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Capstone Headwaters Industrial Technology Update Digital WATER TECHNOLOGY & SOLUTIONS: DIGITAL WATER THRIVES IN COVID-19 INDUSTRIAL TECHNOLOGY UPDATE | NOVEMBER 2020 INDUSTRIAL TECHNOLOGY UPDATE DIGITAL WATER TABLE OF CONTENTS KEY HIGHLIGHTS Key Highlights Capstone Headwaters’ Industrial Technology Group (ITG) is pleased to launch its Firm Transactions in Focus periodic sector update report. Emerging Company Perspectives 1. In this report, we share observations from our advisory experience with Performance of Smart Water highly specialized smart water companies such as RedZone and discuss how smart water technologies and digital solutions are proliferating across various Sector Trends: Water Solutions applications. Key Macro Indicators 2. Themes that run common among these emerging companies are that while ITG Public Markets Overview their solutions are innovative, provide a high return on investment (ROIs) to Notable Smart Water Transactions customers, and have benefitted from accelerated traction as operators ITG Track Record contend with logistical challenges imposed by COVID-19, these providers face major hurdles in overcoming procurement processes and establishing channels to market against legacy solutions (see pages three and four). 3. On a macro level, key industrial benchmarks such as the U.S. Purchasing Managers’ Index, durable goods orders, and capacity utilization are recovering after the dramatic impact of COVID-19 and the resulting severe economic contraction (see page seven). 4. Macroweaknessisalsobeginningtoimpactindustrialtechnologycompanies with slower forward revenue growth rates (see page eight). 5. Merger and acquisition (M&A) activity in the Digital Water sector has been quite compelling as large strategics look to quickly expand their technology portfolios or establish a market foothold while circumventing the elongated process of technical development and market acceptance. At the same time financial investors have looked to capitalize on the long-term sectoral trends. Samrat Karnik Peter Nam Co-Head of ITG Co-Head of ITG Managing Director Managing Director 332-204-1294 949-734-7887 [email protected] [email protected] 2 Industrial Technology Update: Digital Water | November 2020 FIRM TRANSACTIONS IN FOCUS Capstone Advises Newterra on Sale to Frontenac (November 2020) – Company Description: Newterra is a leader in designing, engineering, manufacturing, and servicing modular treatment solutions for water, wastewater, and groundwater. Newterra provides technologies for decentralized water treatment applications that a portfolio company of include membrane filtration, modular membrane bioreactors and potable water systems, stormwater treatment, chemical treatment systems, and a host of remediation technologies. and Buyer Description: Frontenac is a Chicago-based private equity firm that focuses on investing in lower middle market buyout transactions in the Consumer, Industrial, and has been acquired by Services industries. The firm had a long running interest in the Water sector through its CEO 1st strategy. Key Deal & Industry Dynamics: Newterra was a highly-coveted asset as one of the largest, multi-faceted water treatment platforms, with an emphasis on decentralized water treatment As a result, the Company saw interest from strategics, impact investors, value-added infrastructure players, and regular-way sponsors Frontenac had maintained a long-running interest in the Water sector and evaluated the opportunity in conjunction with support from an industry executive The transaction was completed despite disruption from COVID-19, which hampered ability to perform on-site due diligence, full management meetings, etc. Capstone Advises Vessco on Placement of Financing for Add-On Acquisition (September 2019) – Company Description: Vessco serves as a manufacturer’s sales representative (i.e., value- added distributor) within exclusive territories for approximately 150 water and wastewater treatment equipment original equipment manufacturers (OEMs). Vessco sells a variety of water and wastewater treatment products and related services including pretreatment equipment, pumps, tanks, mixers, chemical feed equipment, valves, sludge treatment has secured debt and equity equipment, and biogas treatment equipment. financing from Investor Description: WhiteHorse provides debt financing to middle market companies in the U.S. and Europe. WhiteHorse has a broad investment mandate that includes providing senior, subordinated, and unitranche debt for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations. Key Deal & Industry Dynamics: Vessco received significant interest from prospective lenders as they were generally attracted to the stable demand and recession-resistant nature of the industry despite the capex spend dependency of the business with limited recurring revenue Lenders were also interested due to the potential opportunity to deploy additional capital in support of subsequent tuck-under acquisitions as part of the platform WhiteHorse Capital found the Company’s market position within its exclusive territories and its large installed base of municipal customers favorable The financing provides the Company with an experienced capital partner that is able to support the continuation of O2’s (Vessco’s parent company) acquisition-focused growth strategy and refinance existing debt 3 Industrial Technology Update: Digital Water | November 2020 EMERGING COMPANY PERSPECTIVES – DIGITAL WATER We informally surveyed three companies in the Digital Water space to give context to current developments in this segment of the Water Technology market. These companies address different use cases in digital water applications – from digital solutions to combined sewer overflow, real-time water quality monitoring, and field asset intelligence for distributed water infrastructure assets. The questionnaire centered around three key themes: (i) what is driving their growth, (ii) what do they see as impediments to accelerated adoption, (iii) how COVID-19 has impacted their business. On the latter point, these companies see COVID-19 as a net positive in the long-term for adoption of digital solutions. Company O Company R Company A Description: The company is a leading Description: The company’s solutions Description: The company is a market pureplay provider of automated help advance the management of leading innovator of fully stormwater management systems to water and wastewater by empowering commercialized, integrated suite of help utilities, municipalities and private industrial and municipal users with the proprietary software and hardware developers meet their combined sewer critical water quality data on a real- technologies designed to provide overflow (CSO) obligations through a time basis to make informed active actionable, data-based intelligence for fully automated solution incorporating decisions for optimal process what today is a “dark” utility predictive analytics that makes existing management and compliance. infrastructure of disparate, infrastructure dynamic vs. having to incompatible critical systems. make additional investment in pipes, tanks and ponds (i.e., the physical infrastructure). Question 1: What needs do you see as driving adoption of your solutions? A common theme is operational optimization, meaningful reduction in CAPEX spend, more cost effective & easier to deploy solutions to meet regulatory mandates and regulatory compliance. “For public sector, our solutions have “Adoption is being driven by the desire “A unique mix of regulatory-driven proven to provide: (i) up to 60% for improved process control, actions and operational optimization increase in storage capacity, (ii) 90% compliance, risk mitigation, rapid event [needs sought to be addressed] plus reduction in capex vs. new assets, detection, and operational through digital solutions.” and (iii) 3x to 4x increase in capturing optimization…. Waiting for lab results wet weather flow, while providing to find out days later that you had an flood mitigation. For private event and are out of compliance [or customers, our solutions reduce the not operating at designed spec]… is a amount of land required for a thing of the past…” stormwater management asset, such as a pond, a tank or a cistern.” Question 2: What level of growth are you experiencing? As expected, the companies are experiencing 20% to 50% growth in revenue year-over-year YOY despite COVID-19 and expect that pace to accelerate post full recovery. “We are projecting 30% growth YOY “We can see that the growth is “We do see increased interest level and [after changing] the business model generating traction beyond the early acceptance across the board — both from a [consultative solution] to a adoption technology cycle and into the from big and advanced utilities to product company.” early [mass commercialization] as small and less advanced ones. This more of our clients are seeing the interest is driving [50%+] growth in our results, supporting more real-time business [YOY]…” monitoring.” 4 Industrial Technology Update: Digital Water | November 2020 EMERGING COMPANY PERSPECTIVES – DIGITAL WATER (CONTINUED) Company O Company R Company A Question 3: What do you see as the biggest barriers to greater market adoption? The responses here seem to have one consistent theme – current procurement policies/systems of private and public utilities alike. These policies are viewed as arcane as they are generally developed around treatment solutions, that have a different risk profile,
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