Updated: Bridgewater Corp has Agreed to be Purchased
The newly formed entity will be owned by affiliates of AEA Investors through its Small Business Fund II (AEA), as well as members of the Aramsco and Bridgewater management teams.
Confluence Group LLC, owner of the Bridgewater family of companies, is pleased to announce it has entered into a definitive agreement to sell its business to a newly formed entity which also owns Aramsco, Inc, according to a press release.
The newly formed entity will be owned by affiliates of AEA Investors through its Small Business Fund II (AEA), as well as members of the Aramsco and Bridgewater management teams. The transaction is expected to close in the coming weeks. Both Aramsco and Bridgewater will continue to operate under their existing names and with their current management teams.
“We are thrilled to partner with Rob, Gordon and Dave Hanks, and welcome all Bridgewater employees, customers and partners to the Aramsco family,” says Richard Salerno, the CEO of the new organization. “While both organizations will continue to run independently, the transaction will allow us to provide additional solutions and services to the customers of both companies.”
Adds Gordon Hanks: “It was extremely important to find a company that values our unique approach to delivering exceptional customer service. The leadership team at Aramsco was aligned with us in our commitment to customer satisfaction. We are proud to be their partners and excited about the opportunities this transaction creates for our customers, partners and employees”
About Confluence Group
Confluence Group, through various subsidiaries including Bridgewater Group (aka Interlink Supply and Aztec Financial), is one of the leading solution providers to the professional cleaning and restoration market in the United States. The company provides solutions that include product sales, education, equipment repair and rental, and financing options to its customer base. Founded by Rob, Gordon and Dave Hanks in 1974, the company has built a 40 year track record of success focusing on innovation, customer service and product quality.
About Aramsco Inc.
Aramsco is one of the leading providers of solutions to specialty contractors in the United States. The company serves contractors involved in numerous markets including fire and water restoration, hazardous material removal and handling, concrete and steel surface treatment, and asbestos, lead and mold abatement. The company’s services include the sale of equipment and supplies, equipment repair and rental, education and training, technical support and same or next-day job site delivery. Aramsco serves its customers through 21 locations throughout the United States and a group of highly dedicated and technically proficient sales and customer service professionals.
About AEA Investors
AEA Investors LP was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA’s active individual investors (the “Participants”) include an extraordinary network of more than 75 highly successful business executives, industrial families and former government leaders. Today, AEA’s over 60 investment professionals operate globally with offices in New York, Connecticut, London, Munich, Hong Kong and Shanghai. The firm manages funds that have over $6 billion of invested and committed capital including the leveraged buyouts of middle market companies and small businesses and mezzanine and senior debt investing. AEA Private Equity invests across four sectors: value added industrial products, specialty chemicals, consumer products / retail and services.