Behrman Capital has sold Waterline Renewal Technologies to Azuria Water Solutions, a portfolio company of New Mountain Capital

Waterline Renewal Technologies

Waterline Renewal Technologies (Waterline) is a leading provider of engineered products for the trenchless rehabilitation of wastewater infrastructure. The company equips municipal, commercial, industrial and residential customers with innovative products and services that enable the long-lasting repair of sewer, wastewater and stormwater systems without excavation or property damage. Waterline’s diverse portfolio includes a range of patented solutions delivered through its industry-leading Perma-Liner, APM, LMK Technologies and LightRay brands.

The Deal

Behrman Capital (Behrman), has sold Waterline to Azuria Water Solutions, a portfolio company of New Mountain Capital. In partnership with Behrman, Waterline expanded the business while investing in product innovation to continue driving future growth.

Behrman and Waterline entrusted Lincoln International given its deep experience and extensive buyer relationships within the water, wastewater and infrastructure markets.

Our Perspective

Bobby Reifman, Managing Director and Co-Head of Lincoln’s Industrials Group, commented, “We were proud to collaborate with Behrman and the Waterline team in support of this milestone for the business. The combination of Waterline and Azuria is a strong commercial fit, and Waterline’s innovative trenchless rehabilitation product solutions will enable significant growth opportunities for the broader Azuria platform. We look forward to following the ongoing momentum and achievements of the combined organization.”

Behrman Capital

Based in New York City, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are focused in three industries: defense and aerospace, healthcare and specialty industrials. The firm has raised ~$4.3 billion since inception and is currently investing out of its seventh primary fund. For more information, please visit www.behrmancap.com.

Azuria Water Solutions

Azuria is the leading provider of technology-enabled solutions for the water industry. Since 1971, the company has remained at the forefront of sustainable, cost-effective products and technologies to address aging water pipeline infrastructure. Today, Azuria delivers its full suite of trenchless rehabilitation products and services around the globe. Learn more at Azuria.com.

New Mountain Capital

Based in New York City, New Mountain Capital was founded in 1999 by Steven B. Klinsky. The firm pursues private equity, credit and net lease real estate investments, focusing on defensive growth businesses with strong competitive positions and long-term secular tailwinds. New Mountain Capital’s private equity strategy emphasizes control-oriented investments in high-quality companies across key sectors including healthcare, technology & business services, consumer & retail and industrials. The firm has raised over $55 billion of committed capital since inception and is currently investing across multiple flagship private equity and credit funds. For more information, please visit www.newmountaincapital.com.

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