Warren Equity Announces Acquisition of StormTrap
ROMEOVILLE, Ill.--(BUSINESS WIRE)--Dec 19, 2018--Warren Equity Partners, a lower middle market private equity fund, is pleased to announce the acquisition of StormTrap, LLC (“StormTrap” or the “Company”). StormTrap, based in Romeoville, IL, provides stormwater management solutions to the municipal, commercial, industrial, and residential markets. Financial terms of the transaction were not disclosed.
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Warren Equity acquired a majority interest in StormTrap from the Hawken family, who founded the Company in 2002. The Hawken family invested alongside Warren Equity in the transaction and will remain on the board of directors going forward.
“StormTrap is a great fit for Warren Equity given our focus on the infrastructure market and the Company’s focus on providing solutions to remedy overburdened stormwater systems,” said Scott Bruckmann, Partner at Warren Equity. “StormTrap is well positioned to continue to serve the growing demand for stormwater management systems, and we are excited to help the Company expand their geographic footprint and product offering. We look forward to partnering with the Hawken family and StormTrap’s exceptional management team.”
StormTrap designs and engineers precast concrete systems that store stormwater runoff in underground chambers before releasing it at a controlled rate or harvesting it for reuse. In addition, the Company provides water quality systems that remove pollutants and contaminants from stormwater runoff. The Company’s patented technology provides customizable solutions for detention, retention, water quality, and water harvesting.
“We chose Warren Equity due to their prior experience investing in companies targeting similar end markets, as well as the strong cultural fit with the StormTrap team,” said Bob McCormack, President of StormTrap. “With Warren Equity, we have found a partner who will help support our growth strategy and provide valuable guidance during our next chapter of growth.”
StormTrap is a leading brand in precast concrete stormwater solutions and a go-to provider for customers seeking stormwater management solutions with a lower size footprint, high storage capacity, durability, and reduced total installed cost.
“Over its 16-year history, StormTrap has grown into a market leader for underground concrete stormwater systems through continuous development of new technologies and products,” said Jamie Hawken, board member of StormTrap, “We are looking forward to working with Warren Equity to grow the Company in North America and internationally.”
William Blair & Company was the exclusive financial advisor to StormTrap.
About Warren Equity Partners
Warren Equity Partners is a private equity firm that invests in small and middle market operating companies primarily in North America. The firm invests in established companies where additional capital and operating resources can accelerate growth, targeting companies in the industrial, infrastructure, and business services sectors. Warren Equity invests in the form of buyouts, growth equity, and recapitalizations. For more information, please visit www.warrenequity.com.
StormTrap offers proven and leading-edge solutions for managing runoff, protecting waterways and improving the use of property. StormTrap is committed to providing cost-effective, customized water management solutions to engineers, owners and municipalities across North America and abroad. Whether customers are concerned about water quality, detention, infiltration or water harvesting, StormTrap has a design that will reduce footprint, accommodate site constraints, lower overall costs and meet specific project needs. For more information, please visit www.stormtrap.com.
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CONTACT: Stefanie Geiss
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: VENTURE CAPITAL PROFESSIONAL SERVICES FINANCE ENVIRONMENT
SOURCE: Warren Equity Partners
Copyright Business Wire 2018.
PUB: 12/19/2018 03:26 PM/DISC: 12/19/2018 03:25 PM