Sciens Water announced the sale of The CROM Corporation (“CROM”), a leading provider of water infrastructure solutions, to Frontenac. Based in Gainesville, FL, CROM is a leading designer, manufacturer, and installer of water storage facilities and solutions, with the largest installed base of prestressed concrete tanks in the U.S., and a leading provider of services for the restoration and maintenance of essential water infrastructure.
Since Sciens Water acquired CROM in 2020, CROM’s services business has grown three-fold, backed by a strategic plan to target the services segment of CROM’s business by investing in its business development capabilities and operating systems. During that time, CROM was also able to improve operational efficiency and profitability across its entire business, as well as launch a new offering of watertight tensioned straight wall tanks, CROM2. These initiatives enabled CROM to enhance its business model by diversifying and strengthening its offerings, while capitalizing on the heavy demand for water infrastructure restoration and maintenance services. During Sciens Water's ownership period, CROM built and restored infrastructure improving water and sanitation for 7.2mm people across the southeastern U.S.
Daniel Standen, Managing Partner at Sciens Water, said, “We are happy to have forged such a successful partnership with CROM’s management team to support the Company’s growth of its business lines and expansion into new ones. We are proud to have been part of CROM’s storied legacy in the water industry. We believe it is well positioned now to capture the continued demand and growth in the water storage and services market.”
“Sciens Water has been a terrific partner for CROM, helping us unlock significant value and growth in our business,” said Bobby Oyenarte, CROM’s CEO. “We are grateful for the opportunity to have worked alongside an investment firm that is specialized in and dedicated to solving water infrastructure problems in the U.S.”
Raymond James served as financial advisor to CROM and Morgan, Lewis & Bockius LLP served as legal counsel to CROM and Sciens.
