Triwater Holdings LLC has recapitalized Paragon Water Systems Inc.

Tampa, Florida-based Paragon provides water treatment services to residential and commercial customers. The company also manufactures a line of water filtration products.

Triwater, headquartered in Lake Forest, Illinois, also provides water treatment services. The recap is the company’s first investment in the residential and light commercial water filtration market.

Triwater is backed by Bolder Capital, a Chicago investment firm.

De Nes Partners LLC advised Paragon on the deal.

In another recent water treatment deal, Eastman Chemical Co. (NYSE: EMN) agreed to buy Taminco Corp. for $1.8 billion in September.

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