Turnspire Capital Partners’s portfolio company USG Water Solutions has completed a successful recapitalisation, with the proceeds being used to repay USG’s prior debt, support investment in the company’s diversified service offerings, and fund a cash distribution to shareholders.
Wells Fargo served as Administrative Agent of USG’s new credit facilities and solely provided the Company’s new revolving credit facility. Overland Advantage acted as sole Lead Arranger.
USG remains conservatively capitalised with Turnspire’s continued support to pursue further strategic growth initiatives.
Since acquiring USG from Veolia North America in 2023, Turnspire and management have transformed the Company into a thriving, independent best-in-class provider of water asset management solutions for small and medium public water utilities throughout the United States.
USG has grown tanks under management, won new business across its steel tanks, concrete, and advanced metering infrastructure (AMI) lines of business, and generated strong cash flow, all while maintaining a world-class safety record, quality and customer service.
Piper Sandler acted as financial advisor and Chapman and Cutler acted as legal counsel to Turnspire with respect to the recapitalisation.
