Sources: Warren Equity Partners, Houston; CP staff
A lower middle market private equity fund with infrastructure and maintenance business investments has taken a controlling interest in StormTrap LLC, a Romeoville, Ill., precast producer and licensor of stormwater harvesting, storage and treatment technology. Warren Equity acquired the stake from the Hawken family, which founded StormTrap in 2002. The Hawkens invested alongside the fund and will remain on the board of directors.
“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.”
“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.”