Behrman Capital Finalizes Sale of Waterline Renewal Technologies to Azuria Water Solutions
On February 26, 2026, Behrman Capital, a New York-based private equity investment firm, announced the successful sale of its portfolio company, Waterline Renewal Technologies, to Azuria Water Solutions, an entity backed by New Mountain Capital. Although the financial specifics of the deal were not disclosed, this acquisition marks a pivotal shift in the wastewater management industry.
Waterline Renewal Technologies, headquartered in Ottawa, Illinois, specializes in providing engineered products designed for trenchless rehabilitation of wastewater infrastructure. The company serves a broad range of clients, including municipal, commercial, industrial, and residential customers, offering innovative solutions that facilitate the repair of sewer systems without the need for extensive excavation or property damage. Among its diverse portfolio are patented technologies delivered through renowned brands such as Perma-Liner, APM, LMK Technologies, and LightRay.
According to Dave Williams, CEO of Waterline, the partnership with Behrman Capital has been instrumental in scaling their operations and enhancing their service offerings. "We want to express our gratitude to the team at Behrman Capital for their support and guidance. This collaboration has helped us establish ourselves as the leading provider of trenchless product systems in the nation. We are eager to embrace the new opportunities within Azuria’s family of brands as we move forward," he stated.
Grant Behrman, Managing Partner at Behrman Capital, commented on the transaction, expressing pride in their support of Waterline’s growth journey. He highlighted that the firm played a crucial role in two strategic acquisitions aimed at strengthening Waterline's capabilities in meeting the evolving demands of the wastewater sector. He added, "Waterline is now well-positioned to continue its growth trajectory under Azuria’s ownership, and we wish Dave and his team all the best with their new partners."
Advisors involved in the transaction included Lincoln International LLC, which acted as the financial advisor for Waterline, while Goodwin Procter LLP provided legal counsel. For Azuria Water Solutions, legal advice was offered by Ropes & Gray LLP.
Founded in 1991, Behrman Capital is a private equity firm based in New York City. With a focus on management buyouts, leveraged buildups, and recapitalizations of established growth businesses, Behrman has raised approximately $4.3 billion over its operational lifetime. Their investments primarily target sectors such as Defense and Aerospace, Healthcare, and Specialty Industrials. The firm is currently deploying capital from its seventh primary fund.
Waterline Renewal Technologies is recognized as a leader in engineered product solutions for trenchless repair and rehabilitation in the wastewater and stormwater infrastructure sector. Their offerings cater to municipal, commercial, industrial, and residential applications, and include a range of specialized products and services under various respected brands.
As the industry evolves, the acquisition of Waterline by Azuria Water Solutions indicates a strong commitment to enhancing wastewater management technologies and solutions. This strategic move not only magnifies Waterline's capability to innovate but also solidifies its market presence within a rapidly changing industry landscape. With the support from Azuria, Waterline is poised to expand its reach and continue delivering value to its customers in the years to come.
Waterline Renewal Technologies, headquartered in Ottawa, Illinois, specializes in providing engineered products designed for trenchless rehabilitation of wastewater infrastructure. The company serves a broad range of clients, including municipal, commercial, industrial, and residential customers, offering innovative solutions that facilitate the repair of sewer systems without the need for extensive excavation or property damage. Among its diverse portfolio are patented technologies delivered through renowned brands such as Perma-Liner, APM, LMK Technologies, and LightRay.
According to Dave Williams, CEO of Waterline, the partnership with Behrman Capital has been instrumental in scaling their operations and enhancing their service offerings. "We want to express our gratitude to the team at Behrman Capital for their support and guidance. This collaboration has helped us establish ourselves as the leading provider of trenchless product systems in the nation. We are eager to embrace the new opportunities within Azuria’s family of brands as we move forward," he stated.
Grant Behrman, Managing Partner at Behrman Capital, commented on the transaction, expressing pride in their support of Waterline’s growth journey. He highlighted that the firm played a crucial role in two strategic acquisitions aimed at strengthening Waterline's capabilities in meeting the evolving demands of the wastewater sector. He added, "Waterline is now well-positioned to continue its growth trajectory under Azuria’s ownership, and we wish Dave and his team all the best with their new partners."
Advisors involved in the transaction included Lincoln International LLC, which acted as the financial advisor for Waterline, while Goodwin Procter LLP provided legal counsel. For Azuria Water Solutions, legal advice was offered by Ropes & Gray LLP.
About Behrman Capital
Founded in 1991, Behrman Capital is a private equity firm based in New York City. With a focus on management buyouts, leveraged buildups, and recapitalizations of established growth businesses, Behrman has raised approximately $4.3 billion over its operational lifetime. Their investments primarily target sectors such as Defense and Aerospace, Healthcare, and Specialty Industrials. The firm is currently deploying capital from its seventh primary fund.
About Waterline Renewal Technologies
Waterline Renewal Technologies is recognized as a leader in engineered product solutions for trenchless repair and rehabilitation in the wastewater and stormwater infrastructure sector. Their offerings cater to municipal, commercial, industrial, and residential applications, and include a range of specialized products and services under various respected brands.
As the industry evolves, the acquisition of Waterline by Azuria Water Solutions indicates a strong commitment to enhancing wastewater management technologies and solutions. This strategic move not only magnifies Waterline's capability to innovate but also solidifies its market presence within a rapidly changing industry landscape. With the support from Azuria, Waterline is poised to expand its reach and continue delivering value to its customers in the years to come.
Topics Business Technology）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.