M&A Deal Summary

Sciens Water Opportunities Fund Acquires Crom

On June 5, 2020, infrastructure investor Sciens Water Opportunities Fund acquired construction company Crom from Audax Private Debt and MSouth Equity Partners

Acquisition Highlights
  • This is Sciens Water Opportunities Fund’s 1st transaction in the Construction sector.
  • This is Sciens Water Opportunities Fund’s 1st transaction in the United States.
  • This is Sciens Water Opportunities Fund’s 1st transaction in Florida.

M&A Deal Summary
Date 2020-06-05
Target Crom
Sector Construction
Buyer(s) Sciens Water Opportunities Fund
Sellers(s) Audax Private Debt
MSouth Equity Partners
Deal Type Secondary Buyout

Target

Crom

Gainesville, Florida, United States
Crom is a provider of pre-stressed concrete water tank design and construction services to water and wastewater customers primarily in the southeastern United States and select international locations. Crom has built more than 4,000 tanks for municipalities and private sector customers. With tank capacities ranging from a few hundred thousand gallons to several million gallons, crom tanks are suitable for diverse functions including potable and reuse water storage, wastewater treatment, thermal storage, flow equalization, and industrial storage and treatment. Crom was founded in 1953 and is based in Gainesville, Florida.

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Buyer(S) 1

Buyer

Sciens Water Opportunities Fund

Category Infrastructure
Founded 2018
Size Small
Type Sector Focused
DESCRIPTION

Sciens Water manages an alternative investment fund focused on control investments in private US companies involved in water infrastructure. Specifically, the Firm looks to invest in utilities, water transmission and distribution, and wastewater treatment and recycling. Sciens Water was established in 2015 and is headquartered in New York City.

DEAL STATS #
Overall 1 of 1
Sector (Construction) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Florida) 1 of 1
Country (United States) 1 of 1
Year (2020) 1 of 1

Seller(S) 2

SELLER

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies valued between $10 and $60 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations.

DEAL STATS #
Overall 46 of 51
Sector (Construction) 1 of 2
Type (Secondary Buyout) 21 of 24
State (Florida) 4 of 4
Country (United States) 46 of 51
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 Ned Stevens

Fairfield, New Jersey, United States

Ned Stevens provides gutter cleaning, soft wash, and other related, non-discretionary residential services, including gutter maintenance, installation, and repair. Ned Stevens was founded in 1965 and is based in Fairfield, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-23 Area Wide Protective

North Canton, Ohio, United States

Area Wide Protective is a provider of professional traffic control design and execution services in support of utility infrastructure maintenance and construction activity. Area Wide Protective was founded in 1993 and is based in North Canton, Ohio.

Sell -
SELLER

MSouth Equity Partners

Atlanta, Georgia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

MSouth Equity Partners is a private equity firm focused on mid-sized company investments and acquisitions valued between $25 and $250 million. The Firm prefers opportunities in Southern US and looks to commit $25 to $100 million per transaction. Sectors of interest include distribution, business services, media, telecom, and specialty manufacturing. MSouth is the successor to private equity firm, Cravey, Green & Wahlen, Inc. which was founded in 1984. MSouth Equity Partners is based in Atlanta, Georgia.

DEAL STATS #
Overall 23 of 31
Sector (Construction) 2 of 3
Type (Secondary Buyout) 10 of 13
State (Florida) 2 of 3
Country (United States) 23 of 31
Year (2020) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-03 Vectorply

Phenix City, Alabama, United States

Vectorply is a developer and manufacturer of high-performance reinforcement fabrics used in composite materials. Vectorply produces a broad range of non-crimp fabrics for use in wind power, industrial, marine, sports/recreation and transportation applications. Approximately 83% of the Company’s sales are derived from fabrics made of glass fibers, with the remainder divided between carbon and aramid fibers. Vectorply’s products provide superior materials solutions when compared to traditional materials (such as steel, wood and concrete) and to earlier generations of woven composite reinforcement fabrics.

Sell $155M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-01 iBenefit Communication

Charlotte, North Carolina, United States

iBenefit Communication provides employers with benefits communication, education, and engagement services that offer employees personalized benefit counseling with professional, licensed, salaried benefits experts.

Buy -
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