Edgewater Acquires Two Companies in Water Treatment and Infrastructure
Edgewater Growth Capital Partners III, L.P. (the “Fund”) is pleased to announce two recent acquisitions to the Funds’ platform company focused on water treatment products, services and infrastructure.
In December 2012, the Fund acquired Klenzoid Company Ltd. and Eldon Water, Inc. (collectively “Klenzoid”). Klenzoid is a water treatment chemicals supplier and services company based in Toronto, Canada. Klenzoid treats boilers, water cooling towers and process water systems for customers in industrial, commercial and health care industries in Canada and the Great Lakes area in the U.S. Klenzoid is a complementary acquisition for our first water treatment company, Nashville Chemical, which we acquired in 2011. These two companies will now be able to service a broader geographic base of customers while leveraging scale, procurement and best practices.
The Fund also recently completed the acquisition of a second company in the water infrastructure sector. The Fund’s first company in this sector is LMK Technologies, LLC (“LMK”) which was completed in August, 2012. LMK is the recognized leader in Cured-In-Place-Pipe (CIPP) solutions for trenchless repair and rehabilitation of underground water and sewer pipes. LMK primarily serves the municipal market with products and processes that have received over 90 U.S. and global patents. The second acquisition was completed in December to serve the residential and commercial customer base which has, to date, not been covered by LMK. Sales to all customer channels will further establish LMK as the industry leader. The CIPP market is growing rapidly due to the deterioration of in-ground piping infrastructures, increased regulatory enforcement around ground water pollution and the rising awareness of the benefits of this trenchless technology.
Additional acquisitions are being pursued in the following water industry sectors: water treatment products, chemicals, services and pipeline infrastructure products and services.