[Context: On June 13, New York-based The Firmament Group and Arkansas-based Norristown Capital announced an investment in Wastewater Specialties. Further details, advisors and related links are below.]
The Firmament Group Invests In Wastewater Specialties, LLC
NEW YORK, June 13, 2018 /PRNewswire/ — The Firmament Group (“Firmament”), a leading provider of tailored debt and equity capital solutions to small- and medium-sized enterprises (SMEs), announced today an investment in Wastewater Specialties, LLC (“WWS” or the “Company”). WWS is a regional provider of industrial cleaning services along the Gulf Coast of Louisiana and Texas. WWS services diverse end-markets including refining, chemical, oil and gas midstream distribution, and power and utilities.
As a provider of bespoke capital solutions, Firmament will invest in WWS through a combination of debt and equity capital. Firmament partnered with Norristown Capital Partners (“Norristown”), an Arkansas family office, to consummate the transaction.
Concurrent with the transaction, Firmament and Norristown named Todd Sims CEO of the Company. Sims noted, “The WWS team is thrilled to write its next chapter with the Firmament and Norristown teams. We think the opportunities in front of this company are endless.”
Ted Wong, Principal at Firmament, added, “We are excited to make an investment in a company with a reputation for being a reliable partner offering best-in-class service. We feel strongly that WWS is poised for significant growth given the tailwinds propelling investments in chemical refining and midstream distribution infrastructure along the Gulf Coast. We believe the Company is an extremely attractive investment, as it operates in a niche industrial services space that is resilient amidst an otherwise volatile energy market.”
Business First Bank provided a revolving line of credit to support the Company’s business activities moving forward.
About Wastewater Specialties
Wastewater Specialties is a leading industrial cleaning provider serving the Gulf Coast region of the United States. WWS’s services include industrial vacuuming, hydro-blasting, tank cleaning, chemical cleaning, and wastewater remediation, among other subspecialties. WWS was founded in 2007 by industry veterans Brett Feldes, Paige Clayton, and Stoney Courville.
About The Firmament Group
Established in 2012, The Firmament Group (www.thefirmamentgroup.com), formerly known as McLarty Capital Partners, provides tailored debt and equity capital solutions to small- and medium-sized enterprises (SMEs). Firmament is a value added partner to entrepreneurs, management teams and business owners and provides solutions by deploying versatile capital in a user-friendly way. Firmament seeks both senior and junior debt capital opportunities including unitranche, second lien and mezzanine debt, and also provides equity capital structured as either preferred or common equity. Firmament is focused on turning small business into big business.