Behrman Capital has sold Waterline Renewal Technologies to Azuria Water Solutions, a portfolio company of New Mountain Capital. The Ottawa, Illinois-based company specializes in engineered products for trenchless rehabilitation of wastewater infrastructure. Waterline's portfolio includes brands like Perma-Liner, APM, LMK Technologies, and LightRay, serving the growing wastewater infrastructure market.

Dave Williams continues as CEO following the acquisition, which marks Behrman's exit from the infrastructure services sector. The private equity firm highlighted Waterline's growth through two strategic add-on acquisitions that enhanced the company's market position. Waterline was founded in 2019 and has quickly established itself as a leader in wastewater infrastructure solutions.

Financial terms of the transaction were not disclosed. Lincoln International LLC served as financial advisor to Waterline, while Goodwin Procter LLP provided legal counsel. Ropes & Gray LLP advised Azuria on the deal. The acquisition strengthens Azuria's position in the wastewater infrastructure market as demand for trenchless rehabilitation solutions continues to grow.