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Behrman Capital Acquires Waterline Renewal Technologies

New York, April 10, 2019 – Behrman Capital (“Behrman”), a private equity investment firm based in New York and San Francisco, today announced that it has acquired Waterline Renewal Technologies, Inc. (“Waterline” or “the Company”), a division of Triwater Holdings. Members of Waterline’s senior management team invested in the transaction alongside Behrman. Financial terms of the transaction were not disclosed.

Waterline is a leading provider of engineered products used in the trenchless rehabilitation of wastewater infrastructure for municipal, commercial, industrial, and residential applications. The Company’s patented line of products and technologies allows its customers to deliver long-lasting solutions that repair sewer systems and wastewater lines without the need for excavation or property damage, and prevent overflow created by excess inflow and infiltration of ground water into the wastewater system.

The Company is organized and markets itself principally across three industry-leading brands: LMK, a provider of trenchless cured-in-place pipe (CIPP) products and technologies for municipal contractors, Perma-Liner, a provider of trenchless, CIPP products and technologies for plumbers and drain cleaners, and AP/M Permaform, a provider of spray-on coatings for manholes, large diameter pipe rehabilitation solutions and anti-bacterial agents for corrosion prevention.

Grant G. Behrman, Managing Partner of Behrman Capital, said, “Waterline is a leader in the growing wastewater solutions market with innovative pipe rehabilitation solutions. Through Waterline’s best-in-class brands, multiple channels to market, and industry and technology know-how, the Company has consistently provided effective wastewater infrastructure solutions for its installer partners while delivering strong financial performance. We look forward to collaborating with the management team to capitalize on a range of attractive growth initiatives, including select acquisitions and the expansion of Waterline’s technology offerings.”

Waterline’s management team, headed by Matt Fishbune, President, will continue to lead the Company under Behrman’s ownership.

Mr. Fishbune added: “We are excited to begin this new chapter for Waterline by joining forces with Behrman Capital. This new partnership will enable our company to draw on Behrman’s deep experience in specialty manufacturing and distribution, as well as with government customers. We look forward to further expansion of our core technologies, enhancing our product offering, and scaling our business and geographical reach, which will create exciting new opportunities for our valued customers, suppliers, and our talented employees.”

About Behrman Capital

Based in New York City and San Francisco, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are focused in three industries: defense and aerospace, healthcare services, and specialty manufacturing and distribution. The firm has raised in excess of $3.0 billion since inception and is currently investing out of its sixth fundFor more information, please visit

About Waterline Renewal Technologies, Inc.

Headquartered in Rosemont, IL, Waterline Renewal Technologies, Inc. provides trenchless rehabilitation of degraded infrastructure through differentiated products, technologies and services to prevent inflow and infiltration of sewer systems and potable water pipelines.


Mark Semer or Daniel Hoadley
Kekst CNC
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