- Also, Turnspire has named John C. Flaugher as president and CEO of USG
- Flaugher is a former vice president of Nexeo Solutions
- Harris Williams acted as financial advisor to Turnspire
Turnspire Capital Partners has acquired Georgia-based USG Water Solutions, a provider of water asset management services for small and medium public water utilities in North America. The seller was Veolia North America, the U.S. holding company of Veolia Environnement S.A.
Also, Turnspire has named John C. Flaugher as president and CEO of USG.
Flaugher is a former vice president of Nexeo Solutions. Also, he held multiple executive management positions within Nalco Chemical Company.
On the deal and CEO appointment, Ilya Koffman, managing partner of Turnspire, said in a statement, “We are thrilled to acquire this incredible business. USG pioneered the tank maintenance program over thirty years ago and has maintained its position as the pre-eminent supplier in the market as a division of larger global corporations, most recently Veolia. As an independent company under Turnspire’s ownership, and led by John Flaugher and the talented current management team, USG can build on its legacy to achieve operational excellence and sustainable growth in tanks under management.”
Harris Williams acted as financial advisor to Turnspire while Chapman and Cutler LLP acted as legal counsel. Houlihan Lokey advised Veolia.
Based in New York City, Turnspire invests in the lower middle market.