GHK Closes on Third Platform

GHK Capital Partners has acquired Hasa, a producer and distributor of water treatment chemicals, from Peak Rock Capital.

Hasa’s products are used to sanitize and maintain water systems, including swimming pools, water tanks and containment vessels in the recreational, industrial, and municipal end markets.

Hasa serves customers in the western and southwestern US and operates out of facilities in California, Arizona, Washington, Nevada, and Texas. The company, led by CEO Chris Brink, was founded in 1964 and is headquartered in north of Los Angeles in Saugus, California.

“We are eager to begin our partnership with Hasa, which over many decades has established a clear leadership position and a highly attractive, differentiated model in the pool chemical treatment space,” said Gil Klemann, the managing partner of GHK. Mr. Klemann founded the firm in January 2018 after more than sixteen years at Goldman Sachs where he invested in control private equity transactions in the industrials, financial services, retail consumer and media sectors.

“As GHK’s third platform investment, Hasa represents a highly compelling investment opportunity in the specialty manufacturing and distribution space complemented by an exceptional management team who is well-positioned to drive outsized growth,” added Mr. Klemann.

GHK’s two earlier platforms are Dura Supreme Cabinetry, a Minnesota-based maker of semi-custom and custom, framed and frameless, kitchen and bath cabinetry (acquired in October 2019); and Brown & Settle, a Virginia-based provider of large-parcel site development services (excavation, clearing, paving, and utility installation) with a specialization in data center site development (acquired in February 2019).

Greenwich, Connecticut-based GHK invests in companies with $15 million to $40 million of EBITDA that are active in the manufacturing, building products and services, business services, distribution and logistics, packaging, and general industrial sectors.

Peak Rock acquired Hasa in September 2017 and during its ownership term expanded the company’s geographic footprint and product lines through four add-on acquisitions and the construction of a new facility in San Diego.

“We are extremely proud of all that Hasa and its industry-leading management team have accomplished over the last three years,” said Steve Martinez, the president of Peak Rock. “In partnership with Peak Rock, Hasa has invested in the development of the sales, finance, and operational organizations, creating high-quality new jobs and increasing the employee base by more than 35%, driving strong underlying sales growth and positioning the company for long-term success.”

Austin, Texas-based Peak Rock makes debt and equity investments of $20 million to $150 million in middle-market companies with revenues from $50 million to $1 billion and enterprise values from $25 million to $500 million. Sectors of interest include business and commercial services; consumer; distribution and logistics; energy and related services; healthcare; industrials; manufacturing, metals, and media.

Senior financing for the transaction was provided by Goldman Sachs’ specialty lending group and Comvest Credit Partners.

Private Equity Professional | July 21, 2020

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