May 12, 2025 – Blue River Financial Group has advised AquaPhoenix Scientific, custom manufacturer and portfolio company of Incline Equity Partners, on the recent acquisition of LMK Chemical. This partnership combines two trusted leaders in the industry. LMK Chemical remains committed to providing the same great service while introducing new opportunities to help businesses thrive.
AquaPhoenix Scientific, located in Hanover, PA, is a leading value-added distributor and manufacturer of water treatment testing products to the industrial and education markets. The Company distributes water testing kits, calibration reagents, and feed and control equipment for companies servicing industrial boilers and cooling towers. Additionally, AquaPhoenix sells data management software that allows customers to create a centralized location for data entry, data storage and analysis, enhancing water treatment customers’ ability to service end users.
LMK Chemical was formed in 1972 serving some of the largest industrial corporations in Louisiana. Today, it is a national and global supplier to industrial customers around the world. The company manufactures standard and custom solutions and also carries an extensive line of fine chemicals as well as laboratory supplies and equipment.
Christopher Caron, Managing Director & Industrials Segment Leader at Blue River, stated, “We’re proud to have supported the acquisitions of LMK Chemical and Water America by AquaPhoenix. Together, these transactions underscore AquaPhoenix’s commitment to expanding its technical expertise, geographic reach, and customer service capabilities. By combining LMK’s specialty chemical know-how and Water America’s presence and solutions with the strength of the AquaPhoenix platform, we believe the broader business will deliver even greater value. At Blue River, facilitating deals like this—where strategy, capability, and vision align—is what drives us forward.”
Incline Equity Partners is a leading private equity firm dedicated to investing across the middle market in services, value-added distribution and specialized light manufacturing companies. Incline is generally seeking growing companies with enterprise values of $25 – $750 million. Incline’s typical investment types are ownership transitions for privately held businesses, buyouts and corporate divestitures within the U.S. and Canada.
About Blue River
Blue River Financial Group is a middle market merger and acquisition advisory firm. We assist corporations, private equity groups and individuals in the sale and acquisition of businesses and have completed assignments in multiple business segments. With over 20 years of experience spanning across 50 global industries, Blue River provides a suite of services to middle market clients including corporate development, private equity support, valuations, and transaction consulting, placing a premium on relationship-centered transaction counsel and client focus.
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