February 10, 2025 – Blue River Financial Group has advised AquaPhoenix Scientific, custom manufacturer and portfolio company of Incline Equity Partners, on the recent acquisition of Water America LLC. The strategic move strengthens the company’s ability to serve its customers better by delivering stronger water management solutions to support business growth.
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.
Water America LLC specializes in chemical injection equipment for water treatment, water conditioning, industrial applications and waste treatment. Products offerings include: Pulsafeeder Pumps & Controls, Peabody Tanks, Lutz Drum Pumps & Meters, Harmsco Filtration, Carlon Water Meters, Chemtrol Valves & Fittings.
Christopher Caron, Managing Director & Industrials Segment Leader at Blue River, stated, “We’re proud to have supported the acquisitions of Water America and LMK Chemical 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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