has been acquired by

Headwaters MB Advised Clearwater Systems Corp. on the Sale of Dolphin WaterCare

July 2015

GREENWICH, CT - Headwaters MB advised Clearwater Systems Corp. on the sale of its Dolphin WaterCare business to EVAPCO, Inc. The transaction brings together the financial and industry strength of EVAPCO and the time-tested technology and extensive water treatment service capabilities of Dolphin WaterCare. 

"This is an important and historic moment for the sustainable water treatment industry and our mission to make the built environment more sustainable," stated Anupam Bhargava, CEO of Clearwater Systems. "Our transformation over the last three years from an OEM to a full-service water treatment solutions provider has enabled Dolphin WaterCare to deliver world-class performance to its customers and we are excited to be in a position to now accelerate our growth as a part of an industry-leading company like EVAPCO," added Bhargava.

The transition is expected to be transparent to Dolphin WaterCare customers as they continue to receive the same advanced water treatment technology, high-level of water treatment service, and robust reporting delivered by the same Dolphin team they have come to know and trust.

"We are optimistic that combining Evapco's financial strength with the water treatment experience, technology and service capabilities of the two companies will help drive market demand for sustainable water treatment. Our goal is to provide innovative water treatment solutions that will yield improved water efficiency and sustainability benefits for the evaporative cooling industry," said William G. Bartley, President and CEO of EVAPCO, Inc.

Headwaters MB acted as exclusive financial advisor to Clearwater Systems. Terms of the transaction were not disclosed.