Blackstreet Capital Saves Another Greenwood Business, Preserving Over 50 Local Jobs

The May purchase of Itron’s Greenwood, South Carolina facility by an investment group headed by Blackstreet Capital is the second time the Maryland private equity firm has rescued a local company from the brink of closure.

In a deal supported by the mayor and members of the Greenwood City Council, Blackstreet Capital purchased the assets Park Seed Company during a bankruptcy proceeding, investing millions of dollars in the company along with a commitment, and since fulfilled, to sustain current operations and preserve more than 150 local positions.

When Itron announced the closure of its Greenwood plant, which manufactures the world-renowned Neptune flow meters, local officials immediately contacted Blackstreet Capital. The result, seven months later, was the plant’s sale to Red Seal Measurement — backed by Blackstreet Capital — preserving the more than 50 local jobs.

“This was another opportunity to work with the community to save a great business,” said Murry Gunty, Managing Partner at Blackstreet Capital. “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 control 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.