AURELIUS portfolio company VAG acquires FKB Válvulas

Aurelius Capital
  • Second Brazil Add-on following the acquisition of RTS Válvulas in 2022
  • Increases local manufacturing capacity and expanding its global customer base
  • Further strengthens VAG’s pole position as the world’s leading supplier of water and wastewater valves

Munich/Mannheim/São Paulo, February 1, 2023 – VAG, a portfolio company of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8), announces the Add-on acquisition of FKB Válvulas, a specialist Brazil-based valve manufacturer.

VAG’s acquisition of FKB aims to strengthen the company’s product offering across penstocks and knife gate valves, as well as increasing its footprint in Brazil and expanding its customer base globally. This adds to VAG’s acquisition of RTS Válvulas in 2022, another supplier of valves headquartered in São Paulo, Brazil.

Founded in 2000, FKB specialises in the bespoke design and manufacturing of penstock and knife gate valves for customers operating in water, wastewater, dam & hydro, and other industries. The company’s foundations are built on serving its customers right across the value chain from the modelling and consultation phase right to the manufacturing and implementation of its valves.

About VAG Group

VAG is one of the leading manufacturers of valves for water treatment and distribution, wastewater systems, dams and hydropower. The company has been under AURELIUS Group ownership since November 2018. VAG is known throughout the world for its market-leading water valves since 150 years.

Categories: News


Groundworks Announces KKR as a New Strategic Partner to Support Growth


Groundworks to Implement a Broad-based Equity Ownership Program for its More Than 4,000 Employees

VIRGINIA BEACH, Va. and NEW YORKFeb. 1, 2023 /PRNewswire/ — Groundworks, LLC (“Groundworks” or the “Company”), a leading foundation repair and water management services company, and KKR, a leading global investment firm, today announced a significant investment in Groundworks as part of a new strategic partnership with KKR. Cortec Group (“Cortec”), Groundworks’ current growth partner, will remain an important shareholder in the Company and member of the board of directors.

Founded in 2016, Groundworks has more than 4,000 employees operating in 33 states providing residential foundation and water management solutions, including foundation repair, basement waterproofing, crawl space repair and encapsulation, plumbing, gutter installation, and concrete lifting services. The Company’s brands have served over one million customers in the United States.

“In 2016, Groundworks embarked on a bold vision of building the nation’s leading foundation repair and water management services company by investing and rewarding our incredibly talented tradesmen and tradeswomen,” said Matt Malone, Founder & CEO of Groundworks. “KKR is the ideal strategic partner as we enter the next chapter of evolving this industry given their experience and strong track record in supporting growth-oriented companies, extensive global resources, and our shared culture and values. The strategic partnership enables Groundworks to further invest in our predominantly blue collar workforce with equity sharing programs that will allow every colleague to participate in the success they help to create.”

“Groundworks provides essential and highly technical services to homeowners across the country, with a differentiated business model and focus on customer excellence,” said Felix Gernburd, Partner at KKR. “We’re thrilled to support Matt and the entire Groundworks team as they continue to build on their industry-leading position.”

As part of this transaction, Groundworks will expand its equity ownership program to make all employees owners of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 50,000 non-management employees across nearly 30 companies. The new ownership program is aligned with Groundworks’ values and focus on honoring the nation’s tradesmen and tradeswomen.

“Cortec is extremely excited about Groundworks’ new strategic partnership with KKR, through which we will collectively continue what Matt and the team began building in 2016,” said Dave Schnadig, Cortec’s Co-President. “Not only will Groundworks further its leadership at its existing branches, the Company is also exceptionally well positioned to enter new markets and broaden its service offering, both organically and via acquisitions.”

KKR is making the investment primarily through its North America XIII Fund. The transaction, which is subject to receipt of required regulatory approvals and satisfying other customary closing conditions, is expected to close in the first quarter of 2023.

Harris Williams LLC served as exclusive financial advisor and Paul Hastings LLP served as legal counsel to Groundworks. Deutsche Bank Securities Inc. and William Blair & Company, LLC served as buyside financial advisors and Simpson Thacher & Bartlett LLP served as legal counsel to KKR.

About Groundworks
Groundworks®, headquartered in Virginia Beach, Va., is the nation’s leading and fastest-growing foundation and water management solutions company. Groundworks Companies provide residential foundation and water management solutions, including foundation repair, basement waterproofing, crawl space repair and encapsulation, plumbing, gutter installation, and concrete lifting services. Groundworks’ combined brands have helped over one million homeowners protect and repair their most valuable asset, their home. Groundworks operates over 50 offices and has been named for six years in a row to the Inc. 5000 Fastest Growing Companies, Qualified Remodeler Top 500, BBB integrity award, and Best Places to Work. For more information about Groundworks, visit, and connect with us on FacebookTwitterLinkedIn and Instagram.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at and on Twitter @KKR_Co.

About Cortec
Founded in 1984, Cortec focuses on investing in and helping management build entrepreneur- and family-owned middle-market business-to-consumer and business-to-business products and services companies in consumer, healthcare, and other attractive end markets. Cortec partners with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at

SOURCE Groundworks

Categories: News


Balance Point Announces its Investment in the Sylmar Group

Balance Point Capital
Westport, CT, November 8, 2022 – Balance Point Capital Advisors, LLC (“Balance Point”), in conjunction with its affiliated fund, Balance Point Capital Partners IV, L.P., is pleased to announce an investment in the Sylmar Group (“Sylmar”, or the “Company”).  Balance Point provided debt capital as part of a flexible financing solution that facilitated Sylmar’s acquisitions of two businesses in the water and wastewater industry.
Founded in 2020, and headquartered in Los Angeles, CA, Sylmar is a buy-and-build platform dedicated to investing in legacy operating businesses in the large, growing, and fragmented water and wastewater industry. Sylmar’s founding team of Peter Brooks and Michael Warady have decades of combined experience across sales, operations, and investment in the water industry, and have worked together since 2017. Sylmar’s first two platform businesses are regional leaders in the Southwest U.S., providing mission critical industrial water treatment and water pump/well maintenance services to commercial and utility customers.
“We are thrilled to partner with the Sylmar team as the Company enters an exciting new phase of growth,” said Balance Point Managing Partner Seth Alvord. “We look forward to supporting the Company as they expand their platform and provide high-quality, essential services to their customers.”
Peter Brooks, co-founder and CEO of Sylmar, said, “Balance Point has been an incredible partner and helped us reach a new level as a business. Everyone on our team appreciates their insight, counsel, and ongoing support as we scale and continue to serve our customers.”
About Balance Point
Balance Point is an alternative investment manager focused on the lower middle market. With approximately $1.7 billion in assets under management, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. Balance Point takes a long-term, partnership approach to investing and is committed to building lasting relationships with its partners, management teams and intermediaries. Balance Point is a registered investment advisor. Further information is available at
About Sylmar Group
Sylmar Group buys and builds mission-critical service businesses in the water and wastewater sector from founders and entrepreneurs. Combining decades of industry experience with committed, patient capital, Sylmar Group scales legacy businesses that serve to protect public health and the environment. For more information about Sylmar, please visit our website at

Categories: News


Arcus announces its first investment for its newest fund with acquisition of Workdry International Limited


London, United Kingdom (12 September 2022) – Arcus Infrastructure Partners (“Arcus”) announces that Arcus European Infrastructure Fund 3 SCSp (“AEIF3” or the “Fund”) has agreed to acquire a c. 83% interest in Workdry International Limited (“Workdry” or the “Company”), with the balance of the shareholding to be held by the current majority owners of the business (the Bright family) and key individuals from the Company’s management team.

The acquisition of Workdry, the UK’s leading leasing provider of water pump and wastewater treatment assets, marks the first investment for the new Fund. Workdry operates through trading brands Selwood and Siltbuster and serves customers across the water utility, large-scale infrastructure and construction sectors. The Company’s assets are critical to managing the maintenance lifecycle of the UK’s water infrastructure network, supporting the UK’s wastewater treatment network through periods of high demand and maintenance, and for general water displacement needs related to large-scale infrastructure and construction projects. In addition to its core asset leasing activities, the Company provides highly specialised services such as surveying, system design, installation and monitoring.

Workdry’s market leading position is supported by its extensive regional footprint, sizeable asset base and deep operating expertise. The Company operates from a depot network of 22 locations, with a fleet of over 5,500 pumps (plus ancillary equipment) and 3,000 modular wastewater treatment systems. Workdry’s c. 550-person employee base, including its solutions engineering team, ensures a highly responsive and unique value-add leasing proposition for its high-quality customer base, which includes the majority of the UK’s water utilities as well as leading engineering, infrastructure and construction firms. Its assets play a key role in the delivery of landmark UK infrastructure projects such as Crossrail, HS2 and Hinkley Point as well as major construction projects across the country.

Richard Brown, CEO of Workdry, said: “Workdry is an incredibly successful business that has grown significantly over the past decade in line with the Board’s plans to deliver the very best in complete water handling and treatment solutions on a regional, national and international scale.”


“Delivering the next steps in our growth required new and experienced investors to enable us to scale up while continuing to deliver the quality assets and services that our customers associate with our Selwood and Siltbuster brands. The team at Arcus shares our values, vision and commitment to outstanding provision of mission-critical assets and services, and their investment will enable us to deliver on those ambitions, building on all we have achieved to date to strengthen our position as a European leader in water and wastewater asset leasing and integrated solutions.”

Jordan Cott, Arcus Partner and Head of Logistics & Industrials Origination, who led the transaction, said: “We have spent significant time reviewing value-add industrial asset leasing businesses in Europe, and Workdry stood out as a key target not only due to its strong management team and market leading position but also given its strong fit with Arcus’ infrastructure investment strategy. The Company’s essential role for its customers has become even more important given increasingly stringent regulation and public scrutiny with respect to the UK’s water and wastewater infrastructure. We look forward to partnering with the Bright family and Workdry’s very strong senior management team in delivering the next phase of growth for the business.”


Commenting on the acquisition, Ian Harding, Managing Partner and Head of Origination at Arcus said: “We are extremely pleased to announce our investment in Workdry, a significant announcement for Arcus as we make our first investment in our new Fund. Workdry represents a strong fit with the AEIF3’s investment strategy of targeting mid-market, value-add infrastructure businesses. As with many Arcus investments, we are delighted to be partnering with a business with such an extensive operating history and are looking forward to developing the business further in this essential UK industry.”

Arcus was advised by Lincoln (M&A and Financing), Santander (Financing), LEK (Commercial), WSP (Technical), Macfarlanes (Legal), PWC (Financial, Tax and IT), and AON (Insurance).

About Arcus

Arcus Infrastructure Partners is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and special co-investment vehicles and, through its subsidiaries, currently manages investments with an aggregate enterprise value of EUR c.19bn (as of 30 June 2022). Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the digital, transport, logistics & industrials, and energy sectors.

Arcus Media Contacts:

Debbie JohnstonE:

T: +44 7532 183811

Callum SprengE:

T: +44 7803 970103

Categories: News


Baird Capital Invests in UGSI

Baird Capital
SAN JOSE/CHICAGO (June 15, 2022) – Today, UGSI Solutions, Inc. (“UGSI”), a leading provider of Water Quality Management Solutions and Chemical Feed Systems to the municipal water and wastewater utility markets, announced an investment from Baird Capital’s private equity team.

The investment will enable the company to fuel continued growth due to the increasing prevalence of municipal water quality issues driven by climate change, increasing population density, aging infrastructure and resource scarcity.

“Baird Capital provides more than just a source of capital,” said Andy Seidel, Chief Executive of UGSI. “Their partnering approach, industrial presence and deep experience with growth companies provide the bench strength for the next stage of growth for UGSI solutions.”

“We are very pleased to partner with Andy and UGSI’s strong leadership team,” said Rob Ospalik, Partner with Baird Capital’s private equity team. “This investment aims to drive continued growth and operational improvements across the business so UGSI can continue innovating and driving success for their customer base.”

Ospalik and Becca Schlagenhauf, Vice President, have joined UGSI’s board of directors as part of the investment deal. Raymond James & Associates, Inc. (“Raymond James”) served as the financial advisor to UGSI. Additional financial details were not disclosed.

For more information on Baird Capital’s investment approach to Sustainability, visit

About UGSI Solutions, Inc.

UGSI Solutions, Inc. provides a suite of water quality management technologies and chemical feed solutions to municipal and industrial clients. With a history that reaches back over 100 years, UGSI Solutions combines iconic brands such as Encore® metering pumps, Varea-Meter® flow meters and Polyblend® polymer activation systems with today’s cutting-edge technologies such as Microclor® on-site hypochlorite generation, Monoclor® RCS disinfectant residual management and PAX tank and reservoir mixing systems. From tank mixing, to DBP removal, to disinfectant residual management and polymer activation – UGSI Solutions offers a full set of plant based and “outside the fence” water quality solutions. Tens of thousands of installations validate our experience and know-how in the areas of chemical feed and disinfection. UGSI Solutions makes your water and wastewater chemicals work harder for you.

About Baird Capital

Baird Capital manages two investment platforms: Global Private Equity and U.S. Venture Capital and makes investments in B2B technology & services-focused companies around the world. Having invested in 335 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in the United States, Europe and Asia, a proactive portfolio operations team and a deep network of relationships, which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit

For More Information

Rachel Berkowitz
Baird Capital Public Relations
(414) 298-5101 |

Categories: News


AURELIUS portfolio company VAG closed acquisition of Brazilian supplier of valve solutions RTS

Aurelius Capital
  • Deal increases VAG’s geographical reach and product offering in Brazil and Latin America
  • Acquisition supports VAG’s ambition to strengthen its position as the leading supplier of water and wastewater valves on a global scale
  • AURELIUS` fifth add-on acquisition in 2022, underlining buy-and-built strategy

Munich/Mannheim/São Paulo, April 4, 2022 – VAG, a portfolio company of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8), closed the acquisition of RTS (Brazil), a supplier of valve solutions, from the company’s previous owner. RTS’ well-known market position and customer base looks set to allow VAG to expand its geographical reach along with complementary product portfolios of the two companies. This will allow VAG to offer a broad range of high-quality water flow control solutions for water treatment and distribution, wastewater management, dams and hydropower.

RTS is a leading Brazil-based manufacturer of valve solutions used in water, wastewater and other industries such as energy. The company is headquartered in Guarulhos – São Paulo, Brazil, and has a well-established customer base in its home country. Becoming a VAG Group brand, RTS will support VAG’s growth in Brazil and other Latin American markets. RTS and VAG have been collaborating since 2004 and RTS has been an official VAG distributor in Brazil since 2012.

“We are very pleased about this opportunity for VAG and RTS to join forces and offer even better products and services to our customers in Brazil and Latin America with RTS becoming one of VAG’s Group brands. RTS has been a trusted partner of VAG for many years, so our two companies already know each other very well. We are confident that together we will be able to respond to our customer needs in Brazil better than ever before”, says Dr. Jan Nopper, CEO of VAG Group.

“This acquisition will further strengthen VAG’s position in the region towards a market leading position. It is our fifth add-on acquisition in 2022, underlining AURELIUS’ highly successful buy-and-built strategy of value creation for both our portfolio companies and our investors.” says Matthias Täubl, CEO of AURELIUS Equity Opportunities SE & Co. KGaA.

AURELIUS/VAG were advised on the transaction by KPMG (Financial, Labour, Tax) and Machado Meyer (Legal).

About VAG Group

VAG is one of the leading suppliers of valves for water treatment and distribution, wastewater systems, dams and hydropower. It belongs to the AURELIUS Group since November 2018. VAG is known throughout the world for its market-leading water valves since 150 years. The company is active in both the production and distribution of standard products and the global project business.

Categories: News


DIF Capital Partners and PERENfra announce North American water infrastructure partnership


DIF Infrastructure Fund VI, managed by DIF Capital Partners (“DIF”) and PERENfra LLC (“PERENfra”) are pleased to announce the signing of a partnership agreement to develop and acquire water infrastructure opportunities in North America. The partnership will focus on all areas of water for municipal and industrial uses, targeting large scale investments towards development of a significant portfolio of over USD $1.5 billion.

PERENfra is led by an experienced management team with a strong network in the water sector and has several investment opportunities already in process. DIF’s complementary expertise in development and infrastructure investment as well as access to capital through its DIF Infrastructure Fund VI will help accelerate growth of the portfolio. The partnership’s investment strategy focuses on both acquisitions of operational projects and late-stage development projects targeting water efficiency and reliability while providing positive social and environmental impacts.

Jeff Nelson, Founder and CEO of PERENfra said “We are proud and excited to partner with DIF to provide essential water infrastructure in North America and beyond. There is a transition coming in water infrastructure, and as the needs for water continue to become more complex, we have built an industry leading team with the right partners to provide safe, sustainable, efficient solutions for the long-term.”

“Significant capital is required for necessary upgrades in water infrastructure systems across North America. DIF is pleased to be partnering with the experienced specialist team at PERENfra in pursuit of critical investments in essential water infrastructure.” said Marko Kremer, Head of DIF North America.

DIF was advised by Allen & Overy (legal). PERENfra was advised by Davis Graham & Stubbs (legal) and Mount Vernon Partners (transactional).


About DIF Capital Partners:

DIF Capital Partners is a global independent investment fund management company with approximately €8.5 billion of funds under management. Through nine investment funds, DIF Capital Partners invests in high-quality infrastructure assets that generate long-term and stable cash flows, including water, transportation, renewable energy, regulated utilities, and other infrastructure projects in North America, Europe, South America and Australia.

Contact: Allard Ruijs, Partner;


About PERENfra:

PERENfra is a United States based infrastructure company focused on operational and development opportunities in the water sector across various geographies. PERENfra takes a long-term approach to owning and operating essential assets and our team has a reputation of providing efficiency and certainty for our clients and partners. PERENfra currently owns and operates assets providing municipal water supply and environmental conservation.


Waterlogic strengthens its position in Sweden with the acquisition of three companies

Castik Capital


Waterlogic, a leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers, is pleased to announce the acquisition of Vattentornet Aqua Concilio, Waterconcept and Thoreau International, hereby referred to collectively as ‘Thoreau’.

Vattentornet Aqua Concilio services dispensers in offices and workplaces in western Sweden, with some dispensers also located in Stockholm, Östergötland and Skåne. Waterconcept focuses purely on the HoReCa market under the Thoreau brand, boasting strong brand recognition in Sweden alongside its trademarked bottle. Thoreau International sells franchises for HoReCa businesses outside of Sweden, providing product concept, marketing support, expertise and brand recognition to offer quick and affordable solutions for start-ups.

Founded in 1992, Waterlogic has pioneered the application of advanced technology in the design of its water dispensers to deliver the safest, best-tasting water proven effective against COVID-19, in the most sustainable way to organisations around the world. Waterlogic is a vertically integrated company operating throughout Europe, the Americas and Australia with its own manufacturing operations in Australia, China and the U.S, and an extensive independent global distribution network reaching over 50 countries.

Mattias Källemyr, CEO Waterlogic Sweden, says, “We are excited to expand the Waterlogic offering for the HoReCa sector, adding the well-respected Thoreau brand to complete our already impressive hospitality concept – Purezza. We welcome the Thoreau employees to Waterlogic and wish them every success in our combined business.”

The acquisition of the Swedish companies results in the addition of 1,000 machines in field (MIF) and use of the highly valued Thoreau brand to expand our hospitality offering in Sweden alongside our already established Purezza brand. Waterlogic Sweden will provide hydration solutions for a wide range of organisations from small offices and workplaces to large international and corporate offices, hospitality and HoReCa businesses.

Former Thoreau owner Jörgen Andersson says, “I have great confidence in the expansion plan for the Thoreau concept, and the opportunity to merge with Waterlogic is important in enabling us to continue to expand the brand at an international level and of course locally in Sweden.”

Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor. Thoreau is the most recent acquisition as part of the company’s buy and build strategy since the acquisition by Castik, and following substantial acquisitions in the US and Canada, UK, Australia, Spain, France, Germany, Latin America and Scandinavia.

Media Contact

Rosanna Turner, Group Marketing Communications Manager

About Waterlogic

Waterlogic is an innovative designer, manufacturer, distributor and service provider of drinking water dispensers and accessories designed for environments such as offices, factories, hospitals, restaurants, hotels, schools and public spaces. From freestanding, countertop and integrated dispensers to water filling stations, fountains and boilers, every solution focuses on delivering the best quality water in the safest and most sustainable way. An extensive range of consumables and accessories adapts to customer needs and is available on subscription service to guarantee cost savings and continuous supply.

Founded in 1992, Waterlogic was one of the first companies to introduce mains-fed dispensers to customers worldwide, and has been at the forefront of the market promoting product design and water quality, the application of proprietary technologies, sustainability and world-class sales and service.

Waterlogic has its own subsidiaries in 18 countries and its core markets are the US, Australia and Western Europe, in particular the UK and Germany. The company drives growth organically and through M&A to consolidate its lead in existing territories and extend its reach to new markets. In addition, Waterlogic’s extensive and expanding independent global distribution network spans over 50 countries around the world in North and South America, Europe, Asia, Australia and South Africa. Its far-reaching market coverage means Waterlogic is the only water dispenser provider able to cover the full geographical needs of global customers under one roof. More information can be found at

Categories: News


Gryphon Makes Strategic Investment in Vessco Holdings

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Gryphon Investors

New Investment Focuses on Water and Wastewater Treatment Systems

San Francisco, CA – November 16, 2020 — 

Gryphon Investors (“Gryphon”), a San Francisco-based middle-market private equity firm, announced today that it has acquired Vessco Holdings (“Vessco” or “the Company”), in partnership with Vessco’s management team, from O2 Investment Partners. Terms of the transaction were not disclosed.

Based in Minneapolis, Minnesota, Vessco has been serving Upper Midwest and Northeast industrial and municipal customers for over 35 years. Vessco is a value-added distributor of process, flow control, pumps, and automation equipment and services to water and wastewater treatment utilities and industrial users. The Company offers a comprehensive product portfolio and provides value–added design, engineering support, and aftermarket parts and services.

Vessco Holdings’ management team, led by CEO Brian DeWolf, will continue to manage the business, and senior management will remain significant owners of the Company. Longtime industry executive Jim McGivern will become Executive Chairman of the Company. A seasoned executive with over 30 years of experience in the water, wastewater, and utility sectors, Mr. McGivern was previously the COO of American Water, CEO of Elster Group and CEO of Sigma Corporation.

“Vessco operates at the nexus of Gryphon’s experience with infrastructure and utility products and value-added distribution businesses. We are very pleased to partner with Brian, a highly talented and visionary leader, and the other members of the management team. Vessco is poised for rapid growth as it capitalizes on its track record, reputation, and know-how to serve its customers,” said Leigh Abramson, Deal Partner and Head of the Industrial Growth Group at Gryphon.

Mr. DeWolf said, “We are delighted to be working with Gryphon through the next stage of our growth. Not only is Gryphon the right cultural fit, but the firm has a history of showing strong support for managers by providing operational and financial resources for both organic growth and acquisitions. We have been impressed with Gryphon’s solid knowledge of our industry and their insightful assessment of how to create efficient, sustainable, and competitive water treatment systems.”

Wes Lucas, the Operating Partner to Gryphon’s Industrial Growth Group, added, “Water and wastewater treatment is a critical part of modern human life, and the industry will continue to experience attractive growth tailwinds from population growth, increasing regulation, and the need to replace aging infrastructure. We look forward to supporting Vessco management during its next phase of growth by leveraging Gryphon’s in-house Operations Resources Group and Human Capital Group to facilitate further investment in the business and its employees.”

Felix Park, Principal at Gryphon, added, “Vessco has built a culture that combines entrepreneurial spirit and local market expertise with a commitment towards OEM suppliers and customers. Given its leading position within a large and growing addressable market, the Company is well-situated for long-term expansion into additional products and services as well as new geographies. In addition to organic growth, we will be focused on acquisitions as an important component of the go-forward growth strategy.”

Gryphon was advised by legal counsel Kirkland & Ellis LLP, and financial advisor Raymond James. Honigman LLP was legal advisor to O2 Investment Partners, and William Blair & Co. was O2’s financial advisor. Vessco management was represented by attorney Peter W. Klein, P.A., of Boca Raton, FL.

About Vessco Holdings
Vessco ( Vessco is one of the largest equipment distributors and systems integrators of water and wastewater treatment technology in the United States. Vessco offers its customers an exceptional breadth of products and services with its line card of valued vendors. Vessco provides its products and services in over 18 states throughout the Central U.S., Midwest, Northeast, and Mid-Atlantic regions.

About Gryphon Investors
Based in San Francisco, Gryphon Investors is a leading private equity firm focused on growing and enhancing mid-market companies in partnership with management. The firm has managed over $5 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $100 million to $300 million in portfolio companies with sales ranging from approximately $100 million to $600 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise. For more information, visit


Categories: News


EQT Infrastructure to sell Synagro


  • EQT Infrastructure to sell Synagro, the largest provider of wastewater biosolids solutions in North America, to West Street Infrastructure Partners III, an infrastructure investment fund managed by Goldman Sachs Merchant Banking Division
  • Synagro partners with local communities to process over 14 million tons of wastewater biosolids annually to protect the health of our water, air, soil, and those who depend on them
  • Under EQT’s ownership, Synagro has grown its facility footprint from 15 to 24 facilities, while expanding its services offerings to provide reliable and sustainable biosolids management solutions to 1,000 municipal and industrial customers across 35 states

The EQT Infrastructure II fund (“EQT Infrastructure”) today announced it has entered into a definitive agreement to sell Synagro Technologies, Inc. (“Synagro” or “the Company”) to West Street Infrastructure Partners III, an infrastructure investment fund managed by Goldman Sachs Merchant Banking Division.

Founded in 1986 and headquartered in Baltimore, Maryland, Synagro is the leading provider of wastewater biosolids solutions in North America. The Company provides essential biosolids treatment solutions, turning a waste stream into fertilizer products for over 1,000 municipal and industrial customers across 35 states. Synagro manages over 14 million tons of biosolids annually across its portfolio of 24 specialized treatment facilities and the industry’s largest permitted beneficial use land base.

Under EQT Infrastructure’s ownership, Synagro has developed into the industry leading wastewater biosolids solutions platform in North America with the industry’s largest wastewater biosolids treatment facility footprint, broadest network of permitted disposal solutions and most comprehensive environmental services offering. With its data driven and local approach, the Company has solidified its position as a trusted partner for municipalities and industrial customers helping to protect the water, air and soil quality of the local communities in which Synagro operates.

Crosby Cook, Partner at EQT Partners, said: “Partnering with the Synagro management team to develop the Company into the industry leading platform has been a fulfilling experience. Synagro’s sustainable business model aligns well with EQT’s ESG goals and we are proud to have been a part of the Company’s transformation. With ever-increasing demand for sustainable biosolids solutions, Synagro is well-positioned for its next phase of growth under Goldman Sachs’ ownership.”

Bob Preston, Chief Executive Officer of Synagro, said: “Under EQT’s ownership, we have cemented our position as market leader providing sustainable biosolids solutions to communities in North America. We see great potential for further growth in this market and look forward to continuing our journey together with Goldman Sachs.”

Cedric Lucas, Managing Director at Goldman Sachs Merchant Banking Division, added: “We are excited about the opportunity to partner with Bob and the Synagro team to build on their success, accelerate innovation in biosolids treatment solutions, and support the Company’s growth plans in the years to come. Synagro is a great example of our infrastructure funds’ commitment to investing in sustainable businesses and Goldman Sachs’ dedication to ESG.”

The transaction is subject to customary conditions and approvals. It is expected to close in December 2020.

Morgan Stanley & Co. LLC acted as financial advisor and Weil, Gotshal & Manges LLP as legal advisor to EQT Infrastructure.

Goldman Sachs & Co. LLC acted as financial advisor and Sidley Austin LLP as legal advisor to West Street Infrastructure Partners III.

US press contact,, +1 917 574 8582
Crosby Cook, Partner and Investment Advisor to EQT Infrastructure, +1 917 281 0851
EQT Press Office,, +46 8 506 55 334

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info:
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Synagro
Founded in 1986, Synagro Technologies, Inc. works to turn waste into worth by helping more than 1,000 municipal and industrial water and wastewater facilities in North America move toward safer, cleaner and more environmentally beneficial practices. For some, it’s simply cleaning the water supply. For others, it’s much more – we partner with them to process their waste for compost or energy pellets, creating healthy soil and sequestering carbon in the process. As the largest recycler of organic by-products in North America, we’re trusted because we remove risks while keeping the logistics clean. Because we have the most experienced team in the industry, we can offer tailored solutions that ensure no waste goes to waste. Much of our work isn’t pretty. But it’s a greener world emerging from a cleaner one – worth coming from waste – and we think that’s pretty beautiful.

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About Goldman Sachs Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate.