Prospect Partners Acquires Three Culligan Dealers, Expands Bi-Coastal Foothold in Water Treatment Segment
CHICAGO, Ill.—August 21, 2012: Prospect Partners, LLC, a leading private equity firm investing in smaller lower-middle-market companies, today announced the completion of three strategic acquisitions by its platform company Prospect Water Co. LLC of Lombard, Ill., a provider of Culligan-branded water treatment products and services through a network of independent dealers. Prospect Partners formed Prospect Water Co. in November, 2011, with co-investor Stone Pointe, LLC, an independent investment firm.
Prospect Water Co. expanded its presence on both coasts through the separate acquisitions of Culligan Water of Northern California, with two company-owned dealers of Culligan International in Santa Clara and Napa, and the Middlebury, Conn., location of independent dealer Windover Industries, Inc. Prospect Water Co.'s coverage now extends to seven states nationwide.
"We are excited to be a strong partner to both Prospect Water Co.'s talented management team and Culligan's corporate office in building successful independent franchises from coast to coast," said Louis Kenter, a Founding Principal of Prospect Partners. "The California locations offer high growth potential in a geographic area the team knows well. And Connecticut is a natural operational fit with the company's other East Coast dealers."
Prospect Water Co. also has dealers in the states of Indiana, New York, Ohio, Rhode Island, and Washington.
Culligan International is a worldwide water treatment leader, with a presence in 90 countries. The industry's top brand, Culligan is the choice of many consumers and businesses facing "hard water" or other water issues. The company sells its water softeners, water filtration systems, bottled water, and a host of other related products and services through a network of approximately 900 independently franchised and company-owned dealers.
Going forward, Prospect Water Co. seeks to acquire other Culligan franchises, independent water service dealers, and providers of commercial or industrial water purification services.
About Prospect Partners, LLC
Prospect Partners is a leading private equity firm investing in smaller lower-middle-market companies, managing $470 million across three funds. A highly experienced and active investor, Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues typically under $75 million. Since 1998, Prospect Partners has invested opportunistically nationwide in 90 companies in a broad range of niche manufacturing, distribution, and specialty services markets. Based in Chicago, Prospect Partners also has an office in Menlo Park, Calif. For more information, visit www.prospect-partners.com.