Bregal Investments’ Aqua Terra files for initial public offering (IPO)

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By Ted Liu

AQTWM, Inc. has filed a preliminary long form prospectus in connection with a proposed initial public offering (IPO) of its common shares.

The offering will be made through a syndicate of underwriters co‐led by TD Securities Inc., Canaccord Genuity Corp. and RBC Capital Markets Inc.

Stikeman Elliott LLP and Dechert LLP act as the Canadian and US legal counsel to AQTWM. Torys LLP acts on behalf of the underwriters.

Headquartered in Houston, Texas, AQTWM was formed on September 25, 2017 as an Albert company for the purpose of completing the offering.

AQTWM will be the sole shareholder of Aqua Terra North American GP Inc., and will indirectly operate and control all of the businesses and affairs of Aqua Terra US Holdings, LLC (a Delaware limited liability company) and Aqua Terra Water Management Inc. (an Alberta corporation) and, through Aqua Terra US Holdings, LLC and Aqua Terra Water Management Inc. and their respective subsidiaries, will indirectly continue to conduct the business now conducted by these subsidiaries.

Aqua Terra is a growth-oriented oilfield water management and logistics company that provides water disposal services to Canadian and U.S. onshore oil and natural gas producers.

On November 12, 2013, Bregal Investments purchased all of the issued and outstanding shares of Aqua Terra Canada, then known as Four Winds Energy Services Ltd. which owned the Gordondale facility, the Crossfield facility and the High Level facility, along with other assets including permits at Drumheller and Gold Creek.

Since then, Aqua Terra has built a network of 24 active water management facilities by way of seven acquisitions and seven greenfield facility openings.

Bregal Investments has indirectly been the majority shareholder in Aqua Terra since November 2013, and will continue to have a meaningful position following closing, by virtue of the Exchangeable LP Securities to be held by Bregal Investments.

Bregal Investments is the private equity investment business of COFRA Holding AG, a European holding company, owned by Brenninkmeijer family, for a privately-owned group of companies which also include C&A, a clothing retail organization, and Redevco, a real estate company owning a portfolio of over €7 billion across 700 properties in Europe.

photo credit: Aqua Terra