Quebec-based company says deal is a “significant step” in expanding its business beyond design and build work
QUEBEC CITY—H2O Innovation Inc. is establishing a place in the U.S. wastewater treatment maintenance market with a US$17 million acquisition.
The company has announced it will buy Utility Partners LLC, a company that operates and maintains water and wastewater treatment plants for small and mid-sized cities in six U.S. states. Employing approximately 450 people, the company operates mainly in New England, along the Gulf Coast and in California and Nevada.
H2O Innovation President and CEO, Frédéric Dugré, said the deal is a “significant step” in building up the company’s operation and maintenance business.
“We expect this alliance to open the door to a new market and create several cross-selling opportunities between our business lines,” Dugré said.
Expanding the company’s offering beyond design and build work, H2O Innovation said it expects the deal to create cost-savings and cross-selling opportunities.
The company plans to finance the buy with an approximately $20 million bought deal, and expects the acquisition to close by the end of the month.