NEW YORK--(BUSINESS WIRE)--Turnspire Capital Partners LLC (“Turnspire”) announced today that an affiliate has acquired USG Water Solutions, LLC (“USG” or the “Company”) from Veolia North America, the U.S. holding company of Veolia Environnement S.A. (“Veolia”). Turnspire is also pleased to announce the appointment of John C. Flaugher as President and Chief Executive Officer of USG.
Headquartered in Atlanta and Perry, Georgia, USG Water Solutions is the leading provider of water asset management services for small and medium public water utilities in North America. USG’s offerings include maintenance services for water storage tanks, pipe networks, and concrete structures in water and wastewater plants. The Company also provides turnkey smart metering programs and a wide selection of water quality technologies. USG operates in 47 states and has over 450 employees.
Mr. Flaugher is an accomplished senior executive with a track record of success in the water, chemicals, and industrials segments. From 2013 to 2016, he was President and Chief Operating Officer of the USG business under prior corporate ownership, responsible for sales, operations, and engineering. Previously, Mr. Flaugher was a Vice President of Nexeo Solutions and held multiple executive management positions within Nalco Chemical Company.
Ilya Koffman, Managing Partner of Turnspire, said, “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.”
Mr. Flaugher added, “I am energized to rejoin USG, an iconic company in our markets with best-in-class service and quality. Turnspire’s financial and strategic resources, as well as its track record of operational excellence and investing in carve-outs, will position USG for long-term success. Our management team and I will work closely with Turnspire to execute on a wide range of growth and operational initiatives to capitalize on the compelling trends in the water end markets.”
Karine Rouge, Chief Executive Officer, Municipal Water of Veolia North America, said, “We enjoyed our collaboration with Turnspire during the transaction process and are confident that USG is in good hands with an owner focused on the growth and development of the business. We wish USG and Turnspire well in the future.”
Harris Williams acted as financial advisor and Chapman and Cutler LLP acted as legal counsel to Turnspire with respect to the transaction. Houlihan Lokey advised Veolia.
About USG Water Solutions
USG Water Solutions is a national leader in providing maintenance services to municipal and private water companies across the United States and the leading provider of asset management programs for water and wastewater infrastructure for the municipal market. USG is comprised of the business that was previously known as Veolia Advanced Solutions and, before that, Suez Advanced Solutions.
About Turnspire Capital Partners
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial, or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire’s investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its portfolio companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.