Recapitalization • Utilities

Turnspire Capital Partners and Backcast Partners Exits USG Water Solutions

On June 18, 2025, private equity firm Turnspire Capital Partners invested in utilities company USG Water Solutions from Turnspire Capital Partners and Backcast Partners

Investment Context
  • This is Turnspire Capital Partners’ 2nd transaction in the Utilities sector.
  • This is Turnspire Capital Partners’ 14th transaction in the United States.
  • This is Turnspire Capital Partners’ 2nd transaction in Georgia.

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Investment Summary

Date June 18, 2025
Target USG Water Solutions
Sector Utilities
Investor(s) Turnspire Capital Partners
Sellers(s) Turnspire Capital Partners
Backcast Partners
Deal Type Recapitalization

Target Company

USG Water Solutions

Atlanta, Georgia, United States
USG Water Solutions is a provider of water asset management services for small and medium public water utilities in North America. USG’s offerings include maintenance services for water storage tanks, pipe networks, and concrete structures in water and wastewater plants. USG Water Solutions is based in Atlanta, Georgia.
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Investor Overview 1

DESCRIPTION

Turnspire Capital Partners is a private investment firm focused on acquiring North American companies that have reached 'strategic, operational, or financial inflection points' with their business and could benefit from a hands-on investor. Turnspire will consider a variety of transaction situations, including special situations, corporate carve-outs, and family transitions. Sectors of interest include aerospace/defense, automotive, machinery, chemicals, consumer, building materials, food/beverages, logistics, metals, packaging, and plastics. Prospective companies generally have revenues of $50 to $400 million. Turnspire Capital Partners was formed in 2013 and is based in New York City.


Deal Context for Investor #
Overall 15 of 16
Sector: Utilities 2 of 2
Type: Recapitalization 1 of 1
State: Georgia 2 of 2
Country: United States 14 of 15
Year: 2025 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-03 GHP Group

Niles, Illinois, United States

GHP Group specializes in developing, distributing, importing, and manufacturing seasonal products for major home centers, retailers, and online retailers, such as BBQs, heaters, fireplaces, and drinking water solutions. GHP Group was founded in 2003 and is based in Niles, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-12 The LifeLine Group

St. Joseph, Missouri, United States

The LifeLine Group is a manufacturer of corn-based products that serve the food and beverage, biofuels, and building products industries. It operates two complementary divisions: LifeLine Foods, which produces food-grade corn ingredients for leading consumer brands, and LifeLine Biofuels, which leverages starch byproducts from the food business to produce renewable fuels and other value-added coproducts with a reduced carbon footprint. Together, the divisions form an integrated platform focused on quality, innovation, and sustainability. The LifeLine Group is based in St. Joseph, Missouri.

Buy -

Seller Profiles 2

DESCRIPTION

Turnspire Capital Partners is a private investment firm focused on acquiring North American companies that have reached 'strategic, operational, or financial inflection points' with their business and could benefit from a hands-on investor. Turnspire will consider a variety of transaction situations, including special situations, corporate carve-outs, and family transitions. Sectors of interest include aerospace/defense, automotive, machinery, chemicals, consumer, building materials, food/beverages, logistics, metals, packaging, and plastics. Prospective companies generally have revenues of $50 to $400 million. Turnspire Capital Partners was formed in 2013 and is based in New York City.


Deal Context for Seller #
Overall 5 of 5
Sector: Utilities 1 of 1
Type: Recapitalization 1 of 1
State: Georgia 1 of 1
Country: United States 5 of 5
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-03 GHP Group

Niles, Illinois, United States

GHP Group specializes in developing, distributing, importing, and manufacturing seasonal products for major home centers, retailers, and online retailers, such as BBQs, heaters, fireplaces, and drinking water solutions. GHP Group was founded in 2003 and is based in Niles, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-12 The LifeLine Group

St. Joseph, Missouri, United States

The LifeLine Group is a manufacturer of corn-based products that serve the food and beverage, biofuels, and building products industries. It operates two complementary divisions: LifeLine Foods, which produces food-grade corn ingredients for leading consumer brands, and LifeLine Biofuels, which leverages starch byproducts from the food business to produce renewable fuels and other value-added coproducts with a reduced carbon footprint. Together, the divisions form an integrated platform focused on quality, innovation, and sustainability. The LifeLine Group is based in St. Joseph, Missouri.

Buy -
DESCRIPTION

Backcast Partners is a private investment firm focused on providing debt and equity financing solutions to mid-sized companies with $10 to $50 million in revenue. Backcast invests in businesses owned or backed by private equity firms, as well as businesses owned by families, management teams, or others. Investment proceeds are typically used for acquisitions, strategic and growth initiatives, or simply to refinance existing capital structures. Backcast Partners was formed in 2016 and is headquartered in Millburn, New Jersey.


Deal Context for Seller #
Overall 3 of 3
Sector: Utilities 1 of 1
Type: Recapitalization 1 of 1
State: Georgia 1 of 1
Country: United States 3 of 3
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-21 Capezio

Totowa, New Jersey, United States

Capezio is a dancewear brand that designs and manufactures premium and highly technical footwear, apparel, and accessories that support dancers and athletes of all ages to practice, compete, and perform. Capezio was formed in 1887 and is headquartered in Totowa, New Jersey.

Buy -