WEST PALM BEACH, Fla., Dec. 13, 2022 (GLOBE NEWSWIRE) -- Comvest Partners (“Comvest”), an operationally focused middle-market private investment firm, is pleased to announce the acquisition of Duke’s Root Control, Inc. (“Duke’s”, or “the Company”). Duke’s, based in Elgin, Ill., provides wastewater-focused inspection, diagnostics, and remediation services to municipal customers. With the transaction, a carve-out from Douglas Products and Packaging Company, LLC, in partnership with management, Duke’s becomes the second infrastructure services platform to join Comvest’s private equity portfolio this year.
Founded in 1948, Duke’s is a leading national provider of environmental services for the critical needs of municipal sewer systems. The Company is the market leader in chemical root control application, with a 40-year history of partnering with municipalities to provide effective, environmentally-safe services that prevent sewer blockages from tree root intrusions. Duke’s is also a leading provider of sanitary sewer evaluation services that help extend the life of critical sewer infrastructure assets. The Company serves cities across the United States through a network of expert technician crews supported by a dedicated fleet of specialized equipment.
“Duke’s is a longtime market leader whose wastewater services are essential to successful municipal operations and community safety and well-being,” said Lee Bryan, a Senior Partner at Comvest. “Comvest looks forward to our partnership with CEO Matt Fishbune and the management team. We are excited to support the Company’s growth and continue its legacy of executing strategic add-on acquisitions that have been critical to its expansion.”
“As a result of the nation’s aging sewer infrastructure, we believe municipalities will continue to partner with outsourced service providers for their wastewater system maintenance and rehabilitation needs. We think Duke’s, with its broad service offering, is well-positioned to continue to capitalize on this trend,” said Matt Kunz, a Principal at Comvest.
“We are thrilled to partner with Comvest as we begin our new chapter as an independent company,” said Mr. Fishbune. “Duke’s mission is to help cities nationwide extend the lives of their sewer systems by offering the most unique combination of solutions available in the marketplace. Comvest brings deep experience in infrastructure services along with capital and operational resources that will help us accelerate our investments in technology and complementary acquisitions.”
Raymond James acted as financial advisor and Akerman LLP served as legal advisor to Comvest.
Comvest is an experienced middle-market private equity investor in infrastructure and industrial services companies. GAI Consultants Inc., a preeminent engineering, planning and environmental consulting services firm, is Comvest’s other infrastructure services platform investment completed in 2022.
About Duke’s Root Control
Duke’s is a nationwide service provider that has been solving sewer system challenges for over 80 years. As the leader in chemical root control, Duke’s has treated over 400 million feet of sewer lines, with an experienced team of employees and over 1,500 active municipal and utility customers. In recent years, Duke’s has expanded its offering to include critical inspection and assessment services for underground infrastructure. Headquartered in Elgin, IL, Duke’s maintains service locations and capabilities across the country. For more information, please visit www.dukes.com.
About Comvest Partners
Comvest is an operationally focused private investment firm that has provided equity and debt capital to well-positioned middle-market companies throughout North America since 2000. Through its private equity, direct lending and special opportunities investment platforms, Comvest offers tailored investment solutions across the capital structure, deep industry and operating expertise, a collaborative approach, and significant transaction experience as an active investor. Today, Comvest manages more than $8.9 billion in assets, and has invested over $9.2 billion since inception. Based in West Palm Beach, Comvest also maintains offices in Chicago and New York. For more information, please visit www.comvest.com.
For more information, please contact:
Lee Bryan, Senior Partner, Comvest Partners – l.bryan@comvest.com
Matt Kunz, Principal, Comvest Partners – m.kunz@comvest.com
Alex Ray, Director, Business Development, Comvest Partners – a.ray@comvest.com
