Warren Equity Partners has acquired StormTrap, a provider of stormwater management products to the municipal, commercial, industrial, and residential markets.
StormTrap designs and engineers precast concrete systems that store stormwater runoff in underground chambers before releasing it at a controlled rate or harvesting it for reuse. In addition, the company also provides water quality systems that remove pollutants and contaminants from stormwater runoff. StormTrap, led by President Bob McCormack, is headquartered near Chicago in Romeoville, IL (www.stormtrap.com).
Warren Equity acquired a majority interest in StormTrap from the Hawken family, who founded the company in 2002. The Hawken family invested alongside Warren Equity in the transaction and will remain on the board of directors going forward.
“We chose Warren Equity due to their prior experience investing in companies targeting similar end markets, as well as the strong cultural fit with the StormTrap team,” said Mr. McCormack. “With Warren Equity, we have found a partner who will help support our growth strategy and provide valuable guidance during our next chapter of growth.”
“StormTrap is a great fit for Warren Equity given our focus on the infrastructure market and the company’s focus on providing solutions to remedy overburdened stormwater systems,” said Scott Bruckmann, a partner at Warren Equity. “StormTrap is well positioned to continue to serve the growing demand for stormwater management systems, and we are excited to help the company expand their geographic footprint and product offering. We look forward to partnering with the Hawken family and StormTrap’s exceptional management team.”
Warren Equity invests from $5 million to $40 million in North American-based companies that have from $3 million to $15 million of EBITDA. Sectors of interest include industrial, infrastructure, and business services. The firm is based in Jacksonville Beach, FL (www.warrenequity.com).
“Over its 16-year history, StormTrap has grown into a market leader for underground concrete stormwater systems through continuous development of new technologies and products,” said Jamie Hawken, board member of StormTrap, “We are looking forward to working with Warren Equity to grow the company in North America and internationally.”
William Blair & Company (www.williamblair.com) was the financial advisor to StormTrap on this transaction.
© 2018 Private Equity Professional | December 20, 2018