Turnspire Capital Partners LLC (“Turnspire”) announced that an affiliate has sold portfolio company USG Water Solutions (“USG”) to Warren Equity Partners (“WEP”). Terms of the transaction were not disclosed.

USG is a leading provider of water asset management services for municipal and private water customers in North America. USG’s offering includes maintenance services for water storage tanks, pipe networks, and concrete structures in water and wastewater plants, as well as turnkey smart metering programs and a wide selection of water quality technologies. USG operates in all 48 contiguous states and has over 450 employees.

“We are extremely proud of the USG management team’s accomplishments during our ownership period under the leadership of CEO John Flaugher,” said Ilya Koffman, Managing Partner of Turnspire. “Since carving out USG from Veolia in early 2023, we have worked closely with John to transform USG into a thriving, growing, very profitable business. We are pleased that WEP recognized the value in this unique asset, and we are confident that the sky is the limit for USG going forward.”

Mr. Flaugher added, “Turnspire has been a true partner – challenging us and providing invaluable resources, which enabled the USG management team to optimize margins, dramatically increase EBITDA and generate significant cash flow. At the same time, Turnspire provided support to reinvigorate USG’s commercial function, expand our market footprint geographically and ultimately win record new business. This successful sale validates our collaborative efforts and positions USG for further growth.”

“USG is a textbook example of the Turnspire investment strategy, which is predicated on finding value obscured by circumstances and realizing that value through transformational operational improvements,” said Abel S. Osorio, Managing Partner of Turnspire. “This sale represents the first full exit in Turnspire Value Fund II, and it delivers exceptional value to our investors and to all of USG’s stakeholders.”

Harris Williams and Macquarie Capital acted as financial advisors to Turnspire with respect to the transaction. Winston Taylor and Chapman and Cutler LLP acted as legal counsel.

About Turnspire Capital Partners

Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial, or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Our investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niches, and then to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.

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