Sale of Leading Wastewater Services Platform Marks Altamont’s Third Successful Exit This Year
Palo Alto, CA – Altamont Capital Partners (Altamont) today announced the sale of Duke’s Root Control Inc. (Duke’s), a leading sanitary sewer root control and maintenance services platform, to private equity fund Comvest Partners, marking yet another successful exit this year.
In 2018, Altamont invested in Duke’s via the firm’s specialty chemicals platform, Douglas Products. Duke’s, a previously founder-owned business, has operated independently as a division within Douglas. The company specializes in environmentally friendly products that help maintain municipal wastewater and sewer systems while reducing maintenance and construction costs for municipalities. Altamont has worked closely with the Duke’s team and has recruited key leaders as the Company has nearly doubled EBITDA over the course of the partnership. The growth was driven both organically and through acquisitions of four complementary businesses since 2018.
Evercore acted as a financial advisor and Ropes & Gray LLP served as a legal advisor to Altamont. Raymond James acted as a financial advisor and Akerman LLP served as a legal advisor to Comvest.
“We have been proud to partner with Duke’s to help drive their growth and position the company for long-term success as a provider of innovative, industry-leading environmental and infrastructure services,” said Altamont Capital Partners Managing Director Randall Eason. “We strive to make long-term investments with founder-owned companies like Duke’s, especially when sustainability is at the core of their mission. We are proud to mark this sale of Duke’s as another success story in our infrastructure services and environmental services portfolio and look forward to the company’s continued success in its partnership with Comvest Partners.”
“Our partnership with Altamont has allowed us to strengthen existing service offerings and position the company strategically for long-term growth,” said Duke’s CEO Matt Fishbune. “We are especially grateful for Altamont in their support for us to focus on both organic and inorganic growth, ensuring our root control and sewer services remain highly trusted by our clients. We look forward to continuing this critical work with Comvest Partners.”
About Duke’s Root Control, Inc.
Duke’s is a leading, national sanitary sewer root control and maintenance services platform, having been in the sewer business for over 80 years, and 40 plus years doing chemical root control. Today, Duke’s continues to build on its innovative culture with a range of expanded technology solutions that transition clients’ operations and maintenance programs from reactive to proactive by identifying and pinpointing potential critical defects, and ultimately prolonging the life of existing infrastructure assets.
About Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $4.5 billion of assets under management. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential.