San Francisco, CA-based middle-market private equity firm Gryphon Investors closed its single-asset continuation vehicle for a fund that allows additional investors to sponsor Vessco Water.

Terms of the investment were not disclosed.

Minneapolis, MN-based Vessco is a water and wastewater treatment distributor and services platform. It was acquired by the $2.7 billion Gryphon’s Flagship Fund VI in November 2020. According to a Sept. 9 news release, the company expanded its product base and service capabilities under Gryphon’s ownership to support its customers.

“We are excited to complete Gryphon’s first continuation vehicle with Vessco, which as substantial runway to continue scaling rapidly in a fragmented industry,” Gryphon Co-CEOs David Andrews and Nick Orum said. “This transaction delivered liquidity to Gryphon VI limited partners and provided them with an option to retain their interests in Vessco through the company’s next phase of growth and value creation. The CV also provided new committed capital for growth and investment and will allow us to continue our support of Vessco, its management team and its employees.”

Vessco supplies customers with a variety of products, solutions and services, including — process equipment, flow control, pump and pump repair, industrial processes and automation & control. The company’s end-to-end solutions comprise design, engineering support, repair and construction and aftermarket parts and services.

“Gryphon’s long experience with infrastructure and utility products and value-added distribution business allowed us to build a playbook to support Vessco’s growth,” Gryphon Industrial Growth Group Partners and Co-Heads Leigh Abramson and Scott Hearn said. “In partnership with a talented management team, we invested deeply in the corporate infrastructure that prioritizes collaboration throughout Vessco’s family of businesses, driving value for supplies and customers.”

Jefferies and William Blair acted as financial advisors, while Kirkland & Ellis LLP provided legal counsel to Gryphon for the transaction. Vessco management was represented by attorney Peter W. Klein, P.A., from Boca Raton, FL.