Crestview partners to invest in specialty finance company Upwell Water

On 30 July 2020, Crestview Partners announced an investment into Upwell Water LLC, a water-focused specialty finance company. 

San Francisco-based Upwell Water’s services consist of providing liquidity and investment solutions to water-related assets. The company acquires and finances water assets. 

Upwell Water got spun out of Upwell, LLC, a holding company for purpose-driven platform companies. With a recent Crestview Partners’ funding in addition to previous commitments from the Upwell LLC and 2040 fund, Upwell Water became a specialty finance company having $1 Bn equity capital. 

Largest water-focused financing company in the world

“Upwell Water’s strategy is to create a transformational impact in water resource management by providing a full slate of capital markets solutions to stakeholders. Our team works with water solutions providers and end clients to enable efficient and rapid investment in water assets,” said Tamin Pechet, founder and CEO of Upwell Water. “We are excited to partner with the teams at Crestview and the 2040 Fund to grow Upwell Water into the largest water-focused specialty finance company in the world.”

Tamin commented that Upwell Water could announce its first transaction as early as this week. 

Tamin Pechet is CEO of Banyan Water, an integrator of smart water management companies. He is also chairman of Imagine H2O, a global organization spurring entrepreneurship in the water industry through innovation prizes and a water business incubator. Tamin also serves on the board of directors of Lux Research, a leading provider of research and analytics on water and other clean technology markets. 

Crestview Partners IV LP fund

Crestview Partners is investing in the Upwell Water from its Crestview Partners IV LP fund. As per Securities and Exchange Commission filing, the ongoing fundraising has already raised around $2.15 Bn got raised till the latest May filing. 

Headquartered in New York, Crestview Partners is a value-oriented private equity firm focused on the middle market. Crestview invests primarily in the media, financial services and industrial sectors. The firm manages funds with over $9 billion of aggregate capital commitments.

Upwell Water investment announcement remains the second major water infrastructure financing deal in 2020. In another deal, Seven Seas Water, a former operating segment of AquaVenture Holdings Ltd (NYSE: WAAS) and a specialist in Water-as-a-Service solutions, got acquired by funds managed by Morgan Stanley Infrastructure Partners. Seven Seas Water is engaged in providing outsourced water treatment solutions and wastewater treatment and reuse solutions.