Graycliff Partners Invests in ValveTek and MeterTek

NEW YORK--(BUSINESS WIRE)--Graycliff Partners, through its GCP Ascend small-cap fund, is pleased to announce its investment in ValveTek Utility Services and MeterTek Utility Services (together, the “Company”), Kenilworth, New Jersey based providers of water meter and distribution system services to municipal and investor-owned water utilities.

Founded in 2000 and operating out of six facilities across the Northeast, the Company’s team replaces residential and commercial meters, exercises valves and hydrants, and performs meter pit construction for municipalities and investor-owned utilities. These services are critical to keeping water infrastructure reliable and safe and to helping customers maintain compliance with stringent regulatory requirements.

The Company was previously owned by three entrepreneurs, Jeff Favina, Christina Loor and Gary Mahoney, who are remaining with the business. Jeff Favina, who will continue in his role as CEO of the Company, said, “We are thrilled to move forward with Graycliff as our financial and strategic partner. Graycliff understood our business and our culture from the outset. With their experience and resources, we are eager to expand into new markets, add services, and keep delivering for our utility and municipal customers.”

Sarah Paquet, Principal at GCP Ascend, added, “We are impressed by the experience, passion, and enthusiasm of the team and the trusted reputation they’ve built with water utilities across the Northeast. We are excited to support the team as it builds on that foundation by expanding into new markets and additional services.”

The Company is the second platform investment for GCP Ascend, which seeks to partner with founder and family-owned businesses in the manufacturing, industrial services, and value-added distribution sectors.

About Graycliff Partners LP
Graycliff Partners is an investment firm focused on making lower middle market investments, typically in manufacturing, business services and value-added distribution businesses. Through dedicated equity and credit funds, Graycliff provides capital for acquisitions, management buyouts, recapitalizations, growth and expansion. For more information about Graycliff Partners visit www.graycliffpartners.com.