NEWPORT BEACH, CA December 18, 2018 – Private equity firm ClearLight Partners announced today that it has sold Pure Water Technology-PHSI (PHSI) to Quench USA, Inc. (Quench), an operating segment of AquaVenture Holdings Limited (NYSE: WAAS).

Headquartered in Lincolnshire, Illinois, Pure Water Technology-PHSI is one of the nation’s leading manufacturers and marketers of point-of-use water purification coolers. The company’s products are distributed to commercial customers throughout the U.S. via a network of over 90 dealers, and through a direct sales channel that includes regional branches as well as large, national accounts. PHSI’s bottleless water coolers represent a simpler, cheaper and greener solution compared to traditional five-gallon water jugs.

ClearLight invested in PHSI in 2009 and, in partnership with PHSI’s management team, supported the growth of the company’s dealer channel while launching a new initiative to sell directly to end users. This direct to consumer initiative led to the opening of seven regional branches to expand the company’s presence in previously underserved markets and the introduction of several new, innovative products. During ClearLight’s ownership period, PHSI and its dealer network placed over 100,000 coolers with commercial accounts seeking a better solution for clean drinking water. “Early on, we recognized the opportunity to disrupt five-gallon water jugs, so it was rewarding to work with the company and help it sustain a leading market position in an industry that needs a dependable, high quality product like PHSI’s,” said Josh Mack, a Partner at ClearLight.

“ClearLight was a great partner as an investor with a long-term focus on building enterprise value. Their support helped us enter new markets, expand and improve our product portfolio and bring clean water to America’s workforce,” said Bob Tangredi, CEO of PHSI. “Pure Water Technology products are recognized as the premier systems in the rapidly growing point-of-use water industry. Quench strengthens its position in the market by adding a large loyal customer base, leading manufacturing capabilities and a strong dealer network.”

“Point of use water coolers are a great solution, and PHSI has been a leader in the field. We are particularly proud to have overseen the successful entry into the direct channel, and the company’s success in working with commercial customers across the nation,” commented Michael Kaye, Managing Partner of ClearLight.

ClearLight was advised by Raymond James and Armstrong Teasdale LLP.

About ClearLight Partners

ClearLight Partners is a private equity firm in Southern California that invests in established, profitable middle-market companies with significant growth potential. Since inception, ClearLight has raised $900 million in capital across three funds from a single limited partner. The team at ClearLight has extensive operating and financial experience and has a history of successfully partnering with owners and management teams to drive growth and create value.

For more information, please visit www.clearlightpartners.com.

Buying or selling a business can be the most exciting and terrifying time for a business owner. Whether you’re starting, growing or exiting a company, it’s important to have the right team to support you at each stage of your business life. If you’re lucky, you build a company with strong brand equity that’s viable far after you have exited. When that’s the case, it’s usually time to work with a private equity group to make some difficult decisions.

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NEWPORT BEACH, Calif.—ClearLight Partners, a leading Orange County investment firm with a seventeen-year track record of investing in private companies and helping them achieve their long-term growth aspirations, is pleased to welcome Doug Scherrer and Matt Fobbe to its growing team.

Doug Scherrer will join as a Principal, working to source and execute new investment opportunities and to assist in the governance of ClearLight’s existing portfolio of great companies. Scherrer has more than 14 years of experience across private equity, management consulting and operational roles and brings a blend of investment and operational capabilities to the firm. Scherrer’s most recent experience includes serving as the CFO at Nubank, a high-growth credit card issuer based in Brazil. In this role, he helped lead Nubank through a period of accelerated and successful growth, contributing to key strategic decisions and the company’s equity and debt financings. Prior to Nubank, Scherrer was the CFO of Oasis Collections, a full-service short-term rental marketplace that began in South America. From 2005 to 2013, Scherrer held a succession of roles at General Atlantic, a leading global private equity firm, where he was based out of their New York and São Paulo offices. He was involved with General Atlantic’s investments in RiskMetrics, KCG Holdings, BM&F Bovespa, Qualicorp, Linx, Aceco TI, and Quality Technology Services. He began his career with the Boston Consulting Group as an Associate in its New York office. Scherrer is a Princeton University graduate with a degree in economics, Magna Cum Laude.

“Doug is an exciting addition to our team,” said the firm’s Managing Partner Michael Kaye. “His combined experiences will be an asset to ClearLight’s success by bringing a diversity of perspectives and new connections to the firm. Further, his background reinforces our emphasis on the value of having both operating and investment backgrounds on our team. This blend helps us better understand and work with the management teams at our portfolio companies as they go after opportunities and address challenges in their businesses.”

Matt Fobbe joins the team as an Associate, where he will support the execution of new investments and also work with ClearLight’s current companies. Fobbe’s professional background includes a role at Piper Jaffray in Minneapolis, where he was an Analyst in the healthcare investment banking group. Fobbe is a graduate of the University of Minnesota where he was an accounting and finance major.

For additional information about ClearLight Partners’ newest team members, please visit: www.clearlightpartners.com.

About ClearLight Partners

ClearLight Partners, LLC is a private equity firm in Southern California that invests in established, profitable middle-market companies across a range of industries. Since inception, ClearLight has raised $900 million in capital across three funds from a single limited partner. Our team has extensive operating and financial experience, and we have a history of successfully partnering with owners and management teams to drive growth and create value.
For more information, please visit www.clearlightpartners.com

NEWPORT BEACH, CA March 2, 2017 – ClearLight Partners has sold Consumer Safety Technology, LLC (“CST” or “Intoxalock”) to Welsh, Carson, Anderson & Stowe for an undisclosed amount.

Headquartered in Des Moines, Iowa, Intoxalock provides state-of-the-art ignition interlock devices and accompanying driver monitoring services. Ignition interlock devices are used primarily in DUI drivers’ vehicles to prevent the vehicle from starting when the driver has consumed alcohol. Intoxalock serves a mission of making the roads in the US safer, preventing drivers from driving drunk, and helping people with substance abuse problems get their lives back on track.

ClearLight invested in Intoxalock in 2012 and supported strong growth of the company during its ownership period. “Intoxalock has achieved tremendous success as a result of the talented team at the company. We are thrilled to have worked with the group and believe the company has a promising future ahead of it,” said Josh Mack, a partner at ClearLight.

“ClearLight’s operational expertise and commitment to the business was incredibly helpful in growing and improving Intoxalock,” said Kimberly Williams, CEO of Intoxalock. “Growing a business is never a smooth process – we encountered many challenges along the way and are thankful for ClearLight’s support through the process.”

“We are very proud of the team at Intoxalock, not only for their considerable accomplishments in the business, but also for their commitment to helping make the roads a safer place for everyone,” commented Michael Kaye, Managing Partner of ClearLight. “We wish Kimberly Williams and the Intoxalock team continued great success.”

ClearLight was advised by SunTrust Robinson Humphrey, Inc. and Kirkland & Ellis, LLP.

About ClearLight Partners

ClearLight Partners, LLC is a private equity firm in Southern California that invests in established, profitable middle-market companies across a range of industries. Since inception, ClearLight has raised $900 million in capital across three funds from a single limited partner. ClearLight has extensive operating and financial experience, and a history of successfully partnering with owners and management teams to drive growth and create value.

ClearLight is actively searching for investments for its third fund, ClearLight Partners III which has committed capital of $300 million.

For more information, visit www.clearlightpartners.com