Artificial Turf Co. Sprinturf Raises $10M By Jonathan Matsey 5/1/2007

Specialty Surfaces International Inc., a maker of specialty and artificial playing surfaces doing business as Sprinturf, said that it has raised $10 million in growth capital.

The Musser Group led the round, joined by New York-based hedge fund DellaCamera Capital Management and H.F. Lenfest, founder of Lenfest Communications Inc., which was purchased by Comcast Corp. in 2000.

Based in Wayne, Pa., Sprinturf produces an artificial surface for athletic fields. Michael Carter, managing director at the Musser Group, said that the company has surfaced 300 fields and customers include the Philadelphia Eagles, Tennessee Titans, University of California at Los Angeles, University of Pennsylvania and Temple University.

"They're number two in the market and they've never had growth capital," Carter said. Sprinturf has 80 employees and revenue in excess of $35 million, according to Carter, and is looking to overtake market leader SynTenniCo Inc. of Montreal, maker of FieldTurf.

Carter also said that the artificial surface market is not only driven by environmental concerns over water and fertilizer use on natural grass but by its cost-effectiveness. In addition Sprinturf is made from just rubber, which is safer, than rubber and sand, he said.

The Musser Group, founded in 2003, has less than $100 million under management, Carter said, and takes majority or minority stakes in a variety of industries.