Behrman Buys Waterline from Triwater

Behrman Capital has acquired Waterline Renewal Technologies from Triwater Holdings, a portfolio company of The Edgewater Funds and JZ Partners. Members of Waterline’s senior management team invested in the transaction alongside Behrman.

Waterline is a provider of products used in the trenchless repair of municipal, commercial, industrial, and residential sewer systems and wastewater lines without the need for excavation or property damage. The company is headquartered near Chicago in Rosemont, IL (click HERE for Waterline’s webpage).

Waterline’s management team, led by President Matt Fishbune, will continue to lead the company under Behrman’s ownership.

“We are excited to begin this new chapter for Waterline by joining forces with Behrman Capital. This new partnership will enable our company to draw on Behrman’s deep experience in specialty manufacturing and distribution, as well as with government customers,” said Mr. Fishbune. “We look forward to further expansion of our core technologies, enhancing our product offering, and scaling our business and geographical reach, which will create exciting new opportunities for our valued customers, suppliers, and our talented employees.”

Waterline is organized and markets itself across three brands: LMK, a Ottawa, IL-based provider of trenchless cured-in-place pipe (CIPP) products and technologies for municipal contractors (www.lmktechnologies.com); Perma-Liner, a Clearwater, FL-based provider of trenchless, CIPP products and technologies for plumbers and drain cleaners (www.perma-liner.com); and AP/M Permaform, a Johnston, IA-based provider of spray-on coatings for manholes, large diameter pipe rehabilitation and anti-bacterial agents for corrosion prevention (www.permaform.net).

“Waterline is a leader in the growing wastewater solutions market with innovative pipe rehabilitation solutions. Through Waterline’s best-in-class brands, multiple channels to market, and industry and technology know-how, the company has consistently provided effective wastewater infrastructure solutions for its installer partners while delivering strong financial performance,” said Grant Behrman, managing partner of Behrman Capital, “We look forward to collaborating with the management team to capitalize on a range of attractive growth initiatives, including select acquisitions and the expansion of Waterline’s technology offerings.”

This is the third asset sale for Triwater (www.TriwaterHoldings.com) and the final operating company owned by the platform that was formed by The Edgewater Funds (www.edgewaterfunds.com) and JZ Partners (www.jzpartners.com) in 2011. In October 2018, Triwater sold TWH Water Treatment Industries, a provider of managed water treatment programs, to DuBois Chemicals, a portfolio company of The Jordan Company; and in March 2018 it sold Paragon Water Systems, a maker of point-of-use water filtration products, to Culligan International.

Behrman Capital invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses that are active in defense and aerospace, healthcare services, and specialty manufacturing and distribution. The firm has raised more than $3 billion since its founding in 1991 and is currently investing out of its sixth fund. Behrman Capital was founded by Grant and Daryl Behrman and has offices in New York and San Francisco (www.behrmancap.com).

© 2019 Private Equity Professional | April 11, 2019

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