Bregal Investments’ Aqua Terra to raise up to $68.1M in IPO

AQTWM, Inc. has filed an amendment to its preliminary long form prospectus in connection with its proposed initial public offering (IPO).

AQTWM intends to issue 6,190,477 common shares at an offering price between $10 and $11 per share for gross proceeds of between $61.9 million and $68.1 million.

Immediately following the closing of the IPO, AQTWM will have 19,538,314 shares issued and outstanding, valuing the company up to $214.9 million.

Bregal Investments will control 12,368,849 shares or 63.3% of the outstanding shares. Bregal Investments has granted the underwriters an over-allotment option for additional 928,571 common shares at the offering price. Bregal Investments stake will be reduced to 60.4% if the over-allotment option is exercised in full.

Bregal Investments has indirectly been the majority shareholder in Aqua Terra since November 2013 when it acquired Aqua Terra Canada, then known as Four Winds Energy Services Ltd.

The offering is be conducted 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 are the Canadian and US legal counsel to AQTWM. Torys LLP acts on behalf of the underwriters.

Formed on September 25, 2017 as an Alberta company, Houston, Texas based AQTWM is 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 and Aqua Terra Water Management Inc.

photo credit: Aqua Terra