Bain Capital Double Impact has made an investment in AqueoUS Vets, a maker of water treatment systems. No financial terms were disclosed.
Redding, CA and Boston, MA, January 26, 2022 – AqueoUS Vets ® (“AV” or the “Company”), a leading vertically integrated manufacturer of water treatment systems, today announced it secured a growth investment from Bain Capital Double Impact, the impact investment strategy of Bain Capital. The support and resources of the Bain Capital platform will enable AV to expand its highly efficient and effective treatment systems nationally, broaden and diversify the services it offers, and achieve its mission of reducing the quantity of contaminates including per- and polyfluoroalkyl substances (PFAS), which are prevalent in the U.S. water system. Financial terms of the private transaction were not disclosed.
Founded in 2015 and based in Redding California, AV is a premier provider and servicer of water treatment systems that address long-standing and emerging contaminants in the U.S. water infrastructure. The Company offers a turnkey approach to building, installing and servicing custom water treatment systems that leverage advanced design technology and ensure long-term operational reliability. AV currently treats an estimated 168 million gallons per day for local, state, and federal government entities with more than 290 million gallons per day of treatment capacity in production, including the Los Angeles Department of Water & Power, Orange County Water District, and the City of Anaheim in California, as well as private industrial and commercial customers.
“Initiatives to stem the impact of harmful contaminants in our nation’s water system are finally gaining the attention they deserve,” said Robert Craw, CEO of AV, who will continue to lead the business. “We’re encouraged by the support and partnership with Bain Capital Double Impact, who shares our vision of addressing critically important water supplies and removing contaminates that can lead to unfortunate and costly health outcomes.”
The recently passed Infrastructure Investment and Jobs Act provides funding specifically dedicated to PFAS remediation, which impacts an estimated 99% of Americans, according to The Environmental Working Group. Nearly ~110 million Americans use PFAS- contaminated water every day and more than 700 contaminated sites have been identified nationwide.
“AV is a leading player in the water treatment industry for ‘forever chemicals’,” said Todd Cook, Managing Partner at Bain Capital Double Impact. “A growing number of municipalities across the country are proactively addressing the widespread presence of these contaminates with support from all levels of government. We are incredibly excited to partner with Rob and the team to deploy its suite of water treatment solutions to help address this critical problem.”
Bain Capital has deep experience in the services and industrial sectors, having made investments in a wide range of businesses including Consolidated Container, TI Fluid Systems, Diversey, Imperial Dade and HD Supply. AV also continues Bain Capital Double Impact’s mission to scale companies dedicated to sustainability and to mitigating the environmental impact of urban and industrial systems and promoting healthy water systems.
Kirkland & Ellis LLP acted as legal adviser to Bain Capital Double Impact. Raymond James & Associates, Inc. acted as financial advisor and Taft Stettinius & Hollister LLP acted as legal advisor to AqueoUS Vets ®.
About AqueoUS Vets ®
AqueoUS Vets ® is a leading, vertically integrated manufacturer of treatment systems used to address emerging contaminants in groundwater such as PFAS, 1,2,3-TCP, TOC, volatile organic compounds (VOCs), fuels, chrome 6, and arsenic, among others. AV’s “Concept to Commission” approach supports owners, engineers, and the contractor community. AV’s capabilities are enhanced by advanced designs which incorporate best corrosion management practices, optimal hydraulic performance and media utilization, and long-term operational reliability. AV’s integrated approach delivers the entire treatment system from the influent to effluent flanges on the treatment pad which creates more value for clients and the end user.