Ares Capital Corporation has sold its portfolio company Aquion, a water treatment equipment company, to Mason Wells.
Aquion is a manufacturer and marketer of water treatment equipment with three operating divisions, RainSoft, Erie Water Treatment Controls, and ClearWater Tech. Products include water conditioners, iron filters, carbon filters, drinking-water purifiers, ozone and ultraviolet disinfection systems, reverse osmosis systems and acid neutralizers for the residential and commercial water treatment industry. Aquion’s water treatment systems are sold through multiple distribution channels. The company also has a network of more than 100 independent dealers who sell water conditioners, whole house filters, drinking water systems, and air treatment systems directly to consumers. The company has a 160,000 sq. ft manufacturing facility located in Elk Grove Village, IL. Aquion’s Clear Water Tech division has manufacturing operations in San Luis Obispo, CA and the Erie Water Treatment Controls division has manufacturing operations in Olen, Belgium. Aquion was founded in 1953 and is headquartered near Chicago in Elk Grove Village, IL (www.aquion.com).
Mason Wells makes investments in Midwest-based companies with revenues of $25 million to $300 million and EBITDAs of at least $5 million. Sectors of interest include consumer packaged goods, packaging materials & converting, engineered products & services and outsourced business services. The firm was founded in 1982 and is based in Milwaukee (www.masonwells.com).
Metronome Partners, a mid-market investment bank with offices in Chicago and Memphis (www.metronomepartners.com), was the exclusive financial advisor to Ares Capital Corporation on its sale of Aquion. Metronome worked with Ares and Aquion’s senior management team to prepare marketing documents, compile diligence materials, approach potential acquirers, facilitate buyer meetings, and evaluate and negotiate transaction terms.
“Metronome was tireless in their efforts and worked diligently on our behalf from start to finish. They did a terrific job finding us the best buyer and managing every step of the process,” said Michael Dieber, Managing Director and Co-Head of Ares Capital Management’s Portfolio Management Group.
Ares Capital provides debt and equity to the US middle-market companies primarily in first- and second-lien loans and mezzanine debt, which in some cases includes an equity component. The firm has offices in Los Angeles, Chicago, New York, Atlanta, Menlo Park and Washington, DC (www.arescapitalcorp.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-10-14
