A lower middle market private equity fund with infrastructure and maintenance business investments has taken a controlling interest in Romeoville, Ill., precast producer and stormwater management technology licensor StormTrap, LLC. Houston-based Warren Equity Partners acquired the stake from the Hawken family, which founded StormTrap in 2002. The Hawkens invested alongside the fund in the transaction and will remain on the board of directors.
|StormTrap has emerged as a leading brand in precast concrete stormwater management solutions and go-to provider for customers seeking durable structures with a lower size footprint, high storage capacity, and reduced total installed cost. PHOTO: Concrete Products|
“StormTrap is a great fit for Warren Equity given our focus on the infrastructure market and the company’s focus on providing solutions to remedy overburdened stormwater systems,” says fund partner Scott Bruckmann. “StormTrap is well positioned to continue to serve the growing demand for stormwater management systems, and we are excited to help the company expand their geographic footprint and product offering. We look forward to partnering with the Hawken family and StormTrap’s exceptional management team.”
The producer designs and engineers precast concrete systems to store stormwater runoff in underground chambers before releasing at controlled rates or harvesting for reuse. It also provides water quality systems that remove storm flow pollutants and contaminants. Patented StormTrap technology yields customizable solutions for detention, retention, water quality, and water harvesting.
“We chose Warren Equity due to their prior experience investing in companies targeting similar end markets, as well as the strong cultural fit with [our] team,” notes StormTrap President Bob McCormack. “We have found a partner who will help support our growth strategy and provide valuable guidance during our next chapter.”
“Over its 16-year history, StormTrap has grown into a market leader for underground concrete stormwater systems through continuous development of new technologies and products,” adds Jamie Hawken, board member. “We are looking forward to working with Warren Equity to grow the Company in North America and internationally.”