New Mountain Capital buys Inframark

New Mountain Capital has acquired Inframark LLC, an infrastructure services company.

New Mountain Capital has acquired Inframark LLC, an infrastructure services company. No financial terms were disclosed. Harris Williams advised Inframark on this transaction.

PRESS RELEASE

HORSHAM, PA and NEW YORK– December 21, 2020 – Inframark, LLC, is pleased to announce that it has partnered with New Mountain Capital, a leading growth-oriented investment firm with $28 billion in assets under management. The investment provides access to capital that enhances Inframark’s capacity for growth while maintaining and building on its leadership position in the outsourced water services market. It also reflects New Mountain Capital’s confidence in the firm’s strong reputation, robust operating model and outstanding approach to service. Terms of the transaction were not disclosed.
Inframark’s management team, led by CEO Stephane Bouvier, will continue to lead the business and execute upon their strong vision for the future. New Mountain has acquired its interest in Inframark from PPC Enterprises LLC (“PPC”) and Alston Capital Partners LLC (“Alston”). The management team will continue to have a meaningful ownership interest alongside New Mountain.

“Since becoming Inframark three years ago under PPC and Alston’s ownership, our team has placed an unwavering focus on deepening client relationships to become a recognized leader in water and infrastructure operations,” said Stephane Bouvier, CEO of Inframark. “We’re thrilled to enter this new relationship with New Mountain Capital and build on a growth model that has delivered terrific results for our company and our customers to date with substantial long-term tailwinds for the future.”

Max Alper, Partner and Head of Industrials at PPC commented, “We are very proud to have established Inframark as a stand-alone entity three years ago and to have partnered with management during the first stage of the Company’s significant growth as an independent business. We are grateful to the entire leadership team and all the employees of Inframark for the enormous work that has gone into the successes achieved during our ownership. On behalf of PPC and Alston, we wish them all the best for the future.”

With its new partnership, Inframark will maintain its multi-faceted growth strategy focused on enhancing its service offering and expanding into new and adjacent markets. Management will pursue this through an increased focus on strategic acquisitions and continued investment in capabilities and technologies that deliver more value to customers across core business units: operation and maintenance of water and wastewater systems, management of community infrastructure, and related services.

“Inframark has demonstrated a strong commitment to client service, innovation and environmentally-friendly solutions while ensuring the delivery of safe and clean water to more than four million people across the United States,” said Lars Johansson, Managing Director at New Mountain Capital. “We look forward to accelerating the scalable growth plan against which Stephane and his leadership team are already executing. Our firm’s expertise in supporting market leaders on their growth journey will be the basis for a meaningful partnership.”

Harris Williams served as the exclusive advisor to Inframark on this transaction.

About INFRAMARK
Inframark, LLC (www.inframark.com) is a standalone American infrastructure services company focused on operation and maintenance of water and wastewater systems, management of community infrastructure, and back-office services.

With more than 40 years of experience in managing water-related infrastructure, the company employs in excess of 1,500 people serving more than 400 clients in 19 states. Its North American operations manages facilities that can treat over 900 million gallons of drinking water and wastewater daily. It also manages more than 7,000 miles of wastewater collection and water distribution networks. Its infrastructure management services group serves 220 clients with financial, administrative and specialized support services.

About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $28 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com