Private equity firm Altamont Capital Partners has launched a sale process for wastewater services platform Duke’s Root Control Inc., three people familiar with the matter said.
Evercore Inc. is running the process for Duke’s Root Control, which was formerly couched within Altamont’s pest control chemicals business Douglas Products LLC, the people said.
Altamont engaged Evercore to test the market for all of Douglas Products in 2021 but had pulled the platform off the market by the end of the year after buyers largely saw it as two disparate businesses, sources previously told The Deal.
Liberty, Mo.-based Douglas Products together was being marketed on projected Ebitda of $50 million, and the Duke’s business represents close to half of that, one of the sources suggested.
Sources also expect Altamont to put the other half of Douglas Products, which is focused on fumigation chemicals and services, as well as agricultural pesticides and soil-health products, on the block later this year.
The sale of German agricultural chemicals behemoth Bayer AG’s pest control unit, Bayer Environmental Sciences, was previously earmarked by sources as a process to watch in relation to Douglas Products’ pesticide and herbicide business, since the unit would represent a natural bolt-on for the buyer of Bayer’s business.
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