LOS ANGELES, July 21, 2025/ PRNewswire/– Brentwood Associates (“ Brentwood“), a leading middle-market, growth-oriented personal equity company, is delighted to reveal the effective closing of an oversubscribed single-asset extension fund to support the ongoing development of Watermill Express, LLC (” Watermill” or the “Business”), a leading company of economical and safe drinking water and ice through hassle-free drive-up, self-service stations.
The deal allows Brentwood to extend its collaboration with Watermill and its management group while offering extra capital to support the Business in its next stage of development. The extension fund is anchored by financial investments from Hollyport Capital as lead financier, in addition to Pantheon and Portfolio Advisors as co-lead financiers. Brentwood stays positive in Watermill’s appealing development potential customers and is likewise buying the Business through its Fund VII. In addition, the company’s basic collaboration is reinvesting earnings recognized from the deal.
Established in 1984, Watermill runs almost 1,300 stations throughout 8 states, mainly in the West Coast and Sunbelt areas. Over its more than 40-year history, the Business has actually provided safe drinking water and ice to over 10 million individuals and assisted avoid more than 15 billion single-use plastic water bottles from getting in land fills. Throughout Brentwood’s financial investment, Watermill has actually around tripled adjusted EBITDA by opening brand-new stations, updating existing water-only stations to its brand-new water-and-ice model, and obtaining its staying 3 franchisees. Looking ahead, the Business has strong natural development potential customers, with considerable chances to open brand-new stations, upgrade existing areas, and pursue tactical acquisitions to broaden its geographical footprint and service offering in the drinking water and ice market.
” This deal shows our deep self-confidence in Watermill’s ongoing development capacity and its objective to offer economical, available tidy water to neighborhoods throughout the nation,” stated Eric Reiter, Partner at Brentwood and Chairman of the Board of Watermill. “We’re happy to support a company that integrates strong efficiency with significant social effect, and we’re delighted to have actually provided what our company believe is an engaging result for our financiers while continuing our collaboration with Watermill and its gifted executive group.”
Mike Gallagher, CEO of Watermill, included, “With the close of this deal, Watermill is well capitalized and highly placed to broaden our objective of attending to America’s tidy water obstacle. For over 40 years, our self-service kiosks have actually made top quality, economical drinking water and ice available to neighborhoods that require it most. We’re happy to work along with grocery, benefit, and shopping-center proprietors who acknowledge the worth of using vital, sustainable services to their areas. As we become brand-new markets, we anticipate partnering with homeowner who see the chance to make a significant regional effect, while likewise improving the energy and appeal of their areas.”
” This third-party-led procedure offered our financiers with a sped up awareness choice at a market-driven cost, while likewise broadening the resources offered to Watermill to continue performing its long-lasting development method,” stated Toros Yeremyan, Handling Director at Brentwood “We are grateful for the assistance of both existing Brentwood restricted partners and brand-new financiers in the extension fund.”
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” Hollyport is pleased to grow our collaboration with Brentwood as the lead financier in the extension fund,” stated Richard Grindrod, Partner at Hollyport. “We are thrilled to partner with Watermill on its ongoing growth.”
PJT Partners functioned as lead monetary consultant; North Point Mergers and Acquisitions functioned as monetary consultant; and Kirkland & & Ellis LLP functioned as legal counsel to Brentwood Proskauer Rose LLP served as legal counsel to Hollyport.
ABOUT WATERMILL EXPRESS
Established in Brighton, CO, in 1984, Watermill Express is a nationwide leader in refill stations that offer economical, sustainable, safe drinking water and ice in a practical drive-up format. The Business runs almost 1,300 stations throughout 8 states, mainly throughout the West Coast and Sunbelt areas. To learn more, please check out www.watermillexpress.com.
ABOUT BRENTWOOD ASSOCIATES
Brentwood Associates is a Los Angeles– based personal equity financial investment company with a 30+ year history of buying middle-market, growth-oriented, vital services business. Because 1984, Brentwood’s personal equity group has actually purchased over 50 portfolio business, representing more than $ 7 billion in aggregate deal worth. With deep competence in investing and brand name structure, Brentwood is a value-added partner for business owners and senior management groups constructing first-rate business. To learn more, please check out www.brentwood.com.
ABOUT HOLLYPORT CAPITAL
Established in 2006, Hollyport is an expert secondary financier concentrated on catching worth in tradition personal equity possessions. Hollyport supplies custom liquidity options to LPs and GPs, revealing surprise worth and dealing with intricate scenarios through lined up interests. Because creation, Hollyport has actually raised 8 secondary funds and presently handles over $ 9 billion in possessions. The company has more than 65 employee throughout workplaces in New York City and London More details is offered at www.hollyportcapital.com.
SOURCE Brentwood Associates