Aterian Acquires Bluewater Thermal Solutions

Aterian Acquires Bluewater Thermal Solutions

Aterian Investment Partners has completed the carve-out acquisition of ten heat treating facilities in the United States and Canada from Bluewater Thermal Solutions. The acquired plants will continue to operate under the Bluewater name.

“It is a pleasure to add Bluewater to the Aterian portfolio and to collaborate with an excellent management team. Bluewater is a clear market leader and provides exceptional value to its customers as part of a mission critical supply chain function,” said Brandon Bethea, Partner of Aterian. “We are impressed by the strength of the company’s long-standing customer relationships as well as the operational initiatives implemented by the company over the last several years to further enhance the company’s product and service offering. We look forward to supporting the company’s continued efforts to expand the business both organically and through strategic acquisitions.”

Bluewater is a provider of heat treating services to 2,000 customers in the automotive, heavy truck, aerospace, construction, agriculture and energy industries. The company provides a range of metallurgical heat-treating processes in which metal parts are exposed to precise temperatures, atmospheres, quenchants, and other conditions to improve their mechanical properties, durability, and wear resistance. Bluewater is headquartered in Greenville, SC with other locations in Michigan, Illinois, Indiana, Pennsylvania and Canada (

“Aterian is a private equity firm with a demonstrated track record of supporting and growing businesses alongside management. We expect our new partnership with Aterian to make us even stronger and are excited to begin this new chapter with them. With Aterian’s support, Bluewater will continue to drive results through execution of our strategic plan and a relentless focus on customer service,” said Mike Wellham, Chief Executive Officer of Bluewater.

Aterian Investment Partners invests in small-to-middle market businesses with $25 million to $500 million in revenues that are underperforming, turnarounds or otherwise unique situations. Industries of interest include consumer products; food and beverage; retail; restaurants; health care services; manufacturing; distribution; metals and mining; industrials; and chemicals & commodities. The firm will consider both control and non-control investments. Aterian is based in New York (

“With the completion of the Bluewater acquisition, Aterian has now invested in four platform businesses with operations in more than ten countries, across four continents, and employing approximately 2,000 employees. This was a complicated multi-party carve-out transaction and it is gratifying to be able to provide another creative solution to the middle market,” said Mr. Bethea.

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-26-12

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