Northborne Partners Advises NWDLS on its Sale to SPL, a Portfolio Company of Sentinel Capital Partners

MINNEAPOLIS, May 12, 2026 /PRNewswire/ -- Northborne Partners today announced that it served as the exclusive financial advisor to North Water District Laboratory Services, Inc. ("NWDLS" or the "Company") in its sale to SPL, a portfolio company of Sentinel Capital Partners. Financial terms of the transaction were not disclosed.

Headquartered in Conroe, Texas and founded in 1974, NWDLS is a leading provider of environmental laboratory testing and analytical services supporting municipal utility districts, engineering firms, industrial customers and government entities throughout Texas. The Company specializes in wastewater, drinking water, stormwater, soil, sediment and specialty analysis services and has built a strong reputation for technical expertise, responsiveness and customer service.

SPL is a leading provider of testing, inspection, certification and laboratory services for the energy, environmental and industrial markets, serving customers through a broad network of laboratory and service locations across the United States.

"Monica and the entire NWDLS team have built an impressive business with a longstanding reputation for quality, technical expertise and customer service," said Ben Marks, Managing Director at Northborne Partners. "We were honored to advise NWDLS through this important transaction and believe the Company is exceptionally well-positioned for continued growth as part of SPL.  Water and wastewater continues to be one of the most sought-after verticals within the infrastructure category."

About Northborne's involvement in the transaction, Robert McCoy, former owner of NWDLS, commented, "The Northborne team provided thoughtful advice, strong execution and steady guidance throughout the transaction process. Their experience and commitment were instrumental in helping us achieve a successful outcome for the business and our employees."

Monica Martin, Chief Executive Officer and Managing Partner of NWDLS, added, "Northborne was an exceptional partner throughout the process. Their strategic insight, responsiveness and hands-on approach helped guide us through an important milestone for the Company. We are excited about the opportunities ahead through our partnership with SPL."

Koley Jessen served as legal counsel to NWDLS.

About Northborne Partners
Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the industrial, healthcare, services and food & consumer sectors, among others. The firm specializes in advising private-equity-owned and closely held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit northborne.com.

About North Water District Laboratory Services, Inc.
Founded in 1974, North Water District Laboratory Services, Inc. is a full-service environmental laboratory that provides a comprehensive range of analytical testing services including water, wastewater, soils, solids and sediment analysis. The laboratory also offers specialty toxicology services, including a full suite of acute and chronic whole effluent toxicity (WET) testing and effluent biomonitoring, capabilities that significantly enhance SPL's environmental lab network. For more information, please visit nwdls.com.

About SPL 
Founded in 1944, SPL is a national laboratory and measurement services company serving the energy, environmental and industrial markets. Operating across 30+ locations in the United States, SPL provides defensible data through three core divisions: Energy Labs, Environmental Labs and Measurement Services. SPL is committed to providing defensible, accurate data and responsive service for clients who cannot afford to compromise on data quality. For more information, please visit spllabs.com.

About Sentinel Capital Partners
Sentinel is a leading midmarket private equity firm. Working collaboratively with portfolio companies, Sentinel offers operational resources and strategic advice that help its management teams solve challenges, capitalize on opportunities and build stronger, more valuable businesses. Sentinel also provides junior capital solutions as a minority investor. Sentinel focuses on niche markets across the business services, consumer, healthcare services and industrial sectors. Since its inception in 1995, Sentinel has raised more than $11.2 billion of capital. To learn more, please visit sentinelpartners.com.

SOURCE Northborne Partners