Baird Capital has sold Cleanwater1, a Milpitas, California-based provider of water and wastewater quality management solutions, chemical feed systems and gas-phase filtration technologies, to Veralto in a deal representing the firm's largest dollar distribution from a portfolio company exit to date. The company operates brands including Polyblend, Dynablend, Veloblend, PAX Mixers, Monoclor and I-Box Odor Control Systems across municipal utility and industrial markets.

During Baird Capital's roughly four-year hold, Cleanwater1 completed four add-on acquisitions — Velocity Dynamics, Integrity Municipal Systems, Industrial Control Systems Online and Pure Air Filtration — while expanding beyond municipal roots to serve industrial and commercial water and wastewater markets. Revenue nearly tripled over the period and EBITDA grew more than 4.5 times, according to the announcement.

"We are proud to have partnered with the Cleanwater1 team as they transformed the business into a scaled platform," said Rob Ospalik, partner with Baird Capital, adding that the firm looks forward to watching the company's continued growth under Veralto's ownership. Baird Capital is the direct private investment arm of Robert W. Baird & Co, focused on B2B technology and services companies across North America and the UK.

In early May, PE Hub senior reporter Michael Schoeck reported that Baird was in the early stages of launching a sales process for Cleanwater1.