Audax Sells Neptune-Benson to AEA
Search
Share on twitter
Share on linkedin
Share on print
Share on email

Audax Sells Neptune-Benson to AEA

neptune benson nf1Audax has sold Neptune-Benson to Evoqua Water Technologies, a portfolio company of AEA Investors. Audax acquired Neptune-Benson in August 2011.

neptune benson nf23Neptune-Benson is a designer and manufacturer of filtration systems, recirculation components, and filter accessories. The company’s products are sold to commercial and municipal water recreation facilities, resorts, water parks, zoos and aquariums. Neptune was founded in 1956 by Junius and Raymond Gertz and is headquartered southwest of Providence in Coventry, RI (www.neptunebenson.com).

Since Audax’ initial investment in 2011, Neptune completed five add-on acquisitions to add to its product offering and expand the company internationally. “Audax has been instrumental in supporting our organic growth and acquisition strategy,” said Ken Rodi, CEO of Neptune.

audax nf44The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, New York and Menlo Park (www.audaxgroup.com).

Geoffrey Rehnert nf55“Ken and the rest of the Neptune-Benson team have done an exceptional job growing the company organically and through acquisitions to create a clear leader in the filtration space across commercial, industrial, and municipal aquatics industries. We wish Neptune continued success in their next leg of growth with its new partner,” said Geoffrey Rehnert, Co-CEO of Audax.

evoqua nf66In January 2014, AEA closed on the acquisition of the water and wastewater treatment operations and assets of Siemens Water Technologies for $870 million. Upon closing of the transaction the company was renamed Evoqua Water Technologies.  Today, Evoqua is a provider of water and wastewater treatment products, systems and services for industrial and municipal customers. The company was founded as US Filter in 1990 and was acquired by Siemens in 2004. Evoqua is headquartered north of Pittsburgh in Warrendale, PA (www.evoqua.com).

Financing for the transaction was provided by Credit Suisse (www.credit-suisse.com/us), Morgan Stanley (www.morganstanley.com), and RBC Capital Markets (www.rbccm.com).

Lazard Middle Market (www.lazardmm.com) was the financial advisor to Neptune and Audax. Goulston & Storrs (www.goulstonstorrs.com) provided legal counsel to Neptune and Audax. Fried, Frank, Harris, Shriver & Jacobson (www.friedfrank.com) was the legal advisor to Evoqua and AEA.

© 2016 Private Equity Professional • 6-22-16

Share on twitter
Share on linkedin
Share on print
Share on email

To search in site, type your keyword and hit enter