M&A Deal Summary

Levine Leichtman Capital Partners Acquires USA Water

On February 22, 2024, mezzanine finance firm Levine Leichtman Capital Partners acquired environmental company USA Water from Warren Equity Partners

Acquisition Highlights
  • This is Levine Leichtman Capital Partners’ 1st transaction in the Environmental sector.
  • This is Levine Leichtman Capital Partners’ 69th transaction in the United States.
  • This is Levine Leichtman Capital Partners’ 10th transaction in Texas.

M&A Deal Summary

Date 2024-02-22
Target USA Water
Sector Environmental
Buyer(s) Levine Leichtman Capital Partners
Sellers(s) Warren Equity Partners
Deal Type Secondary Buyout
Advisor(s) Harris Williams (Financial)
Holland & Knight (Legal)

Target

USA Water

Houston, Texas, United States
USA Water is a provider of operations and maintenance (“O&M”) services for water and wastewater systems across the Southeast United States. The Company’s non-discretionary services enable municipalities and utility districts to entrust their water infrastructure maintenance, asset management, and regulatory compliance needs to a professional partner of scale. USA Water is based in Houston, Texas.

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Buyer(S) 1

Buyer

Levine Leichtman Capital Partners

Beverly Hills, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1984
PE ASSETS 12.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Levine Leichtman Capital Partners (LLCP) is a West Coast US based private investment firm that targets mezzanine and other structured equity investments in middle-market companies. The Firm has several funds, each with different strategies. LLCP's larger fund targets subordinated debt, preferred equity, and/or common equity investments in companies with $100 to $750 million of revenue. The Firm's smaller fund invests $5 to $15 million in emerging companies with less than $25 million in revenue. LLCP also invests in financially distressed businesses. LLCP was formed in 1984 and has offices in Beverly Hills, California; Chicago, Illinois; Dallas, Texas; New York City; and London.


DEAL STATS #
Overall 84 of 88
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 29 of 33
State (Texas) 10 of 10
Country (United States) 69 of 71
Year (2024) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-20 Therapeutic Research Center

Stockton, California, United States

Therapeutic Research Center is a provider of digital medication learning that updates, informs, and educates healthcare providers across the continuum of care. Therapeutic Research Center was founded in 1985 and is based in Stockton, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-24 Tropical Smoothie Cafe

Atlanta, Georgia, United States

Tropical Smoothie Cafe is a franchisor of fast-casual cafes with over 1,400 locations in 44 states. It serves smoothies, wraps, sandwiches, and flatbreads across multiple dayparts. Tropical Smoothie Cafe was founded in 1997 and is headquartered in Atlanta, Georgia.

Sell -

Seller(S) 1

SELLER

Warren Equity Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2015
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Warren Equity Partners is a private equity firm focused on small and medium-sized company investments. Warren Equity will consider profitable companies throughout North America and looks to invest $25 to $100 million per transaction. Sectors of interest include infrastructure, energy services, industrial, and building materials. Warren Equity Partners was formed in 2015 and is based in Jacksonville, Florida.


DEAL STATS #
Overall 5 of 5
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 5 of 5
State (Texas) 4 of 4
Country (United States) 5 of 5
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-01 SLTC

Trenton, Georgia, United States

SLTC is a provider of vocational training services for utility and communications lineworkers. SLTC offers programs focused on equipping participants with the skills necessary to install and repair electrical transmission and distribution equipment, as well as telecom network assets. SLTC was founded in 1999 and is based in Trenton, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-09 MoboTrex

Pflugerville, Texas, United States

MoboTrex provides traffic and mobility solutions for government agencies across North America. MoboTrex was founded in 1969 and is based in Pflugerville Texas.

Buy -