Serene Capital Management and C3 Capital have made an investment of mezzanine and equity capital in California Living Waters, the parent company of Southern California Waste Water and Central Valley Waste Water. Proceeds of the investment will be used for the expansion of facilities, operations and service capabilities.
California Living Waters provides treatment of non-hazardous wastewater generated by the oil and gas, industrial and domestic waste market segments. The company processes one hundred million gallons of wastewater annually through a centralized treatment facility and Class II injection well. The company was founded in 1959 and is based in Santa Paula, CA (www.scww.com).
“California Living Water has been strengthened today with the addition of C3 Capital and Serene Capital Management. Going forward, we now have the requisite capital and institutional support to expand our base of operations and to add the necessary manpower and assets to serve our fast-growing client base”, said Doug Edwards, California Living Waters CEO.
Serene Capital Management is a private equity firm focused on investing in lower middle market companies with revenues of $10 million to $100 million and EBITDAs of $1 million to $10 million. Sectors of interest include business services; specialty manufacturing; consumer; retail; and energy. The firm is based in Scottsdale, AZ (www.serenecapitalmgmt.com).
“American households and industry produce billions of gallons of non-hazardous waste water daily, all of which, depending on the effluent source, is required to be remediated and disposed of in compliance with some combination of federal, state and local regulation. California Living Waters provides the dependable and cost-effective solution to meet this ever growing need,” said Scott Lavinia, Managing Partner of Serene Capital Management. “We are excited to be part of a dynamic Company that is executing its vision of being a broader based environmental service company to a diverse network of wastewater customers throughout the west coast market”.
C3 Capital provides capital for businesses to finance later stage growth, strategic acquisitions, ownership transitions, and recapitalizations. The firm makes investments of $2 million to $10 million in the form of subordinated debt or preferred equity. C3 manages two funds with approximately $250 million in assets and is based in Kansas City, MO (www.c3holdings.com).
Diversified Pacific Partners, with offices in Newport Beach, CA and Delafield, WI, served as California Living Waters exclusive investment banker and advisor on the transaction.