“This was the second deal I’ve done with Calder Capital. Working with Patrick Robey on both the Buy Side, as well as the Sell Side, was an outstanding experience. From the very beginning, he and his team have demonstrated professionalism, integrity, and deep understanding of my business and the market. He guided us through every step of the process, kept us well informed, and provided thoughtful advice. I expected a little more stressful process, but Patrick kept it organized and manageable. Most importantly, I always felt Patrick had our best interest in mind.”
– Gregg Lebster, Former Co-Owner, WaterSolve, Caledonia, MI (Seller)
“Calder Capital did a fantastic job communicating the business to us, which allowed 424 and Solution Group to immediately appreciate the strategic value of WaterSolve. Patrick Robey drove alignment between all the parties involved which allowed us to form a partnership that will immediately benefit both employees and customers.”
– Pat Gennaco, Principal, 424 Capital, Wakefield, MA (Buyer)
Transaction Summary
Calder Capital, a nationwide mergers and acquisitions advisory firm, is pleased to announce the successful sale of WaterSolve of Caledonia, Michigan, to Solution Group of Indianapolis, Indiana. Solution Group is a portfolio company of 424 Capital, a private equity firm based in Wakefield, Massachusetts.
The Acquisition Story
Founded in 1999 by Gregg and Allyn Lebster, WaterSolve is a provider of water treatment products and services focused on environmental sustainability and operational performance. The Company serves municipal, industrial, agricultural, food and beverage, mining, environmental remediation, and related end markets through a mix of product sales and integrated field services, including full-service dewatering, environmental remediation solutions, and more. As Gregg and Allyn approached retirement, they engaged Calder’s Sell-Side team to identify a buyer who could continue building the Company’s legacy and support its next stage of growth.
WaterSolve’s engagement led to Calder Capital marketing and advising the sale of their business to Solution Group.
Solution Group partners with industrial customers across the United States. The company provides wastewater treatment programs, chemical management, and technical support for demanding operations such as dairy processing, rendering, and food and beverage facilities.
Gregg Lebster, when asked what he is looking forward to, replied, “I’m excited about this next chapter. After many rewarding years building WaterSolve, I’m looking forward to helping hand off the leadership of the organization to a quite capable leadership team at Solution Group. I’m also looking forward to the opportunity to continue to mentor others, pursue a few projects that interest me, and give back to the organizations that have meant a lot to me. While it will be bittersweet to move on at some point, I’m excited to have the opportunity to stay on for a while, to see the company continue to thrive, and build a legacy that benefits the employees, stakeholders, as well as the many clients we service.”
“This acquisition reflects the respect we have for the business Watersolve has built and the people who have made it successful,” said Tim Batterson, President of Solution Group. “Watersolve was acquired because of its expertise, customer relationships, and the reputation it has established. Together, we expand our geographic reach, strengthen our technical expertise, and deepen our customer relationships – creating additional opportunities for both organizations. We share a commitment to safety, customer service, technical excellence, and investing in our people, and we are genuinely excited about what this partnership will make possible for our customers.”
Calder Capital’s Transaction Team and Sale Process
Patrick Robey of Calder Capital served as the Lead Mergers & Acquisitions Advisor to WaterSolve. Serving as Lead Analyst was Riley Hagen of Calder Capital.
Calder’s Sell-Side team generated strong market interest during the sale process, with 331 Confidential Information Memorandums (CIMs) distributed to qualified buyers, and 31 indications of interest received, and the buyer pool was narrowed down to Calder ultimately obtaining 5 letters of intent to review.
Gregg Lebster commented, “This was the second deal I’ve done with Calder Capital. Working with Patrick Robey on both the Buy Side, as well as the Sell Side, was an outstanding experience. From the very beginning, he and his team have demonstrated professionalism, integrity, and deep understanding of my business and the market. He guided us through every step of the process, kept us well informed, and provided thoughtful advice. I expected a little more stressful process, but Patrick kept it organized and manageable. Most importantly, I always felt Patrick had our best interest in mind.”
Pat Gennaco, Principal at 424 Capital stated, “Calder Capital did a fantastic job communicating the business to us, which allowed 424 and Solution Group to immediately appreciate the strategic value of WaterSolve. Patrick Robey drove alignment between all the parties involved which allowed us to form a partnership that will immediately benefit both employees and customers.”
Robey shared, “Strong, specialized environmental services and water treatment businesses, such as WaterSolve, continue to attract significant buyer interest. WaterSolve has built a respected position in wastewater treatment, sludge dewatering, dredging, and environmental remediation services under the leadership of Gregg and Allyn. I’m eager to see Solution Group unlock new synergies with WaterSolve.”
Garrett Monroe, Calder’s Sell-Side Managing Director, commented, “Congratulations to Gregg and Allyn Lebster, the WaterSolve team, Solution Group, and Patrick Robey on a successful transaction! Calder Capital has seen meaningful buyer appetite for companies serving essential infrastructure, environmental compliance, municipal water treatment, industrial wastewater, dredging, and remediation markets, and WaterSolve was a terrific fit within that landscape, as evidenced by the 31 indications of interest we received.”
Calder Capital served as the Exclusive Sell-Side Mergers and Acquisitions Advisor to WaterSolve. WaterSolve was received legal counsel from Scott Alfree of Varnum and received accounting advisory services from Laura Steenwyk of Rehmann. Solution Group received legal counsel from Tyler Robbins of Whiteman Osterman & Hanna LLP, with financial due diligence provided by Robert Maxon of PKF O’Connor Davies and human resources diligence provided by Camille Hawkins of 29Bison.
About WaterSolve:
Watersolve, headquartered in Caledonia, Michigan, offers full-service dewatering and environmental remediation solutions for clients worldwide. Watersolve has built a national reputation and is recognized as a leader in geotextile tube container dewatering operations. To learn more, please visit www.GoWaterSolve.com.
About Solution Group:
Solution Group is a water and wastewater management company headquartered in Indianapolis, Indiana. Solution Group provides chemical supply, turnkey operations, engineering and technical support, byproduct management, and build-and-operate facility services, backed by its proprietary OptiClear Technology. Solution Group holds preferred supplier status with PepsiCo and serves customers including Frito-Lay, Agropur, Fairlife, and DARPro. Learn more at SolutionMGT.com.
About Calder Capital:
Founded in 2013, Calder Capital is a cross-industry mergers and acquisitions advisory firm with offices across the United States. Calder provides valuation, sell-side, and buy-side services. We are nationally recognized for excellence in advising $1-100M enterprise value transactions in manufacturing, construction, distribution, and business services. Calder serves business owners, entrepreneurs, family offices, financial buyers, and investors. Learn more at www.CalderGR.com.
Notice: Calder Capital, LLC is not affiliated with any similarly named organizations or entities. To verify communications from our firm, visit our website or contact [email protected].
