LOS ANGELES — OriginClear Inc. has agreed to acquire Texas-based Progressive Water Treatment Inc., (PWT) according to a press release.
PWT will become a wholly owned subsidiary of OriginClear under the agreement, noted the release. PWT revenues are expected to exceed $6 million in 2015.
OriginClear management believes the deal will strengthen the company’s footprint in the water treatment industry, stated the release. It is the first transaction to help the company "acquire leading U.S. was treatment companies primarily focused on high-margin services."
"We are thrilled to join the OriginClear team. We believe OriginClear’s vision to build an extensive network of solution providers is going to help us grow dramatically," said Marc Stevens, PWT’s president, in the release. "Together we can better reach growing market demand for exceptional water treatment solutions and services."
OriginClear has identified nearly 100 companies that fit the high-margin, high-growth profile, reported the release.
"PWT’s founder, Marc Stevens, has built a strong company with impressive sales growth and a dedicated team of engineers and technicians. They have a strong customer base with many repeat clients relying on them for on-going support," said Riggs Eckelberry, OriginClear CEO, in the article. "We believe acquiring PWT will be a huge win for OriginClear and a key part of our strategy to build a network of water treatment companies in the U.S."
The acquisition will close pending the satisfaction of certain conditions, which is expected to happen by October, shared the release.
You can find the entire release here.
