H2O Innovation enters US with acquisition of Utility Partners and concurrent Private Placement of US$20 M
July 26, 2016
20.00 Million USD
On July 13, 2016, H2O Innovation Inc. announced a binding agreement pursuant to which H2O Innovation acquired Utility Partners, LLC ("Utility Partners"), a US-based company specializing in the operation and maintenance of water and wastewater treatment plants (the "Acquisition"). The purchase price was US$17.0 million
H2O Innovation financed the Acquisition with an equity financing, by way of a bought deal private placement, for an amount of approximately US$18.4 million. Concurrently, H2O Innovation completed a non-brokered private placement with certain insiders in the amount of US$1.6 million and an additional US$10 million long-term secured credit facility.
Utility Partners provides US municipal clients with innovative and cost-effective solutions for water and wastewater treatment plants.
H2O Innovation designs and provides state-of-the-art, custom-built, and integrated water treatment solutions based on membrane filtration technology for municipal, energy and natural resources end-users. Also, directly and through its affiliates, H2O Innovation provides services and products complementary to its membrane filtration and reverse osmosis systems.
McCarthy Tétrault LLP advised H2O Innovation with a team led by Philippe Leclerc.