Private Equity Firm Juniper Capital Management adds third deal to water infrastructure platform

(June 22, 2021)

DALLAS – Dallas-based private equity firm Juniper Capital Management (“Juniper”) recently closed an add-on acquisition, Inland Waters, Inc. (“Inland Waters”), to its Infrastructure Services Group (“ISG”) investment platform, which focuses on strategic acquisitions in the water and sewer infrastructure sector, with a concentration in the U.S. Northeast.

Juniper’s ISG platform was launched in February 2018 in partnership with ORIX Private Equity Solutions and LionsWing Capital Partners LLC (“LionsWing LLC”) and previously announced two deals in which it acquired Vermont-based Green Mountain Pipeline Services (“Green Mountain”) and Pennsylvania-based Mr. Rehab Sewer Systems (“Mr. Rehab”), both of which are engaged in the rehabilitation of municipal water and wastewater systems in the U.S. Northeast.

The new acquisition of Johnston, Rhode Island-based Inland Waters fits well with ISG’s geographic and industry focus. Inland Waters was founded in 1998 and has a track record of providing specialized pipeline services to clients such as municipalities, contractors, commercial entities, and a variety of educational & industrial facilities throughout New England. The company’s services include vacuum excavation, main line and lateral grouting, sewer pipe cleaning, digital inspections, cured-in-place pipe spot repair and reinstatement, lateral inspection, lateral reinstatement, hydro excavation and manhole rehabilitation.

“We are delighted to add Inland Waters to the family of companies we have assembled with this strategic acquisition,” said Lou Grabowsky, Juniper’s co-founding partner. “Inland Waters is well-positioned within the sector and geographic area of our ISG investment. We intend to bring growth capital to this well-respected and proven brand while employing our ‘buy and build’ approach to meaningfully support Inland Waters’ continued growth and success in a market that offers tremendous demand.”

The ISG investment platform is led by President and CEO Michael Sisk.

“The ISG team is pleased to continue building a mutually interdependent, strongly aligned group of companies to serve local communities with a consistent platform of vital pipeline services augmented by the latest technologies,” said Sisk. “Together with the previous acquisitions, we see significant opportunities to expand the combined offerings and talent pool of the ISG companies while sharing best practices and achieving operational efficiencies. The need for water and sewer rehab services in our country is significant, particularly in the Northeastern U.S. with its high concentration of aging infrastructure and densely populated areas. This combination makes this a great area for strategic investments in deeply experienced, highly skilled service providers.”

Similar to the previous acquisitions of Green Mountain and Mr. Rehab, Inland Waters will continue operating as a standalone business unit, with ISG providing strategic guidance, oversight and practical process and system support to foster both organic and acquisitive growth – while also respecting the legacy management’s existing client and vendor relationships and industry know-how.

Alarian Associates, Inc. represented and advised the seller, Inland Waters, Inc., in the transaction. Alarian is an M&A advisory firm specializing in industrial and environmental services, waste management, telecommunication, and the construction and energy infrastructure industries, and is led by President Pauli Overdorff.

The Inland transaction marks the sixth company acquired by Juniper since the private equity firm’s inception. As noted previously, Inland Waters becomes part of the ISG platform that today includes Green Mountain and Mr. Rehab. These acquisitions were preceded by the acquisition of Ballard Marine Construction, based in Washougal, Washington, and follow the acquisitions of Andes Coil Processing and MRI Steel Framing based in Gary, Indiana; Dallas, Texas; and Hinsdale, Illinois.