NEW YORK, July 8, 2024 /PRNewswire/ -- J.F. Lehman &
Company ("JFLCO"), a leading middle-market private equity firm
focused exclusively on the aerospace, defense, maritime, government
and environmental sectors, is pleased to announce the successful
closing of a single-asset continuation vehicle for PURIS ("PURIS"
or the "Company"), a leading water infrastructure solutions
provider. Apollo's Sponsor & Secondary Solutions platform
("Apollo S3") acted as lead investor. Other investors, including
funds managed by Hamilton Lane, Eldridge Industries, HSBC Asset
Management and Golding Capital Partners provided material
transaction support.
The transaction will allow JFLCO to maintain its ownership of
PURIS in partnership with management. Strong support from the
general partnership, PURIS management, JFLCO's most recent fund and
a leading syndicate of longstanding and new institutional partners
will provide the resources needed to support the Company's next
phase of growth.
JFLCO acquired Inland Pipe Rehabilitation, PURIS' predecessor,
in 2018, followed by acquisitions of Murphy Pipeline Contractors in
2020 and Inliner Solutions in 2022. The combined companies
were subsequently rebranded in 2023 under the leadership of CEO
Mick Fegan, establishing a water
infrastructure platform with market leading pipeline rehabilitation
solutions across sanitary, storm and potable water markets.
Leveraging decades of experience, PURIS delivers its proven
solutions using an unrivaled portfolio of infrastructure renewal
services including thermal and ultraviolet cured in-place pipe
(CIPP), pipe bursting, geopolymer lining systems and
CompressionFit® HDPE lining. Clients also benefit from PURIS's
in-house inspection and liner manufacturing capabilities, ensuring
quality service and efficiency. This comprehensive suite of
technologies enables PURIS to offer clients the optimal
rehabilitation solution for each unique application.
"We are thrilled to continue our partnership with JFLCO," said
PURIS CEO Mick Fegan. "JFLCO has
been a supportive partner in enabling our mission of delivering
reliable, innovative infrastructure solutions to our
customers. We have significantly expanded our suite of
services to our customer base over the past several years, and I
look forward to continued execution of our strategic plan alongside
the JFLCO team."
"We're excited to reaffirm our support of PURIS and its
management team," said Glenn Shor,
Chairman of PURIS and Partner at JFLCO. "This transaction will
provide the company with resources to continue to expand its
offering of market leading solutions while revitalizing critical
infrastructure throughout North
America."
Dave Thomas, a member of PURIS'
Board of Directors and Managing Director at JFLCO, added, "We are
grateful for the support received from both new and existing
investors during this process. We look forward to building upon our
strong foundation as PURIS writes its next chapter."
"We are pleased to bring this transaction successfully to a
close, and strengthen our partnership with JFLCO," said
Veena Isaac, Partner and Co-Head of
Apollo S3. "The transaction underscores investors' conviction in
the quality of the PURIS platform and strong secular tailwinds
within water infrastructure markets."
Jefferies LLC acted as exclusive financial advisor and Debevoise
& Plimpton along with A&O Shearman served as legal counsel
for the transaction. Proskauer Rose LLP served as legal
advisor to Apollo S3. General Atlantic Credit served as lead
arranger for the credit facility with PSP Investments Credit
USA LLC as the lead investor. A
fairness opinion was provided by Houlihan
Lokey.
About J.F. Lehman & Company, Inc.
Founded in 1992, J.F. Lehman & Company focuses exclusively
on investing in the aerospace, defense, maritime, government and
environmental industries. The firm has offices in New York and Washington, D.C.
http://www.jflpartners.com
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