Chicago-based private equity firm Frontenac Co has acquired Canada's Newterra Group Ltd from shareholders including institutional investors XPV Water Partners and Angeleno Group LLC.
Newterra designs, engineers, manufactures and services modular treatment solutions for water, wastewater, stormwater and groundwater. The portfolio of brands includes Cochrane, TIGG, Aeration Industries, StormwateRx, MicroClear Membranes, EPRO and Newterra. Technologies include deaerators, membrane filtration, modular membrane bioreactors (MBR) and potable water systems, sequential batch reactors (SBR), surface aeration products, stormwater treatment, and chemical treatment systems. The company also offers a range of remediation technologies including products related to PFAS and emerging contaminants removal.
Under Frontenac, Newterra president and CEO Tom Vossman, along with the current executive team, will continue to lead the company. Jim McGivern, a water industry veteran and a former Frontenac portfolio company CEO, will now join the Newterra board.
“We have enjoyed strong growth in the past several years as we executed a number of key initiatives that expanded our customer base, product and service capabilities, and global reach,” said Vossman. “With Frontenac as our new partner, we are excited to continue our expansion plans, both organic and inorganic, as we execute on our strategic plan to be a major force in the growing decentralised water treatment market around the world.”
“Newterra has built an impressive business and carved out a leading role for itself within the water treatment category,” said Ron Kuehl, managing director of Frontenac. “Despite the challenges facing the economy this year, the company has continued to perform exceptionally well by driving sales, completing strategic acquisitions, and expanding margins. We’re excited to partner with Tom, Jim and the entire team going forward.”
“We are very proud that Newterra has established itself as a global industry leader in the decentralised water treatment market, and we are excited to see the next steps of their growth with Frontenac,” said David Henderson, managing partner at XPV Water Partners. “Newterra has been an important part of the XPV portfolio as they have made a significant and positive impact on water resources all around the world.”