Caisse, Fondaction, Investissement Québec-backed H20 Innovation closes buy of Utility Partners
H20 Innovation Inc. has closed its acquisition of Mississippi-based Utility Partners LLC., a specialist in the operation and maintenance of water and wastewater treatment plants. H2O Innovation designs and provides integrated water treatment solutions based on membrane filtration technology for municipal, energy and natural resources end-users.
Previous to the closing of the deal, H20 raised about $23 million through a private placement deal funded by Caisse de dépôt et placement du Québec and Investissement Québec, who together invested a combined $8.15 million. H20 has also previously received funding from Fondaction CSN.
“As the leading institutional investor, we helped H2O Innovation set up the credit arrangement which facilitated the acquisition of Utility Partners. The company is in a position where it can expand its presence in the American market while maintaining its head office in Québec City, thus contributing to the region’s economic development,” says Pierre Gabriel Côté, President and Chief Executive Officer of Investissement Québec.
H20 Innovation says the total consideration was about $22.5 million.