capital today announced that its portfolio company NSL Analytical Services (“NSL”) has been acquired by Levine Leichtman Capital Partners (“LLCP”).

May River acquired NSL in January 2020. Since that time, May River and NSL management have driven substantial organic growth in the business through targeted initiatives, such as:

  • Significant talent development throughout the organization, with approximately 20 team members promoted or recruited since May River’s acquisition
  • Enhancements to the depth and breadth of NSL’s services offering, spearheaded by technical leadership hire Dr. Ed Herderick
  • Critical investments to support the scalability of the enterprise, including the migration of NSL’s metallurgical lab to a larger, more modern facility
  • Deepening of NSL’s reputation as a testing “center of excellence” within key markets served

Ron Wesel, CEO of NSL, commented, “Thanks to our loyal customers, our wonderful team, and our partners at May River, NSL today is poised to continue its legacy as a trusted provider of advanced materials testing services. Our new partnership with LLCP will further guide and fuel NSL’s growth in support of the critical quality assurance testing our team delivers to clients world-wide.”

Pat St. John, Managing Director at May River, commented, “We are incredibly proud of the achievements of NSL and its team under May River’s ownership. These strategic efforts have resulted in impressive growth and have positioned the business as a trusted supply chain partner across a number of mission critical, high performance industries.” St. John went on to comment, “It’s clear that LLCP’s investment approach is a perfect fit for NSL – LLCP’s experience will be key in helping NSL execute on its growth plans, which will ultimately result in enhanced value delivered to NSL’s clients.”

KPMG Corporate Finance LLC served as financial advisor and Paul Hastings LLP served as legal advisor to May River and NSL.

About May River Capital

May River Capital is a Chicago-based private equity firm focused on investing in lower middle-market, industrial growth companies. May River Capital invests in high-quality industrial growth businesses, including advanced manufacturing, engineered products and instrumentation, specialized industrial services, and value-added industrial distribution services. For more information, please visit www.mayrivercapital.com.

About NSL Analytical Services

Founded in 1945, NSL Analytical Services provides independent laboratory testing services to a diverse array of customers and end markets where testing speed, accuracy, and consistency is mission critical to operations and compliance. NSL serves over 1,700 global customers from two facilities located in the Cleveland metropolitan area. For more information, please visit www.nslanalytical.com.