July 08, 2024
J.F. Lehman & Company Closes Continuation Vehicle for PURIS

NEW YORK – J.F. Lehman & Company (“JFLCO”), a leading middle-market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors, is pleased to announce the successful closing of a single-asset continuation vehicle for PURIS (“PURIS” or the “Company”), a leading water infrastructure solutions provider. Apollo’s Sponsor & Secondary Solutions platform (“Apollo S3”) acted as lead investor. Other investors, including funds managed by Hamilton Lane, Eldridge Industries, HSBC Asset Management and Golding Capital Partners provided material transaction support.

The transaction will allow JFLCO to maintain its ownership of PURIS in partnership with management.  Strong support from the general partnership, PURIS management, JFLCO’s most recent fund and a leading syndicate of longstanding and new institutional partners will provide the resources needed to support the Company’s next phase of growth.

JFLCO acquired Inland Pipe Rehabilitation, PURIS’ predecessor, in 2018, followed by acquisitions of Murphy Pipeline Contractors in 2020 and Inliner Solutions in 2022.  The combined companies were subsequently rebranded in 2023 under the leadership of CEO Mick Fegan, establishing a water infrastructure platform with market leading pipeline rehabilitation solutions across sanitary, storm and potable water markets.  Leveraging decades of experience, PURIS delivers its proven solutions using an unrivaled portfolio of infrastructure renewal services including thermal and ultraviolet cured in-place pipe (CIPP), pipe bursting, geopolymer lining systems and CompressionFit® HDPE lining. Clients also benefit from PURIS’s in-house inspection and liner manufacturing capabilities, ensuring quality service and efficiency. This comprehensive suite of technologies enables PURIS to offer clients the optimal rehabilitation solution for each unique application.

“We are thrilled to continue our partnership with JFLCO,” said PURIS CEO Mick Fegan. “JFLCO has been a supportive partner in enabling our mission of delivering reliable, innovative infrastructure solutions to our customers.  We have significantly expanded our suite of services to our customer base over the past several years, and I look forward to continued execution of our strategic plan alongside the JFLCO team.”

“We’re excited to reaffirm our support of PURIS and its management team,” said Glenn Shor, Chairman of PURIS and Partner at JFLCO. “This transaction will provide the company with resources to continue to expand its offering of market leading solutions while revitalizing critical infrastructure throughout North America.”

Dave Thomas, a member of PURIS’ Board of Directors and Managing Director at JFLCO, added, “We are grateful for the support received from both new and existing investors during this process. We look forward to building upon our strong foundation as PURIS writes its next chapter.”

“We are pleased to bring this transaction successfully to a close, and strengthen our partnership with JFLCO,” said Veena Isaac, Partner and Co-Head of Apollo S3. “The transaction underscores investors’ conviction in the quality of the PURIS platform and strong secular tailwinds within water infrastructure markets.”

Jefferies LLC acted as exclusive financial advisor and Debevoise & Plimpton along with A&O Shearman served as legal counsel for the transaction.  Proskauer Rose LLP served as legal advisor to Apollo S3.  General Atlantic Credit served as lead arranger for the credit facility with PSP Investments Credit USA LLC as the lead investor. A fairness opinion was provided by Houlihan Lokey.