BOSTON--Audax Private Equity (“Audax”) has completed the sale of Neptune-Benson (“Neptune” or, the “Company”) to Evoqua Water Technologies (“Evoqua”), a portfolio company of AEA Investors (“AEA”). Evoqua is headquartered in Warrendale, Pennsylvania and is a leader in water and wastewater treatment products, systems, and services for industrial and municipal customers.
Headquartered in Coventry, Rhode Island, Neptune is a designer and manufacturer of environmentally-friendly filtration, including regenerative media filtration, UV disinfection systems, microsand filtration, recirculation components, and filter accessories to the commercial aquatics, industrial, and municipal industries. Since Audax’ initial investment in 2011, Neptune completed five acquisitions to add to its product offering and expand the company internationally.
Geoffrey S. Rehnert, Co-CEO of Audax, said “Ken Rodi and the rest of the Neptune-Benson team have done an exceptional job growing the company organically and through acquisitions to create a clear leader in the filtration space across commercial, industrial, and municipal aquatics industries. We wish Neptune continued success in their next leg of growth with its new partner.”
Kenneth Rodi, CEO of Neptune said, “Audax has been instrumental in supporting our organic growth and acquisition strategy. We look forward to Neptune’s continued success with Evoqua.”
Lazard Middle Market LLC served as the exclusive financial advisor to Neptune and Audax. Goulston & Storrs LLP advised Neptune and Audax in the transaction. Fried, Frank, Harris, Shriver & Jacobson LLP was the legal advisor to Evoqua and AEA. Financing for the transaction was provided by Credit Suisse Securities (USA) LLC, Morgan Stanley, and RBC Capital Markets.
Founded in 1956, Neptune-Benson provides high-quality engineered products and services to the aquatics, industrial, and municipal markets. Having installed over 20,000 filtration and UV systems worldwide, Neptune’s filters can be found in water recreation facilities, resorts, water parks, zoos, and aquariums in over 40 countries. For more information about Neptune, visit www.neptunebenson.com.
ABOUT AUDAX PRIVATE EQUITY
Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and Menlo Park, Audax Group has over $10 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information, visit the Audax Group website at www.audaxgroup.com.