Baird Capital exits Cleanwater1 in sale to Veralto
Baird Capital has sold Milpitas, California-based Cleanwater1, a provider of water and wastewater quality management solutions, chemical feed systems and gas-phase filtration technologies to municipal utility and industrial markets, to Veralto in a deal the firm says represents its largest dollar distribution from a portfolio company exit to date.
The company uses brands including Polyblend, Dynablend, Veloblend, PAX Mixers, Monoclor and I-Box Odor Control Systems across its product lines.
During Baird Capital’s roughly four-year hold, Cleanwater1 completed four add-on acquisitions — Velocity Dynamics, Integrity Municipal Systems, Industrial Control Systems Online and PureAir Filtration — while expanding beyond its municipal roots to serve industrial and commercial water and wastewater markets. Revenue nearly tripled over the period and EBITDA grew more than 4.5 times, according to the announcement.
“We are proud to have partnered with the Cleanwater1 team as they transformed the business into a scaled platform,” said Rob Ospalik, partner with Baird Capital, adding that the firm looks forward to watching the company’s continued growth under Veralto’s ownership.
Baird Capital is the direct private investment arm of Robert W. Baird & Co, focused on B2B technology and services companies across North America and the UK.
In early May, PE Hub senior reporter Michael Schoeck reported that Baird was in the early stages of launching a sales process for Cleanwater1.
Editor’s note: This news brief was produced with the assistance of artificial intelligence.
