J.F. Lehman & Company (JFLCO), a prominent private equity firm specialising in the aerospace, defence, maritime, government, and environmental sectors, has successfully concluded a single-asset continuation vehicle for PURIS, a leading provider of water infrastructure solutions. The deal, announced today, sees Apollo’s Sponsor & Secondary Solutions platform (Apollo S3) as the lead investor, with significant support from other notable investors including Hamilton Lane, Eldridge Industries, HSBC Asset Management, and Golding Capital Partners.
The transaction will enable JFLCO to retain its ownership stake in PURIS, working in tandem with the company’s management team. The deal comes with strong backing from the general partnership, PURIS’s management, JFLCO’s latest fund, and a diverse group of institutional partners. This financial support will underpin PURIS’s forthcoming growth phase.
JFLCO initially acquired Inland Pipe Rehabilitation, the predecessor to PURIS, in 2018. This was followed by the acquisitions of Murphy Pipeline Contractors in 2020 and Inliner Solutions in 2022. The combined entities were rebranded in 2023 under the leadership of CEO Mick Fegan, forming a prominent water infrastructure platform known for its advanced pipeline rehabilitation solutions across various water markets. PURIS’s services include thermal and ultraviolet cured in-place pipe (CIPP), pipe bursting, geopolymer lining systems, and CompressionFit® HDPE lining. Additionally, PURIS offers in-house inspection and liner manufacturing, ensuring high-quality service and operational efficiency.
Mick Fegan, CEO of PURIS, expressed enthusiasm about continuing the partnership with JFLCO. “JFLCO has been instrumental in helping us deliver innovative infrastructure solutions. Over the past years, we’ve significantly expanded our service offerings, and I am excited to continue executing our strategic plans with JFLCO,” he said.
Glenn Shor, Chairman of PURIS and Partner at JFLCO, also voiced his support, stating, “This transaction allows PURIS to further enhance its market-leading solutions and contribute to the revitalisation of critical infrastructure across North America.”
Dave Thomas, a member of PURIS’s Board of Directors and Managing Director at JFLCO, expressed gratitude for the backing received from both new and existing investors. “We look forward to building on our strong foundation as PURIS embarks on its next phase,” he added.
Veena Isaac, Partner and Co-Head of Apollo S3, highlighted the significance of the transaction, noting, “It underscores the investors’ confidence in the PURIS platform and the robust growth prospects within the water infrastructure sector.”
Jefferies LLC served as the exclusive financial advisor for the transaction, while Debevoise & Plimpton and Allen & Overy provided legal counsel. Proskauer Rose LLP advised Apollo S3, with General Atlantic Credit as the lead arranger for the credit facility and PSP Investments Credit USA LLC as the lead investor. A fairness opinion was provided by Houlihan Lokey.
