Mueller Water Products has completed the sale of United States Pipe and Foundry Company and Fast Fabrications (together US Pipe) to USP Holdings, an affiliate of Wynnchurch Capital.
USP Holdings has acquired 100% of the equity interests in US Pipe for $89.8m in cash, under the terms of the agreement.
It also paid $4.2m for estimated net working capital and estimated net indebtedness adjustments subject to post-closing adjustments.
Wynnchurch also agreed to reimburse Mueller Water Products for certain liabilities, currently estimated at $10.2m.
Mueller Water Products expects to use the proceeds from the divestiture to pay down debt and for general corporate purposes.
US-based Mueller Water Products is a manufacturer and marketer of products and services used in the transmission, distribution and measurement of safe, clean drinking water and in water treatment facilities.