Seller Case Study: AquaWorks DBO
A Founder’s Perspective on Timing, Process, and the Right Partner
ENVIRONMENTAL
ENGINEERING
Industry
2004
Founded
20+
Years
Overview
Raincatcher served as the exclusive sell-side advisor to AquaWorks DBO, Inc., a civil and environmental engineering firm specializing in decentralized water and wastewater treatment systems for small-volume producers.
After more than 20 years building the business, founder Adam Sommers engaged Raincatcher to evaluate strategic options through a disciplined, competitive process, choosing a partner aligned with his long-term vision for the company, his team, and his clients.
THE CHALLENGE
AquaWorks DBO had spent two decades building a strong reputation in a specialized corner of the environmental engineering market. As the company’s best-in-class modular solutions began attracting attention from larger players, inbound conversations confirmed what the market was signaling: meaningful demand, and timing that might be right for a sale.
The decision was personal, not just financial. Adam wanted to compare strategic paths thoughtfully rather than react to whoever called first, and he didn’t want a lower-middle-market business to be treated like a small fish at a big firm.
The challenge was matching institutional process rigor with the hands-on attention the engagement deserved.
Outcome
Raincatcher ran a competitive, structured process that generated 10 IOIs and three LOIs, with a final sale price exceeding the estimated valuation by more than 20%. AquaWorks DBO was acquired by Apex Companies, LLC, a national multidisciplinary engineering and consulting platform selected for its national scale, complementary technical capabilities, and shared commitment to high-quality infrastructure work.
The partnership positions AquaWorks DBO to expand its modular treatment systems to a broader geographic footprint and accelerate growth, while preserving the technical rigor and client focus that have defined the firm since 2004.
Our Sale Process
Raincatcher implemented a structured sell side advisory process designed to create buyer competition and optimize transaction outcomes.
Recently Closed Transactions
Raincatcher has advised on numerous transactions across industries and geographies. The transactions below offer a snapshot of our experience and our commitment to delivering meaningful outcomes for business owners.
Raincatcher guided us through the sale, ensuring a smooth process and matching us with the perfect buyer. Highly recommended.
Southwest Slurry Seal.
BUSINESS OWNER
Manufacturing
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Raincatcher’s Approach
Raincatcher implemented a structured sell side advisory process designed to create buyer competition and optimize transaction outcomes.
preparing financial and operational materials
developing transaction marketing documentation
identifying strategic and financial buyers
managing negotiations and due diligence
Transaction Summary
Raincatcher implemented a structured sell side advisory process designed to create buyer competition and optimize transaction outcomes.
Advised on the strategic presentation and positioning of a capital raise process, helping structure key information for clearer investor communication.
Role
Sell Side Advisor
Outcome
Successful transaction completed
Lower Middle Market
Transaction
A competitive buyer process generated multiple offers, strengthening negotiating leverage for the seller.
Deal Structure
Strategic Buyer Acquisition
Process
Strategic Buyer Acquisition
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