Crestview Partners announced an investment in Upwell Water LLC
Crestview Partners invests in Upwell Water from its Crestview Partners IV LP fund.
Upwell Water may announce its first transaction this week.
On July 30, 2020, Crestview Partners announced an investment in Upwell Water LLC, a specialist water finance company.
San Francisco-based Upwell Water’s services consist of providing liquidity and investment solutions for water-related assets. The company acquires and finances water-related assets.
Upwell Water was spun off from Upwell, LLC, a holding company for dedicated platform companies. With recent financing from Crestview Partners in addition to earlier commitments from the Upwell LLC fund and 2040, Upwell Water became a $1 billion specialty financing company.
Largest water-oriented financing company in the world
“Upwell Water’s strategy is to exert a transformative influence on water resource management by providing stakeholders with a complete list of capital market solutions. Our team works with water solution providers and end users to enable efficient and rapid investments in water assets,” said Tamin Pechet, founder and CEO of Upwell Water. “We look forward to working with the teams at Crestview and the 2040 Fund to make Upwell Water the world’s largest water-oriented specialty financing company,” said Tamin Pechet.
Tamin commented that Upwell Water could announce its first transaction this week.
Tamin Pechet is CEO of Banyan Water, an integrator of intelligent water management companies. He is also chairman of Imagine H2O, a global organization that promotes entrepreneurship in the water industry through innovation awards and a water company incubator. Tamin also serves on the board of directors of Lux Research, a leading provider of research and analysis in the water sector and other clean technology markets.
Crestview Partners IV LP Fund
Crestview Partners invests in Upwell Water from its Crestview Partners IV LP fund. According to the filing with the Securities and Exchange Commission, the ongoing fund raising has already raised approximately $2.15 billion, which was raised by the last May filing.
Crestview Partners, headquartered in New York, is a value-oriented private equity firm focused on the mid-market. Crestview invests primarily in the media, financial services and industrial sectors. The firm manages funds with a total capital commitment of over $9 billion.
Upwell Water’s investment announcement remains the second major financing for water infrastructure in 2020. In another deal, Seven Seas Water, a former business segment of AquaVenture Holdings Ltd (NYSE: WAAS) and a specialist in Water-as-a-Service solutions, was acquired by funds managed by Morgan Stanley Infrastructure Partners. Seven Seas Water provides outsourced water treatment, wastewater treatment and reuse solutions.