Boyne Acquires Water Treatment Equipment Maker

Boyne Capital has acquired McNish, the parent company of Walker Process Equipment, Amwell, and E&I Corporation (together, McNish).

Through these three operating divisions, McNish is a provider of engineered products used by municipal governments and utility operators in the water and wastewater treatment sectors. These brands manufacture and supply equipment such as clarifiers, aerators, and sludge collectors. McNish is led by CEO Michelle McNish and is headquartered near Chicago in Aurora, Illinois.

“We are excited to be working with Boyne Capital moving forward,” said Ms. McNish. “This partnership provides McNish with the strategic resources and support to accelerate growth and innovation in wastewater treatment solutions for our customers nationwide, while providing a strong home for our excellent employees.”

“Boyne has an extensive track record investing in products and services that meet America’s critical infrastructure needs,” said Derek McDowell, managing partner at Boyne Capital. “McNish has developed into a leader within the wastewater treatment market through a relentless focus on equipment reliability and customer service, and we look forward to building upon this foundation to grow market share across the Company’s product portfolio.”

The investment comes as municipalities across the U.S. continue to address aging water systems, rising regulatory requirements, and funding programs such as the Infrastructure Investment and Jobs Act. Companies like McNish are positioned to benefit from sustained capital inflows targeting water safety, sustainability, and reliability initiatives.

Boyne Capital invests in lower middle-market companies with revenues of less than $100 million and EBITDA of $3 million to $15 million. Sectors of interest include healthcare services, manufacturing, consumer products, and business services. The firm was founded by Mr. McDowell in 2006 and is headquartered in Miami, Florida.

© 2025 Private Equity Professional | May 23, 2025