Caisse, IQ help fund $22 million cleantech acquisition

Québec City-based H20 Innovation is acquiring Utility Partners LLC, a Gulfport, Mississippi-based specialist in the operation and maintenance of water and wastewater treatment plants. To help the company make the purchase, the Caisse de dépôt et placement du Québec and Investissement Québec are stepping in to invest a combined $8.15 million.

H2O Innovation provides water treatment solutions using membrane filtration technology. It has previously received financing from Fondaction CSN.

The story was first reported by PE Hub’s Kirk Falconer.

The total deal to buy Utility Partners was worth about $22.5 million (US$17 million). H2O raised about $23 million through a private placement deal, which included the Caisse and Investissement Quebec.

“As the leading institutional investor, we helped H2O Innovation set up the credit arrangement which facilitated the acquisition of Utility Partners,” said Côté, CEO of Investissement Quebec. “The company is in a position where it can expand its presence in the American market while maintaining its head office in Québec City, thus contributing to the region’s economic development.”

Some members of H20 also contributed cash to the deal. Both directors of the company, Élaine C. Phénix and Pierre Côté contributed $15,000 and $50,000, respectively.

Through the years, wrote H20, “we have developed a strong knowledge of membrane filtration and a solid understanding of the water industry.” The company says it’s known for its state of the art water & wastewater treatment systems.


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