Triwater Holdings, a portfolio company of The Edgewater Funds and JZ Partners, has sold its subsidiary, TWH Water Treatment Industries (Water Treatment Solutions), to DuBois Chemicals, a portfolio company of The Jordan Company.
Water Treatment Solutions is a provider of managed water treatment programs for national, regional and local customers across a range of end markets. The company’s chemical-based treatment programs prevent scale formation on heat exchange surfaces, minimizes other surface deposits and inhibits corrosion. These programs protect assets, reduce energy/water usage and improve asset efficiency and longevity. The company’s programs are sold under the Nashville Chemical, Klenzoid Canada, Eldon Water and Chemco Products brand names. Water Treatment Solutions is headquartered in Rosemont, IL.
Triwater’s Water Treatment Solutions division began in 2012 with the acquisition of Nashville Chemical (www.nashchem.com). During its ownership term, Triwater and company management completed three add-on acquisitions and expanded the company’s facilities in both the US and Canada.
“The established management team at Water Treatment Solutions did an outstanding job of bringing together beneficial support and results for their customers. DuBois is an excellent fit for this business platform, and customers will continue to benefit from this merger,” said Larry Quick, CEO of Triwater.
“Edgewater thoroughly enjoyed working with Triwater and company management in building a tremendous water treatment organization,” said Edgewater Partner David Tolmie. “We are confident that Water Treatment Solutions is well positioned to continue its growth in partnership with the DuBois platform.”
DuBois Chemicals, a portfolio company of The Jordan Company since March 2017, is a provider of customized specialty chemical solutions used in a variety of applications such as metal finishing and paint pretreatment; metalworking and lubricants; water and wastewater treatment; maintenance and equipment cleaning; paper chemicals; food processing cleaning and sanitizing; and transportation cleaning. The company is led by Jeff Welsh, President and CEO. DuBois is headquartered north of Cincinnati in Sharonville, OH (www.duboischemicals.com).
This is the second divisional sale for Triwater (www.TriwaterHoldings.com) this year, with their Filtration Division having been acquired by Culligan International in March 2018. Triwater’s remaining division is Waterline Renewal Technologies (WRT), a provider of trenchless rehabilitation products for degraded potable water and sewer pipes, manholes and storm sewers.
“As a leader in the trenchless pipe rehabilitation industry, WRT is well positioned to provide solutions to the growing wastewater infrastructure problems through our best-in-class brands,” said Matt Fishbune, EVP of Triwater and President of WRT. “We have structured our organization to accelerate growth through our multiple channels to market and technology offerings for our valued customers, as we strive to continue improving water-use integrity by rehabilitating degraded infrastructure for the end users.”
The Edgewater Funds invests in companies with revenues from $20 million to $500 million and EBITDAs from $5 million to $30 million. Sectors of interest include business services, financial and government services, consumer products and services, healthcare services, IT services and software and basic industries. The firm has $2.7 billion in committed capital and is based in Chicago (www.edgewaterfunds.com).
JZ Partners invests in US and Canadian-based companies that have up to $200 million in enterprise value. Sectors of interest include niche manufacturing; value-added distribution; industrial services; healthcare; education; transportation and logistics; and business services. The firm was founded in 1986 by Jay Jordan and David Zalaznick and has offices in New York and Chicago (www.jzpartners.com).
The Jordan Company is a middle-market private equity firm with over $6 billion of assets under management. The firm was founded in 1982 and is headquartered in New York with an additional office in Chicago (www.thejordancompany.com).
Baird (www.rwbaird.com) served as the financial advisor to Water Treatment Industries on this transaction.
© 2018 Private Equity Professional | October 17, 2018