Turnspire Announces Successful Recapitalization of USG Water Solutions

NEW YORK--(BUSINESS WIRE)--Turnspire Capital Partners LLC (“Turnspire”) is pleased to announce that its portfolio company USG Water Solutions, LLC (“USG” or the “Company”) 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.

Since acquiring USG from Veolia North America in 2023, Turnspire and management have transformed the Company into a thriving, independent best-in-class provider of water asset management solutions for small and medium public water utilities throughout the United States. USG has grown tanks under management, won significant new business across its steel tanks, concrete, and advanced metering infrastructure (AMI) lines of business, and generated strong cash flow, all while maintaining a world-class safety record, quality and customer service.

Turnspire Managing Partner Ilya Koffman said, “USG is an incredible business whose full value and potential were obscured under corporate ownership. 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.”

USG Water Solutions Chief Executive Officer John Flaugher added, “This successful refinancing is a testament to our team’s commercial, operational, and financial accomplishments. 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 LLP acted as legal counsel to Turnspire with respect to the recapitalization.

About USG Water Solutions
USG Water Solutions is a national leader in providing maintenance services to municipal and private water companies across the United States, and the leading provider of asset management programs for water and wastewater infrastructure for the municipal market. For additional information, please visit usgwater.com.

About Turnspire Capital Partners
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial, or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire’s investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its portfolio companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.