OriginClear buys Progressive Water Treatment

US based technology firm OriginClear has signed a definitive agreement to acquire Progressive Water Treatment (PWT) in an all-stock deal.

Operating from its headquarters in Dallas, PWT designs and manufactures a wide range of water treatment systems which is used across municipal, industrial and pure water applications.

Though primarily serving the US and Canada, the firm has a global reach including Japan, Argentina and the Middle East.

Following the deal, PWT, which expects to raise $6m by year end, will be operating as a subsidiary of OriginClear.

PWT president Marc Stevens said: "We believe OriginClear’s vision to build an extensive network of solution providers, is going to help us grow dramatically.

"Together we can better reach growing market demand for exceptional water treatment solutions and services."

The acquisition has been done in preferred stock which may be converted to common stock in three annual increments beginning 12 months from closing.

It is in line with OriginClear’s corporate strategy to strengthen its footprint across water treatment industry.

OriginClear chief executive officer Riggs Eckelberry said: "PWT’s founder, Marc Stevens, has built a strong company with impressive sales growth and a dedicated team of engineers and technicians. They have a strong customer base with many repeat clients relying on them for on-going support.

"We believe acquiring PWT will be a huge win for OriginClear and a key part of our strategy to build a network of water treatment companies in the U.S.

"We expect that our Family of OriginClear Companies will not only generate top line and bottom line growth for our investors, but will help accelerate the organic growth of our Electro Water Separation technology into new markets."