Behrman Capital, a New York-based private equity investment firm, announced that it has sold its portfolio company, Waterline Renewal Technologies, to Azuria Water Solutions, a portfolio company of New Mountain Capital. Financial terms of the transaction were not disclosed.
Headquartered in Ottawa, Illinois, Waterline is a provider of engineered products for the trenchless rehabilitation of wastewater infrastructure. The company serves municipal, commercial, industrial and residential customers with products and services designed to enable long-lasting repair of sewer systems and wastewater lines without excavation or property damage. Its portfolio includes patented solutions delivered through brands such as Perma-Liner, APM, LMK Technologies and LightRay.
During Behrman Capital’s ownership, Waterline completed two strategic add-on acquisitions to expand its capabilities and strengthen its position in the wastewater industry.
Founded in 1991 by Grant G. Behrman and Darryl G. Behrman, Behrman Capital focuses on management buyouts, leveraged buildups and recapitalizations of established growth businesses across defense and aerospace, healthcare and specialty industrials. The firm has raised approximately $4.3 billion since inception and is currently investing out of its seventh primary fund.
Waterline Renewal Technologies, through its brands APM, LMK Technologies, Perma-Liner Industries and LightRay, provides engineered products and services used in the trenchless repair and rehabilitation of wastewater and stormwater infrastructure.
Support: Lincoln International served as financial advisor to Waterline, and Goodwin Procter acted as legal advisor. Ropes & Gray served as legal advisor to Azuria.
KEY QUOTES:
“On behalf of everyone at Waterline, I’d like to thank the Behrman Capital team for their expertise and guidance throughout our partnership, as we’ve built our business into the nation’s leading trenchless product systems and solutions provider. We are looking forward to the opportunities ahead within the Azuria family of brands.”
Dave Williams, CEO Of Waterline Renewal Technologies
“We are proud to have contributed to Waterline’s growth and successes, including completing two strategic add-on acquisitions which have greatly enhanced the Company’s ability to meet the demands of the wastewater industry. Waterline is well positioned to continue its market leading trajectory, and we wish Dave and the team the best of luck with their new partners.”
Grant Behrman, Managing Partner Of Behrman Capital
