Levine Leichtman Capital Partners Acquires USA Water

Levine Leichtman Capital Partners and Management Acquire USA Industries from Sky Island Capital

December 16, 2025

Manufacturing

Levine Leichtman Capital Partners (LLCP) has partnered with USA Industries’ management team to acquire USA Industries, LLC from Sky Island Capital. USA Industries, a South Houston-based manufacturer of piping isolation, tube plugs, orifice plates and heat-exchanger tools, will continue to be led by CEO Justin Watts as a platform investment for LLCP's Lower Middle Market Fund III; financial terms were not disclosed.

Warren Equity Forms USA Water and Acquires Si Environmental

October 7, 2020

Utilities

Warren Equity Partners formed USA Water Holdings and, together with the platform, acquired Si Environmental (SIE) as the inaugural add-on to a buy-and-build water and wastewater platform. USA Water, based in Houston, will pursue consolidation of small and mid-sized water/wastewater utilities and O&M service providers while SIE will continue to operate as a subsidiary under its existing management.

Water Engineering (Nolan Capital Portfolio) Acquires American Water Treatment, Inc.

July 13, 2022

Environmental Services

Water Engineering, a portfolio company of Nolan Capital, has acquired American Water Treatment, a family-owned water treatment services provider headquartered in St. Louis, Missouri. The acquisition adds American Water’s ~900-customer, multi-state footprint to the WEI platform as an add-on to expand geographic coverage and service capabilities while retaining the existing team and legacy brand.

Edgewater Capital Partners Acquires AmeriWater

July 19, 2022

Industrial Services

Edgewater Capital Partners, a Cleveland-based private equity firm, acquired AmeriWater, a Dayton, Ohio company that designs, manufactures, installs, and services high-purity water purification systems for healthcare (including dialysis) and industrial customers. Edgewater said it will support AmeriWater’s growth through product development, technological investment, and end-market expansion.

Levine Leichtman Capital Partners Acquires NSL Analytical Services

June 28, 2024

Industrial Services

Levine Leichtman Capital Partners (LLCP) has acquired NSL Analytical Services from May River Capital. NSL, a Cleveland-based materials testing and analytical laboratory serving aerospace, advanced materials and electronics markets, will partner with LLCP and management to expand testing capabilities and geographic footprint; financial terms were not disclosed.

Union Park Capital Acquires Majority Stake in LRE Water

April 25, 2023

Environmental Services

Boston-based private equity firm Union Park Capital has made a majority investment in Leonard Rice Consulting Water Engineers, Inc. (d/b/a LRE Water), a Denver-based water resources and environmental consulting firm. LRE Water will serve as the pillar of water expertise within Union Park's Spheros Environmental Group, with management remaining in place as the firm pursues geographic and service expansion.