World Water Works Partners with Backcast and CHIEF to Propel Growth
Deal News | Dec 04, 2024 | Backcast Partners LLC
Backcast Partners LLC, a provider of debt and equity capital for middle-market companies, has announced a strategic investment in World Water Works (WWW). This support is also bolstered by Chartwell Investments Entrepreneur & Founder Capital (CHIEF Capital), known for their successful transactions as an independent sponsor. WWW, headquartered in Oklahoma City, was founded in 1998 and is pivotal to many global industrial and municipal clients, offering advanced water and wastewater treatment solutions. The company's guiding design philosophy underscores performance, adaptability, and longevity for the highest water quality at minimal costs. CEO Prashant Mitta expressed enthusiasm about partnering with CHIEF Capital and Backcast, aiming to establish WWW as a market-leading water solution provider. Michael Shein from Chartwell and Mark Gudis from Backcast highlighted their long-standing relationship, underlining the importance of strategic capital structures and innovation, particularly in growth and build strategies. Greenberg Traurig LLP represented Backcast in this transaction.
Sectors
- Private Equity
- Water and Wastewater Management
- Environmental Services
Geography
- United States – World Water Works is headquartered in Oklahoma City, and Backcast Partners operates from New York City and Millburn, NJ.
Industry
- Private Equity – Backcast Partners is involved in providing private equity investment to support the growth of World Water Works.
- Water and Wastewater Management – World Water Works is a company focused on water and wastewater treatment solutions for various clients worldwide.
- Environmental Services – The investment supports innovation in environmentally focused services like wastewater treatment and infrastructure improvements.
Financials
- Approximately $1.3 billion – Total assets under management by Backcast Partners.
- $20 million to $150 million per transaction – Investment range targeted by Backcast Partners' capital mandate.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| World Water Works (WWW) | Target Company | Company | A company focused on advanced water and wastewater treatment solutions, serving industrial and municipal clients globally. |
| Backcast Partners LLC | Investor | Company | A provider of debt and equity capital for middle-market companies, supporting the growth of WWW. |
| Chartwell Investments Entrepreneur & Founder Capital (CHIEF Capital) | Independent Sponsor | Company | An established sponsor with historical success in supporting growth transactions, partnering with Backcast in this investment. |
| Greenberg Traurig LLP | Legal Advisor | Company | Provided legal representation for Backcast Partners in the investment transaction. |
| Prashant Mitta | CEO of World Water Works | Person | CEO of the target company, World Water Works. |
| Michael Shein | Managing Partner at Chartwell | Person | Managing Partner at Chartwell, highlighting the strategic collaboration with Backcast. |
| Mark Gudis | Managing Partner at Backcast | Person | Managing Partner at Backcast, providing confidence in the investment and collaboration. |