Funds managed by Crestview Partners invested in Upwell Water, a San Francisco-based, water-focused specialty finance company.
Upwell Water acquires and finances water assets to facilitate the deployment of water solutions that enable a sustainable water future, one of the core focus areas of the United Nations’ sustainable development goals.
Crestview’s investment in Upwell Water, alongside a previous commitment from the 2040 Fund and Upwell, provides Upwell Water with the equity capital to create a $1 billion specialty finance company. The company’s capital market solutions are intended to provide liquidity and investment to water-related assets, such as treatment plants, water rights, equipment, utilities and pipelines. Examples include water-as-a-service financing, equipment leases/financing and sale leasebacks, and project and development finance, which are pervasive in other industries but needed to improve small- and medium-sized water infrastructure assets.
“Upwell Water’s strategy is to create a transformational impact in water resource management by providing a full slate of capital markets solutions to stakeholders. Our team works with water solutions providers and end clients to enable efficient and rapid investment in water assets,” Tamin Pechet, founder and CEO of Upwell Water, said. “We are excited to partner with the teams at Crestview and the 2040 Fund to grow Upwell Water into the largest water-focused specialty finance company in the world.”
“Upwell Water presents a compelling opportunity to create the world’s highest impact and highest value water finance platform,” Adam Klein, partner at Crestview, said. “The team at Upwell Water has a unique mix of capital markets and water industry operational leadership and expertise. We are thrilled to have the opportunity to partner with Tamin Pechet, a well-known executive in the water industry, and the Upwell Water team to help accelerate the company’s growth.”
“There has long been a disconnect between the need to continue to invest in water solutions and the availability of capital to finance small- and medium-sized projects efficiently,” Alex Rose, partner at Crestview, said. “Building market leaders in niche markets that are yet to see the emergence of a global leader is a core tenant of Crestview’s investment philosophy and we look forward to working with the team at Upwell Water to position the company for long-term success.”
Founded in 2004, Crestview is a private equity firm focused on the middle market.
