The investment firm that formed waterworks distribution group United Flow Technologies four years ago has sold the business to another private equity firm, officials announced Monday.
H.I.G. Capital will retain a minority stake in UFT following the sale to Boston firm Berkshire Partners. UFT’s leadership will also remain “significant investors” in the company and continue to lead it, officials said. Additional terms were not disclosed.
H.I.G. formed UFT in 2021 to provide technical distribution and solutions to the municipal and industrial water and wastewater markets. The business today includes more than 20 companies, including MISCOwater, TESCO Controls and Southwest Valve and Equipment.
UFT CEO Matt Hart said in an announcement from Berkshire that the agreement would allow the business to access a broader range of resources, increase innovation, and invest in its people.
“Berkshire Partners shares our commitment to people, partnership and purpose,” Hart said. “This collaboration will allow us to serve our customers and manufacturer partners even better.”
"Since we established UFT, we have been proud to support management to build a national leader in the water and wastewater sector, and had an outstanding partnership with Matt and the broader UFT organization,” H.I.G. Managing Director Rahul Vinnakota said in a statement. “Their leadership, teamwork and passion for excellence have been key drivers of success, and we look forward to continuing our involvement as a supportive partner in the company's next phase."
