Underground Solutions acquires Process Solutions in $45M financing transaction
Underground Solutions recently announced that it successfully closed a $45-million financing transaction with Riverwood Capital of Menlo Park, Calif., with a portion of the transaction proceeds was used to acquire Process Solutions.
POWAY, CA, July 23, 2014 -- Underground Solutions, Inc. (UGSI), a company specializing in water and wastewater infrastructure technologies, recently announced that it successfully closed a $45-million financing transaction with Riverwood Capital of Menlo Park, Calif.
The structured transaction provides for an initial investment of $30-million in UGSI's Series C preferred stock, with an option for an additional $15-million investment. The financing represents one of the largest private equity transactions in the water technology sector in recent years.
A portion of the transaction proceeds was used to acquire Process Solutions, Inc. (PSI), of Campbell, Calif. PSI developed and sells two water treatment technologies: MicrOclor™ on-site hypochlorite generation for disinfection; and Tank Shark™ for efficient mixing of water reservoirs.
In 2012, UGSI acquired the Wallace & Tiernan® chemical feed assets -- composed of the PolyBlend®, Encore® and Varea-meter® brands, among others -- from Siemens Industry, Inc. and managed the successful turnaround of that business in 2013. The combination of the Wallace & Tiernan chemical feed assets and PSI creates a water industry specialist in chemical metering and disinfection.
About Underground Solutions
Underground Solutions, Inc. (UGSI) a private company, is a provider of infrastructure technologies to the water, wastewater and energy industries. With one of the most experienced water industry management teams, a historical compounded annual growth rate of 30% and a solid balance sheet, UGSI, Inc. intends to remain in the top tier of water and energy infrastructure companies from a growth and profitability perspective. For more information, visit www.ugsicorp.com.
About Process Solutions
PSI, Inc. is a water industry specialist in disinfection and mixing process technologies based in Campbell, Calif. PSI now retains on a full-time basis of nine individuals who jointly possess over 300 years of combined experience selling, designing, manufacturing, installing, and servicing similar onsite hypochlorite generation equipment and tank mixing equipment. Together this team has been involved with the successful installation many hypochlorite generation systems and Tank Shark systems. For more information, visit www.4psi.net.