WFCF Provides Financing for USP’s U.S. Pipe Acquisition
Wynnchurch Capital and the Comvest Group, middle-market private equity firms, announced that their newly formed portfolio company, USP Holdings Inc., has acquired substantially all of the assets of United States Pipe and Foundry Company, LLC and Fast Fabricators, LLC (together U.S. Pipe).
Wells Fargo Capital Finance, LLC as administrative agent, lead arranger and sole bookrunner, and Regions Business Capital (RBC), a division of Regions Bank, provided senior debt financing for the transaction.
Based in Birmingham, Alabama, U.S. Pipe is a manufacturer of a broad line of ductile iron pipe products, fittings and joint restraints used in drinking water and wastewater systems. Prior to the acquisition, U.S. Pipe was a subsidiary of Mueller Water Products, Inc.
Paul Ciolino, CEO of U.S. Pipe, said “We look forward to working with Wynnchurch and Comvest and to providing our customers with market leading products and service. With Wynnchurch and Comvest’s support, we will continue to build on U.S. Pipe’s position as the leading supplier of ductile iron pipe and fabricated products to the waterworks industry.”
Terry Theodore, a partner with Wynnchurch, said, “U.S. Pipe is a market leader in its industry and has a well-deserved reputation for quality, service and innovation. We look forward to partnering with Paul Ciolino and the U.S. Pipe management team in continuing this strong tradition.” Chris O’Brien, a managing director with Wynnchurch, added, “U.S. Pipe is a critical supplier to the water infrastructure market which is in great need of investment and repair. We look forward to supporting Paul and his team as they continue to provide world-class service to key distributors, builders and municipalities in this important market.”
John Caple, a managing director with Comvest, said, “We are excited about the opportunities for U.S. Pipe, and we believe that Paul and his team are well positioned to continue the company’s tradition of excellent service.”
Morgan Joseph TriArtisan served as financial advisor to Wynnchurch Capital. In addition, Foley & Lardner acted as legal counsel to Wynnchurch and Akerman Senterfitt LLP acted as legal counsel to Comvest.
Wynnchurch Capital, Ltd. is a middle-market private equity investment firm.
The Comvest Group is a private investment firm focused on providing equity and debt capital to lower-middle market companies.