Aqua-Chem, an Altus Capital Partners-backed osmosis technology and water pretreatment equipment maker based in Knoxville, Tenn., acquired Matrix Utilities Corp, a water purification company. The deal value was undisclosed.
KNOXVILLE, TN, Oct 27, 2008 (MARKET WIRE via COMTEX) Aqua-Chem, Inc., a leading supplier of water purification systems to the offshore oil and gas, pharmaceutical, beverage and military markets, today announced it has acquired the product lines and certain other assets of Matrix Utilities, Inc., a leader in reverse osmosis desalination systems for marine and land-based applications. Altus Capital Partners, Aqua-Chem’s largest investor, advised on the transaction. Terms of the transaction were not disclosed.
“Aqua-Chem is already a leading supplier of vapor compression and waste heat distillation water purification systems,” said Russell J. Greenberg, Managing Partner of Altus Capital. “With the addition of the Matrix products and staff, Aqua-Chem has become a leading provider of a full range of seawater purification systems. We see significant growth potential in this important line extension, which complements our existing product line-up, and we will continue to work closely with the Aqua-Chem management team as they continue to implement the company’s growth strategy.”
David Gensterblum, Aqua-Chem’s President and CEO, said, “With the integration of Matrix into our organization, our customers will benefit from both the expansion of our great family of products and the addition of a terrific group of highly skilled and knowledgeable people. At the same time, we are fully committed to meeting the needs of existing Matrix customers. We welcome the Matrix sales and customer support team to Aqua-Chem.”
Matrix, based in Fort Lauderdale, Florida, offers a full range of seawater and brackish water reverse osmosis systems rated from 2 tons per day to over 1,000 tons per day. Matrix has been in business for more than 22 years and has existing offshore oil and gas, shipboard and land-based installations and references in over 100 countries and all 7 continents. Aqua-Chem will continue to operate its new product lines in Fort Lauderdale with the same staff and manufacturing facilities.
About Aqua-Chem, Inc.
Since 1940, Aqua-Chem has become a leader in evaporation and reverse osmosis technologies and water pretreatment equipment, with a full array of engineering, manufacturing, installation, training and maintenance services. The company serves the needs of customers in the following major markets: offshore oil and gas, commercial marine, pharmaceutical, beverage and military markets. Aqua-Chem is based in Knoxville, TN and sells its products in more than 100 countries around the world. For more information, please call (865) 544-2065 or go to www.aqua-chem.com
About Altus Capital Partners LLC
Based in Westport, CT, Altus Capital Partners is a private equity firm that creates value by purchasing and growing profitable small to middle market manufacturing businesses with unrealized potential. Altus is led by a proven, seasoned deal-making team of high integrity that invests alongside management to help seize their current growth opportunities through due diligence and leadership in long-term strategic thinking. With over 50 years of investment experience, the Altus team utilizes its extensive knowledge of the private equity cycle to optimize company value through structured buyouts, recapitalizations, consolidations and divestitures. Altus’ investment strategy builds businesses, fosters company loyalty and creates shareholder value. Website: www.altuscapitalpartners.com