The Firmament Group, a provider of tailored debt and equity capital solutions to small- and medium-sized enterprises (SMEs), has made an undisclosed investment in US-based Wastewater Specialties (WWS).
WWS is a regional provider of industrial cleaning services along the Gulf Coast of Louisiana and Texas. WWS services diverse end-markets including refining, chemical, oil and gas midstream distribution, and power and utilities.
As a provider of bespoke capital solutions, Firmament will invest in WWS through a combination of debt and equity capital. Firmament partnered with Norristown Capital Partners (“Norristown”), an Arkansas family office, to consummate the transaction.
Concurrent with the transaction, Firmament and Norristown named Todd Sims CEO of the Company.
Sims said: “The WWS team is thrilled to write its next chapter with the Firmament and Norristown teams. We think the opportunities in front of this company are endless.”
Firmament principal Ted Wong said: “We are excited to make an investment in a company with a reputation for being a reliable partner offering best-in-class service. We feel strongly that WWS is poised for significant growth given the tailwinds propelling investments in chemical refining and midstream distribution infrastructure along the Gulf Coast.
“We believe the Company is an extremely attractive investment, as it operates in a niche industrial services space that is resilient amidst an otherwise volatile energy market.”
Business First Bank provided a revolving line of credit to support the Company’s business activities moving forward.
Source: Company Press Release.