Behrman Capital Sells Portfolio Company Waterline Renewal Technologies to Azuria Water Solutions, a New Mountain Capital Company

NEW YORK, February 20, 2026 – Behrman Capital (“Behrman”), a private equity investment firm based in New York, today announced the sale of its portfolio company Waterline Renewal Technologies (“Waterline” or the “Company”) to Azuria Water Solutions (“Azuria”), a portfolio company of New Mountain Capital. Financial terms of the transaction were not disclosed.

Headquartered in Ottawa, IL, Waterline is a leading provider of engineered products for the trenchless rehabilitation of wastewater infrastructure. The Company equips municipal, commercial, industrial, and residential customers with innovative products and services that enable the long-lasting repair of sewer systems and wastewater lines without excavation or property damage. Waterline’s diverse portfolio includes a range of patented solutions delivered through its industry-leading brands, including Perma-Liner, APM, LMK Technologies, and LightRay.

Dave Williams, CEO of Waterline, said: “On behalf of everyone at Waterline, I’d like to thank the Behrman Capital team for their expertise and guidance throughout our partnership, as we’ve built our business into the nation’s leading trenchless product systems and solutions provider. We are looking forward to the opportunities ahead within the Azuria family of brands.”

Grant Behrman, Managing Partner of Behrman Capital, said: “We are proud to have contributed to Waterline’s growth and successes, including completing two strategic add-on acquisitions which have greatly enhanced the Company’s ability to meet the demands of the wastewater industry. Waterline is well positioned to continue its market leading trajectory, and we wish Dave and the team the best of luck with their new partners.”

For Waterline, Lincoln International LLC served as financial advisor and Goodwin Procter LLP served as legal advisor. For Azuria, Ropes & Gray LLP served as legal advisor.

About Behrman Capital

Based in New York City, 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, and Specialty Industrials. The firm has raised ~$4.3 billion since inception and is currently investing out of its seventh primary fund. For more information, please visit www.behrmancap.com.

About Waterline Renewal Technologies

Waterline Renewal Technologies and its portfolio of brands is a leading provider of engineered products used in trenchless repair and rehabilitation of wastewater/stormwater infrastructure for municipal, commercial/industrial and residential applications, and provides a diverse range of products and services through its brands APM, LMK Technologies, Perma-Liner Industries, and LightRay.

Contact
Ross Lovern / Nathaniel Shahan
Kekst CNC
ross.lovern@kekstcnc.com / nathaniel.shahan@kekstcnc.com