AEA Investors LP has secured regulatory approvals and closed on an agreement to acquire the municipal, industrial and services water and wastewater treatment operations and assets of Siemens Water Technologies LLC. The new company now will be Evoqua Water Technologies LLC.
AEA announced its purchase of Siemens Water Technologies from Siemens AG for EUR 640 million on Nov. 6, 2013.
With more than 45 years of investing experience, AEA has an established track record of achieving superior returns as a leading private equity partner to middle market companies. AEA focuses on control buyouts in four industry sectors: value-added industrial products; specialty chemicals; consumer products/retail and services.
Under AEA, Evoqua will continue to offer municipal and industrial water and wastewater treatment equipment and services. The existing management under the leadership of CEO Dr. Lukas Loeffler will remain. Evoqua originates from the definition of "evoke" to re-create imaginatively, as well as "evolve," symbolizing the ongoing evolution of one of the great water industry leaders combined with a shortened version of “aqua.” It is pronounced e (long “e”) vo (long “o”) qua.
“AEA Investors is pleased to complete this acquisition and move forward with management to execute its plan to grow the business and maximize the potential of this industry leader,” said AEA Partner Brian Hoesterey.
“The management and 4,000 employees of Evoqua are committed to refocusing our culture on adding value for customers,” Loeffler said. “AEA’s primary professionals interfacing with us have years of water, specialty chemicals and industrial experience. Combined with our expertise, proven legacy brands and advanced water and wastewater treatment technologies, the company is well-positioned for its next evolution to helping our customers achieve success.”