Turnspire Capital Partners’ portfolio company USG Water Solutions completed a successful recapitalization. Wells Fargo served as administrative agent of USG’s new credit facilities and solely provided the company’s new revolving credit facility. Overland Advantage acted as sole lead arranger.
The proceeds are being used to repay USG’s prior debt, support investment in the company’s diversified service offerings and fund a cash distribution to shareholders. USG remains conservatively capitalized with Turnspire’s continued support to pursue further strategic growth initiatives.
“USG is an incredible business whose full value and potential were obscured under corporate ownership,” Ilya Koffman, managing partner of Turnspire, said. “We are thrilled that Turnspire and management have been able to unlock that potential. We thank our lending partners at Wells Fargo and Overland, and look forward to working with them to support USG. Most importantly, we thank CEO John Flaugher and all of USG’s management and employees for their dedication to the company’s success.”
“This successful refinancing is a testament to our team’s commercial, operational and financial accomplishments,” John Flaugher, CEO of USG Water Solutions, said. “We are very proud of our incredible transformation under Turnspire’s ownership – validated by the market’s reception to this recapitalization – and look forward to USG’s continued growth.”
Piper Sandler & Co. acted as financial advisor and Chapman and Cutler acted as legal counsel to Turnspire with respect to the recapitalization.
