London private equity group Amplio has acquired almost all the assets of NASDAQ-quoted water treatment company Basin Water for $2 million.
London private equity group Amplio has acquired almost all the assets of NASDAQ-quoted water treatment company Basin Water for $2 million (£1.25 million).
The sale to Amplio subsidiaries Amplio Filtration Holdings and Envirogen Technologies follows Basin Water filing for bankruptcy in July and was completed under Chapter 11 of the US bankruptcy code.
Texas-headquartered Envirogen Technologies is a new company formed from the assets of Basin Water. It focuses on producing drinking water from groundwater, treating waste water, nutrient removal and odour control.
Andrew Davi, a partner at Amplio, says he expects the business to generate sales of $25 million and pre-tax profits of $2 million for the 2010 financial year, adding that potential acquisitions are being targeted.
Riccardo Segat, CEO and founder of Amplio, comments, ‘Amplio is committed to developing our water and solar businesses where we are looking to build significant platforms that will require additional capital during 2010.
‘Despite the current economic turmoil, these sectors are more resilient and the possibility for consolidation is very attractive.’