SAN FRANCISCO — Gryphon Investors, a San Francisco-based middle-market private equity firm, announced Monday that it has acquired Vessco Holdings, in partnership with Vessco's management team, from O2 Investment Partners. Terms of the transaction were not disclosed.
Vessco Holdings' management team, led by CEO Brian DeWolf, will continue to manage the business, and senior management will remain significant owners of the Company. Longtime industry executive Jim McGivern will become Executive Chairman of the Company. A seasoned executive with over 30 years of experience in the water, wastewater and utility sectors, Mr. McGivern was previously the COO of American Water, CEO of Elster Group and CEO of Sigma Corporation.
"Vessco operates at the nexus of Gryphon's experience with infrastructure and utility products and value-added distribution businesses. We are very pleased to partner with Brian, a highly talented and visionary leader, and the other members of the management team. Vessco is poised for rapid growth as it capitalizes on its track record, reputation and know-how to serve its customers," said Leigh Abramson, Partner and Head of the Industrial Growth Group at Gryphon.
Vessco is one of the largest equipment distributors and systems integrators of water and wastewater treatment technology in the United States. Vessco offers its customers an exceptional breadth of products and services with its line card of valued vendors. Vessco provides its products and services in over 18 states throughout the central US, Midwest, Northeast and Mid-Atlantic regions.
"We are delighted to be working with Gryphon through the next stage of our growth," DeWolf said. "Not only is Gryphon the right cultural fit, but the firm has a history of showing strong support for managers by providing operational and financial resources for both organic growth and acquisitions. We have been impressed with Gryphon's solid knowledge of our industry and their insightful assessment of how to create efficient, sustainable and competitive water treatment systems."
Wes Lucas, the Operating Partner to Gryphon's Industrial Growth Group, added, "Water and wastewater treatment is a critical part of modern human life, and the industry will continue to experience attractive growth tailwinds from population growth, increasing regulation and the need to replace aging infrastructure. We look forward to supporting Vessco management during its next phase of growth by leveraging Gryphon's in-house Operations Resources Group and Human Capital Group to facilitate further investment in the business and its employees."
Felix Park, Principal at Gryphon, added, "Vessco has built a culture that combines entrepreneurial spirit and local market expertise with a commitment towards OEM suppliers and customers. Given its leading position within a large and growing addressable market, the company is well-situated for long-term expansion into additional products and services as well as new geographies. In addition to organic growth, we will be focused on acquisitions as an important component of the go-forward growth strategy."
