Aquam Corporation, a leader in water infrastructure solutions, announced the sale of Aquam Water Services (AWS) and Orbis Intelligent Systems in a single transaction to Cadence Equity Partners partnered with Unigestion.
AWS provides technologies and services enabling UK utilities to acquire and analyze critical network data for proactively managing their networks and meeting increasingly stringent regulatory requirements. Orbis provides innovative non-invasive solutions for utilities that monitor flow parameters and assess the condition of pipes.
This transaction enables Aquam to focus on and accelerate the growth of its innovative pipe rehabilitation technologies and services. The combination of AWS and Orbis unlocks data analytics opportunities with existing AWS customers, drives AWS' international expansion, and creates new opportunities for Orbis leveraging AWS' customer base and reach.
"The fact that this transaction was completed in the current extraordinarily challenging and uncertain environment validates the strategic rationale of combining AWS and Orbis, the benefits it will provide customers, and the robust nature of the water utility market segment," said Dan Squiller, Aquam's CEO.
Phil Walker, CEO of AWS said, "The combination of AWS and Orbis will create significant benefits for both AWS and Orbis customers. Orbis' technology, embraced by the major UK utilities, provides previously unobtainable data for recovering lost water revenue, locating leaks, and understanding burst and interruption events. And AWS provides Orbis a ready platform and infrastructure for penetration into the UK and international markets."
Pieter Hooft and Jamie Szpiro led Cadence's team for the transaction and will join the AWS board as non-executive directors. They commented, "AWS and Orbis meet the needs of a wide range of water users, including UK water utilities and North American commercial and municipal users, with specialist services and know-how. This is a perfect example of the type of Applied Technology business Cadence aims to support. In Phil Walker and Danny Krywyj, we are backing a proven team in two businesses with long-term customer relationships and excellent references. The team has ambitious plans and we look forward to supporting their strategic growth."
Aquam was advised by the Global Technology & Services and Water teams at Raymond James. Dominic Emery, Managing Director in London commented, "Raymond James is delighted to have advised Aquam Corporation on these highly-complex, parallel carve-out transactions and we wish the management teams of both Aquam Water Services and Orbis all the best for the future. We are confident that this next phase will enable the two businesses to work together ever more closely on an international basis under combined operations and new ownership."