Catterton Acquires Sun Water
The Texas portfolio company manufactures the Aquasana water filter.
February 4, 2010
Greenwich, Connecticut-based Catterton Partners acquired the water filtration company Sun Water Systems, Inc. from Charles Strand, the company’s founder. Financial terms of the deal were not disclosed.
The twelve-year-old Haltom City, Texas-based company is the maker of the Aquasana home water filter. Catterton managing partner Scott Dahnke led the transaction for the private equity firm.
In September 2009, Laurentians Acquisition Corp., a Canadian special purpose acquisition company formed by Catterton Partners, agreed to acquire Danone Naya Waters Inc., in a spin-out from the French dairy products company Groupe Danone SA.
The Sun Water transaction follows a recent bout of interest in the water filtration systems industry. In November 2009, Israel-based Amiad Filtration Systems Ltd. acquired a control stake in JSK Engineering Co., an India-based water filtration products company, from Sud hir Mehta. Also in November, the Israeli company agreed to purchase Arkal Filtration Systems Cooperative Agricultural Society Ltd. from the target company’s shareholders Kibbutz Beit Zera and Bermad Industries.
Strand also owns Renegade Motorcycles, a custom motorcycle dealership formerly known as Ironhorse of Texas. Previously, Strand was chief executive officer of Doss Holdings.
Catterton declined to comment on the transaction. Charles Strand was unable to be reached for comment by press time Thursday.
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