Aqua-Chem has acquired Specific Equipment. Terms of the transaction were not disclosed.
SPECIFIC is Aqua-Chem's second acquisition in less than two years. Matrix, acquired in October 2008, also provides state-of-the-art reverse osmosis systems for marine and land-based applications.
David Gensterblum, Aqua-Chem's President and CEO, said, "With a proven track record in providing offshore watermaking applications, helicopter refueling systems and potable and sanitary water pressure sets, SPECIFIC strengthens our capabilities across key customer industries. At the same time, the acquisition will extend Aqua-Chem's reach to markets outside of the U.S., particularly South America and Mexico, where there is a great need for high-purity water. Now, more than ever, Aqua-Chem is a 'one-stop' solution provider for a full range of desalination systems, offering the optimal solution for every application."
"David Gensterblum and his superb management team are completely focused on creating value for customers," said Gregory L. Greenberg, Senior Partner of Altus Capital Partners, the largest outside investor in Aqua-Chem. "As this transaction demonstrates, Altus will continue to invest in Aqua-Chem to broaden its product offerings and systems to help achieve that goal."
SPECIFIC President Phil Shrader will remain with Aqua-Chem and actively manage the SPECIFIC division. Speaking of his decision to sell SPECIFIC to Aqua-Chem, he said, "Working with Aqua-Chem, we gain production, sales and service capacity in delivering a broad range of products to our customers. Our Houston location facilitates support of Aqua-Chem products in the offshore industry. As always, we stand behind our work, and our equipment speaks for itself."
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