BOSTON, May 14, 2024 – The Watermill Group, a strategy-driven private investment firm, is proud to announce it has completed an investment in Musser Lumber and its principal operating subsidiary, Musser Biomass and Wood Products (collectively, “Musser”), the mid-Atlantic region’s leading producer of premium dried hardwood fiber and associated converted products. “Musser is thrilled to […]

BOSTON, MA – January 23, 2024 – Boston-based Watermill Group, a strategy-driven middle market private investment firm, today announced the promotion of Scott Oudheusden to Partner. In his new capacity, Mr. Oudheusden is responsible for the evaluation, due diligence, and execution of potential transactions, as well as providing assistance to portfolio companies. With more than […]

Mississauga, ON – July 4, 2023 – Weston Forest, a leading distributor and remanufacturer of softwood & hardwood lumber and specialty panel products, today announced it has acquired Kings Wood Products of Paris, ON. “Kings Wood Products expands our manufacturing base in Canada while adding to the mix of products we can offer our existing […]

Mississauga, ON – August 24, 2022 – Weston Forest, a leading distributor and remanufacturer of softwood & hardwood lumber and specialty panel products, today announced it has acquired Industrial Lumber Sales, Inc. (ILS) of Moultrie, GA. Steve Rhone, President & CEO of Weston Forest, states, “Industrial Lumber Sales is a well-run, highly reputable business with […]

News Summary For the past decade, Watermill has helped transform Tenere into a sophisticated supplier of custom mechanical solutions for the high-growth markets of information and communications technology, fiber optics and renewable energy. Under Watermill ownership, Tenere refocused and reinvigorated its business strategy, implemented facility improvements across North America, coordinated key acquisitions, completed a greenfield […]

Mississauga, ON – November 25, 2021 – Steve Rhone, President and CEO, is proud to announce that Weston Forest has been certified as a Great Place to Work® after a thorough, independent analysis conducted by Great Place to Work Institute® Canada. This certification is based on direct feedback from employees, provided as part of an […]

Generations Collaborate for Powerful Performance Julia Karol worked at Jumpstart, a national early education nonprofit, before joining Watermill Group, a Boston-based private investment firm, in 2009. And even though she had no traditional finance or accounting training before joining the firm, she went in with an open mind, a positive attitude and plenty of intellectual […]

Mississauga, ON – May 5, 2021 – Steve Rhone, President and CEO of Weston Forest, is thrilled to announce that the company has achieved Platinum Club status with the Canada’s Best Managed Companies program by retaining its Best Managed designation for seven consecutive years. The 2021 Best Managed program award winners are amongst the best-in-class […]

PRESS RELEASE   LIVONIA, MICH. & STERLING HEIGHTS, MICH. – March 1, 2021 – Effective immediately, Colleen Haley has been appointed Chief Executive Officer of Quality Metalcraft/Experi-Metal Holdings Corporation (QMC-EMI), a provider of innovative stamping and joining assemblies for the automotive, commercial vehicle, aerospace and defense industries. Ms. Haley brings diverse global experience and deep […]

Mississauga, ON and Lexington, MA – January 4, 2021 – Weston Forest, a leading distributor and remanufacturer of softwood and hardwood lumber and specialty panel products, today announced it has been acquired by the Watermill Group, a strategy-driven private investment firm. “This is a historic event for everyone at Weston Forest,” said Steve Rhone, President, […]

Lexington, MA—October 28, 2020—The Watermill Group, a strategy-driven private investment firm, is delighted to announce the addition of Anabelle Skalleberg and Olga Levin to its team. Ms. Skalleberg has been appointed to the role of Principal and will be responsible for transactions and business development efforts spanning cross-border opportunities, COVID investment initiatives and WMX, a […]

New face shield provides comfortable, extended-use protection to frontline workers around the world Rochester, New York—October 15, 2020— Enbi, a leading manufacturer of high-performance precision rollers, insulation, gaskets and sealing technologies, today announced that its EnbiGuard face shield has been certified by the American National Standards Institute (ANSI) and International Safety Equipment Association (ISEA). The […]

Gordian Group- Podcast Discussion Series “Are distressed companies facing the same challenges today as in the ’08 crisis?” “Will there be another wave of defaults, and if so what sector?” “Do insolvency laws work in the era of Covid or are they outdated?” Hear Watermill’s Ben Procter, Bankruptcy Attorney Rick Mikels and Gordian, CEO Henry […]

During these trying times and feelings of uncertainty it is important to reflect on the positives and what matters most. At Watermill we are grateful for our friends, family and relationships – including our furry friends – our number one supporters, biggest cheerleaders, most loyal companions! We are thrilled to spread the love with some […]

With much excitement, today we announce the relaunch of watermill.com. This new digital home reflects Watermill to a tee. It is modern, creative and responsive. It puts our values first. It comes to life through our people, colleagues and teams, who are shown across every page. It captures our dedication to strategy-driven investing and showcases […]

This week, Watermill President & COO Julia Karol joined Northstar’s Private Equity Fast Pitch podcast to discuss Watermill’s history and culture, providing a window into the DNA of our third-generation family firm. Speaking with host Jeff Henningsen of Lockton Companies, Julia talks about our strategy and investment approach as well as her passions for education […]

This article originally appeared in the Boston Business Journal By Greg Ryan – Law and Money Reporter, BBJ Lexington-based private equity firm Watermill Group, traditionally an investor in industrial manufacturers, is making a new push into investments in women-led businesses in a wider range of industries. Named WMX, the initiative is the brainchild of Watermill […]

We’re witnessing an exciting demographic and cultural transformation. A sea change impacting whole industries and societies: The rise of female leadership. For decades, female leaders and entrepreneurs have been fighting to gain access to key capital and leadership positions. Now, global awareness of the positive impact diverse teams have on quality, creativity and bottom-line results […]

Private investment firm seeks to accelerate late stage investments in gender-diverse teams Recognizing the positive link between female leadership and business performance, the Watermill Group today launched WMX—an initiative that brings private equity access and resources to gender-diverse teams. “We’re widening the path to private equity by making late stage investments in great teams led […]

My Life As A Watermill Intern By Richard J. Hall Ever since I could walk, I dreamed of becoming a professional baseball player. From tee-ball to college ball, I have always desired to see how far baseball could take me. In May 2019, I graduated from Tufts University and my collegiate career came to an […]

Reflections From 2019 Happy New Year! As we enter a new decade at Watermill (our 5th since our founding in 1978!) we are pleased to share some highlights and reflections from the previous year. Building cross-border momentum 2019 offered a number of reasons to celebrate – notably our two complex, cross-border acquisitions. These international deals […]

Miller brings extensive global expertise and operational discipline to lead Enbi through its next stage of growth Enbi Global, Inc., a leading manufacturer of high-performance precision rollers, insulation, gaskets and sealing technologies, today announced the appointment of Christopher Miller as CEO. Miller is a global commercial leader with deep operational and technical experience, and previously […]

Combined company aims to be the first truly global manufacturer of high-quality, safety-critical fasteners Andaray (Holdings) Limited and its direct and indirect subsidiaries (“Cooper & Turner”) today announced it has acquired Beck Industries (“Beck”), a manufacturer and distributor of fully certified, high-security bolting components. The combined company aims to be the first truly global manufacturer […]

Customers to benefit from expanded capabilities including innovative remanufacturing services Watermill Group, a strategy driven private investment firm, today announced that its portfolio company Enbi Group, a leading manufacturer of high-performance precision rollers, insulation, gaskets and sealing technologies, has acquired Pierce Industries. The acquisition brings expanded capabilities to Enbi’s customer base and positions the combined […]

ACG Boston, the Boston Chapter of the Association for Corporate Growth (ACG), honored five members with inaugural chapter awards at a celebration recently held at the Boston Harbor Hotel. Among the night’s honorees was Watermill President and COO, Julia Karol, who received the ‘Woman of Influence’ Award. According to the association, the award is given […]

Watermill Group, a strategy-driven private investment firm, has acquired Enbi, a leading manufacturer of high-performance precision rollers, gaskets, seals and insulation for complex applications in image transfer, fusing, substrate transport and acoustic and thermal insulation. Enbi serves world-class OEMs in digital printing, ATMs and cash handling systems, HVAC as well as other industries in which […]

It’s hard to believe Tracy Streckenbach has already been a part of the Watermill team for a year. In honor of her first anniversary at Watermill, we roped her into a little Q&A. We hope you enjoy her reflections on the past year! What is the quirkiest deal you have worked on? Wigs! Need I […]

Wishing you all a happy holiday season and a great start to the New Year. Every year our team puts together a family-style holiday card and we hope you enjoy the latest addition. While the party venue wouldn’t allow Dash & Beckett to attend our 40th anniversary celebration, it was still an epic evening. Cheers to […]

Lexington, MA – November 19, 2018 – The Watermill Group’s acquisition of Cooper & Turner has been named a Cross Border Deal of the Year by The M&A Advisor, a premier network of M&A, turnaround and finance professionals. Watermill, a strategy-driven private investment firm, won in the $10MM-$50MM category. The firm was recently presented the […]

As any MBA student will attest, the Case Method is a fantastic way to learn as it contextualizes important principles with real-world anecdotes. However, in a 90-minute class one can only digest so much information, and, if you’re like me, no matter how important the content, an hour in you might accidentally find yourself thinking […]

Lexington, MA – September 12, 2018 – The Watermill Group’s acquisition of Cooper & Turner has been named a finalist in three categories for the 17th Annual M&A Advisor Awards. The private investment firm’s cross-border transaction will advance to the final round of judging for Industrials Deal of the Year ($10mm-$50mm), Cross Border Deal of […]

How do you properly celebrate 40 years? When you’re a family firm that likes laugh, you dig into the photo archives! The whole team helped drag boxes out of storage, watch the footage on unlabeled VHS tapes, and scan their phones and homes to come up with these priceless gems. It’s been a labor of […]

Lexington, MA – July 25, 2018 – As Watermill Group celebrates 40 years of private investment leadership and sets the stage for continued growth, the firm today announced the appointments of Cristina Rubbo and Scott Oudheusden. Ms. Rubbo joins Watermill as Director of Finance and will be responsible for managing the corporate accounting and finance […]

Watermill Group’s acquisition of Cooper & Turner was featured in the May/June 2018 issue of Middle Market Growth. Julia Karol, President and COO of Watermill Group, is quoted in the piece.  “Watermill really looks for industries that are going through transformation,” Ms. Karol says, adding that “The renewables sector is growing particularly fast.” Read the full […]

This month marks our 40th year in private investment. Founded as HMK Enterprises, over the past four decades Watermill has grown into a leading and enduring presence in the middle market and beyond, acquiring, operating and improving dozens of businesses in the US and around the world. We recently commemorated our anniversary at a private […]

Lexington, MA, May 15, 2018 – The M&A Advisor announced the winners of the 10th Annual International M&A Awards on Friday, May 4th. The cross-border acquisition of Cooper & Turner by the Watermill Group was named a winner for Industrials Deal of the Year. Watermill will be presented the award alongside other honorees at a […]

Since our founding 40 years ago, integrity and mutual respect have been cornerstones of our business. To that end, recently we distributed a letter to all executive team members at our portfolio companies. In it we reflect on what it means to create a true culture of safety, for all employees. It’s an important message, and […]

Providing internships to students interested in the private equity industry is an important part of the Watermill culture. Recently our intern Paul had the opportunity to sit down with Dale Okonow for an interview. How did you get into private equity? I went to law school and business school with the idea to practice law for […]

I am an intern at the Watermill Group. I graduated from Cornell in May and in June was drafted by the St. Louis Cardinals. I was assigned to the Cardinal’s Class A short-season affiliate team where I spent the rest of my summer playing baseball. Currently in my off season, I am working at Watermill […]

Lexington, MA — January 9, 2018 — The Watermill Group, a strategy-driven private investment firm, today announced the addition of Tracy Streckenbach, a leader in performance improvement, to its team as a Partner. Drawing on more than 25 years of experience as a CEO, board member and consultant, Ms. Streckenbach will work closely with Watermill […]

LEXINGTON, Mass — The Watermill Group, LLC (the “Watermill Group”), a strategy-driven private investment firm, today announced the sale of C&M Corporation to Winchester Interconnect Corporation (“Winchester”), a portfolio company of Snow Phipps Group (“Snow Phipps”), a private equity firm focused on middle-market control investments. The transaction took place on December 22, 2017. C&M is […]

A seasoned executive with deep growth acceleration and strategy implementation experience, Steel steps into role after serving as Tenere’s Vice President of Global Sales & Marketing Tenere Inc. (Tenere), a full service provider of complex metal and plastic components and assemblies for Fortune 500 companies, today announced that Brian Steel has been named its new […]

News Summary On November 13, the Watermill Group won the 2017 M&A Advisor Awards Industrial Deal of the Year in the in the $50MM – $100MM category for its acquisition of Experi-Metal, Inc. The M&A Advisor Awards are widely respected as a pinnacle of achievement in the M&A industry. Watermill Group was recognized along with […]

Watermill Group is pleased to share that the firm has been named a finalist in three categories for the 16th Annual M&A Advisor Awards. Watermill Group’s acquisition of Experi-Metal, Inc. was named a finalist in the Industrials Deal of the Year ($50mm-$100mm), Private Equity Deal of the Year ($50mm-$100mm) and M&A Deal of the Year ($50mm-$75mm) categories. […]

The M&A Advisor, renowned globally for its recognition of leading M&A, financing and turnaround professionals, created the Emerging Leader Awards to promote mentorship and professional development amongst the emerging business leaders. Watermill Group is pleased to share that Julia Karol and Sarah Bowen were both chosen for their accomplishments and expertise from a pool of […]

With my internship coming to a close, I have started to reflect on my experiences so far and what I hope to achieve following my time at Watermill. A typical intern day runs from 9-5, allowing for some variation based on deal flow and the timing of meetings. Each week kicks off with an investment […]

Congrats! You’ve landed the internship and your frantic search for something to do this summer is a thing of the past. Now, it’s time to focus on how to make the most of your 10-week taste of the working world. To help you do that, I’ve written a list of tips I’ve come up with […]

Watermill will apply its strategy-driven approach to support Cooper & Turner’s continued growth in the global wind energy, railway, tunnelling, oil & gas, and structural sectors, as well as across new markets and geographies – endeavoring to create the world’s first, truly global mission-critical-fastener supplier. Cooper & Turner senior management, including Group CEO Tony Brown […]

We’re delighted to share that Steven Karol, Managing Partner & Founder of Watermill Group, has been featured in the May 2017 Mergers & Acquisitions cover story on precision manufacturing. As Steven says in the piece, “We are bullish on manufacturing in North America. Advanced manufacturing is creating a lot of new opportunities in many different sectors for many […]

We hoped this day would come. The day when the broader market would wake to see the benefits and proven success of a deal-by-deal approach to private equity. At Watermill, our heritage as a nearly 40 year investor in private companies always pointed us toward a focus on improving company performance, as opposed to financial […]

Lexington, MA – August 9, 2016 – The Watermill Group, a strategy-driven private investment firm, set the stage for the next phase of the company’s growth by promoting three team members to executive leadership roles. Effective immediately, Watermill Principal Julia Karol has been appointed Watermill President and COO and Principal Michael Fuller is now CFO. […]

The Watermill Group acquires Experi-Metal, Inc. (EMI), a leading provider of prototyping and complex metalformed parts and assemblies for the automotive, aerospace and other industries. The acquisition of EMI will complement Watermill’s current portfolio company, Quality Metalcraft (QMC), a leading producer of engineered structural metal components and assemblies. The acquisition marks Watermill’s second major transaction […]

“If we’ve developed an industry-leading safety program, then that company is most likely better at manufacturing than their competition,” Steven Karol, Managing Partner and Founder, The Watermill Group We sat down with Watermill Founder and Managing Partner, Steven Karol, to discuss the safety program at Tenere – a Watermill company that last month expanded internationally […]

Dresser, Wis. – May 27, 2016 – Tenere Inc. (Tenere), a full service provider of complex metal and plastic components and assemblies, announced the expansion of its sheet metal capabilities with the addition of a facility in Monterrey, Mexico.  The new Tenere Monterrey sheet metal operation is the company’s first wholly owned international site. “Tenere’s international […]

Lexington, MA – May 10, 2016 – The Watermill Group, a strategy-driven private investment firm, today announced that Wesley Black has joined the organization to support the evaluation, due diligence and execution of new transactions. Mr. Black joins the team as an Associate, bringing a background in debt and equity financing in the middle market. […]

Just Kidding! As much as our senior team likes to imagine a life retired on the beach, we are all very much grounded at our desks working hard to help our companies climb to new heights and bring our loyal investors the next great opportunity.  Happy April Fools, 2016! April 1, 2016 Dear Friends, We […]

We hope you enjoy these outtakes from the making of our 2015 holiday card. The Watermill Group team wishes you all a festive and bright holiday season and the best of everything in 2016!

On November 17, The Watermill Group was named Private Equity Firm of the Year by The M&A Advisor, the premier global network of M&A, turnaround and finance professionals. The M&A Advisor Awards are widely respected as a pinnacle of achievement in the M&A industry. The Watermill Group was recognized along with its fellow deal making, […]

Watermill Group is delighted to share that we’ve been named a finalist for Private Equity Firm of the Year in the 14th Annual M&A Advisor Awards. In addition, Watermill has been named a finalist for Industrial Manufacturing and Distribution Deal of the Year (From $10 to $100MM) and Dale Okonow, Watermill Group Partner, was named […]

Steve Karol, Watermill Group’s Managing Partner and Founder, widely known as our big picture strategic thinker, occasionally shares updates with Watermill’s friends, investors, and advisers on his thoughts on markets and economies. We call these missives Reflections From the Water’s Edge and are delighted to begin sharing them more broadly through our blog. We hope […]

The Watermill Group acquires Quality Metalcraft, Inc. (QMC), a leading producer of engineered structural metal components and assemblies, providing advanced prototype, low-to-medium volume production and factory assist services to automotive and other specialty vehicle industries. Watermill will help QMC develop a long term strategy to deepen the company’s unparalleled commitment to service, while also driving […]

Providing internships to students interested in the private equity industry is an important part of the Watermill culture. Recently a few of our interns had the opportunity to sit down with Bob for an interview. Enjoy! How does your prior experience running Watermill Group portfolio companies help you in your role as a partner? Working […]

In May 2015, Plymouth-headquartered Fine Tubes, along with US sister company Superior Tube, was acquired by electronic manufacturer Ametek for $200m (£128.4m). The businesses had previously been owned by private investment firm the Watermill Group since February 2012. According to the most recent accounts for Fine Tubes Ltd, covering the year ending 31 December 2014, […]

Global Tubes is comprised of two businesses – Superior Tube Company, Inc. (Collegeville, PA) and Fine Tubes Ltd. (Plymouth, UK) – and was created in 2012 after they were acquired by The Watermill Group Sale price of $200 million represents significant return for The Watermill Group and its investors EBITDA more than doubled as a […]

Tenere Inc., a full service provider of complex metal and plastic components and assemblies, today announced the acquisition of Mountain Molding, LLC, a custom plastics injection molding company offering both tooling and production. The acquisition broadens Tenere’s plastics offering, and enhances their services and capabilities allowing customers to go from product design and prototyping to […]

ACG’s Intergrowth 2015 is only a few days away! Are you prepared? Read on for our  top ten survival tips. Have a plan. You can get by without one at many of the smaller conferences, but Intergrowth is a different beast. You’re unlikely to bump into all the people you’re hoping to see in a […]

APRIL FOOLS!  While we love the 70s, we have not actually invested in a disco ball manufacturer. We’ve removed the glittery background and crazy facial hair photos from the Watermill website, but the announcement below will live on.The old team photo above? That’s legit. If you look closely, you’ll be able to pick out Steve. […]

As a newcomer to the private equity industry, one of the most common questions I hear is some variation of what’s surprised me, what’s the biggest change, or what is it really like working in PE, or at Watermill. I could probably come up with 100 things, but let’s keep it simple. 6 surprises from my […]

Every year the Watermill team finds new and creative ways to embarrass the partners in our family style holiday card. This year, we let the dogs, Dash and Becket, choose the theme. It was no surprise then when they turned the tables on us: sick of wearing cute costumers and demeaning outfits, they made their […]

Stainless Steel World Magazine featured Fine Tubes & Superior Tube in their September cover story. We’re delighted to be able to share the full article with you here: SSW Cover Story Fine Tubes & Superior Tube have 150+ years of joint expertise in precision tube engineering and since acquiring the companies in 2012, our team […]

LEXINGTON, Mass.–(BUSINESS WIRE)–The Watermill Group, a strategy driven private investment firm, has expanded its team with three key hires spanning marketing, transactions and administration. As Director of Marketing, Sarah Bowen works on marketing and business development initiatives for the firm, as well as marketing strategy for select Watermill portfolio companies. Matt Bergin, who previously spent […]

We are pleased to share that Advantage Capital Partners and Ironwood Capital Connecticut  have made a mezzanine investment in C&M Technologies Group, (commonly known as C&M Corporation,) one of our portfolio companies. John Laskowsky, CEO of C&M Corporation, states, “This funding comes at a perfect time for C&M as we continue to execute on our […]

Manistique, MI—October 8, 2014— FutureMark Manistique, ( “Manistique”), a producer of uncoated Kraft and printing papers produced from 100% recycled fiber, today announced the appointment of Matthew Nightingale to the position of President and Chief Executive Officer. Nightingale joins Manistique with an outstanding track record of leadership in the paper industry. “Nightingale brings to Manistique deep […]

Alsip, IL— August 21, 2014 —FutureMark Alsip (Alsip Acquisition, LLC) today announced that, due to increasingly challenging market conditions in the North American coated paper market, it will indefinitely idle its mill in early September. Alsip is the only facility in North America making coated publication and printing papers predominantly from recycled materials. “This is […]

Manufacturing M&A is expected to surge over the next twelve months, according to dealmakers surveyed by Mergers & Acquisitions. Anthony Noto recently caught up with John Carr of The Watermill Group to discuss the manufacturing sector, reshoring, and additive manufacturing (i.e. 3D printing). Check out their conversation here. What trends have you been seeing in the manufacturing […]

One of the main conversations happening in the private equity world is how populated the industry has become and its effect on the purchase price of a company. Whereas 5-10 years ago PE firms would pay a 3-5x EBITDA multiple to acquire a company, today that same company could sell for for a 5-7x multiple, […]

Being on the verge of graduating college sets you up for a nasty bout of the “shoulds” — a cascade of career advice from everyone you know. This is all good and well, however, the shocking eminence of important career decisions begs the question: how are college grads to evaluate themselves and their career opportunities? […]

LEXINGTON, Mass.–(BUSINESS WIRE)–The Watermill Group, a strategy-driven private investment firm, has recruited John N. Carr to join as Principal. Mr. Carr will work on the evaluation, due diligence and execution of new investments. He will also support strategic transformation initiatives for Watermill’s portfolio companies. Mr. Carr has 10 years of experience spanning private equity, investment […]

Brian J. Malloy appointed Senior Vice President and Chief Strategy Officer to drive Global expansion for Watermill’s precision tubes business LEXINGTON, MASS. — The Watermill Group, a strategy-driven private investment firm, has brought in an executive from Alcoa to nurture growth for two closely related metals manufacturing companies in Watermill’s portfolio: Fine Tubes Ltd. in […]

Since its founding more than 35 years ago, Boston-based The Watermill Group has kept an eye on manufacturing companies. Of course, given the ebbs and flows of the market, investing in American manufacturing companies hasn’t always been an easy or even a good strategy. In fact, most companies have been outsourcing their manufacturing needs for the last 20 years […]

Westport, CT — November 22, 2013 — FutureMark® Paper Group, North America’s leading provider of responsibly made recycled paper, today announced the continued expansion of its customer roster among leading retailers, premier publishers and marketing services providers. The company reported new business wins in 2013 from Bed Bath & Beyond and Menards, as well as […]

Sept. 13, 2013 Investing in future leaders has become a priority for maturing firms Private equity is still a relatively young industry, with many firms being founded just 30 to 40 years ago. At many of these firms, it’s the founders who are still leading day-to-day operations. That’s great for continuity, but what about the […]

Panelists at ACG Philadelphia’s M&A East conference encourage PE firms and dealmakers to engage on Twitter and LinkedIn Middle-market M&A professionals may attend conferences to network and find leads on new deals, but Twitter Inc. and LinkedIn Corp. (NYSE: LNKD) can also provide some of that action, experts said at a panel on social media […]

Joining FutureMark Paper Group is helping Manistique create a brand not a commodity Like long lost siblings reunited after many years of separation, the Alsip, IL, and Manistique, MI, paper mills are now back under the same umbrella – this time that of the FutureMark Paper Group. After suffering through numerous ownership changes, including a […]

September 8, 2013 – Privcap sits down with Watermill’s Steven Karol to discuss transforming industrial processes by setting new goal parameters to increase a company’s profitability. Watermill acquired rubber manufacturing company Preferred Compounding in 2002, when the company was at a challenging crossroads. Steve Karol of Watermill discusses how the transformation of industrial processes can allow a […]

Westport, CT and Chicago, IL (PRINT 2013) — September 5, 2013 — FutureMark® Paper Group, North America’s leading provider of responsibly made recycled printing papers, today announced the launch of Future Jet TM, the industry’s first high-recycled, coated digital inkjet paper. Compatible with both dye- and pigment-based printers, Future Jet offers publishers and commercial printers […]

The Watermill Group does not invest in the fund format, and founder Steven E. Karol details why this model has worked for firm for over 30 years. He also discusses Watermill’s emphasis on strategy and operations over financial engineering. Watch the Video

3. Behind the Scenes One of my personal favorite templates is Watermill Group’s Twitter account, which incorporates a great mix of behind-the-scenes looks at its portfolio companies and its team. It also tweets interesting articles the team has been reading. If the PE firm does this right, it makes the firm’s team look, well, human, which is something many PE execs have […]

Fine Tubes, one of the world’s leading tube manufacturers for the aerospace, medical, nuclear and power, oil and gas and chemical process sectors, is now four years into a solar power project with SENER. SENER is the international engineering and construction specialist behind the Gemasolar commercial power plant – the first of its kind. Together […]

Combining the two Watermill Group-owned companies elevates their service possibilities and production levels while maintaining excellent standards by which they built their reputations. Fine Tubes can now strategically serve the U.S. market. Fine Tubes (Plymouth, England), one of the leading UK manufacturers of metal tubing for the aerospace, medical, chemical, nuclear, power and oil and […]

1) When you reveal to a Partner that the exciting new deal is $20m below our revenue criteria (Source tumblr) 2) When we get blown out of the water on an IOI (Source tumblr) 3) When you realize the “proprietary deal” is actually a full auction (Source tumblr) 4) When we bid low on a […]

“Social media is going to play an increasing role in private equity,” predicts Watermill Group’s Ben Procter when asked to forecast the developments that will shape middle-market dealmaking over the next year in this quartet of video interviews with Mergers & Acquisitions editor-in-chief Mary Kathleen Flynn. “The industry has been very slow to pick up […]

The Power List Now in its sixth year, the Power List is not a popularity contest, nor is it a catalogue of the great and good in the industry.  What it is however is PPI’s own ‘editors choice’ mixed in with a lot of ideas from people they have talked to on the front line […]

July 5, 2013. As social media promises to become increasingly important in the middle market, here are a dozen dealmakers worth following on Twitter for their insights, news and entertainment value. As social media promises to become increasingly important in the middle market, here are a dozen dealmakers worth following on Twitter for their insights, […]

Adams to drive growth for the advanced custom manufacturing firm DRESSER, Wis.—July 1, 2013—Tenere Inc., a full-service designer and fabricator of complex metal and plastic components and assemblies, today announced the appointment of Greg Adams to the position of Chief Executive Officer. As CEO, Adams will be responsible for driving growth for Tenere, both organically […]

WESTPORT, Conn.–(BUSINESS WIRE)–June 25, 2013 FutureMark(R) Paper Group, North America’s leading provider of responsibly made recycled paper, revealed it is now securing approximately 50% of the recovered paper needed to run its business through long-term purchase agreements. The agreements, collectively worth more than $20 million per year, help FutureMark manage its costs for buying waste […]

My first weeks at Watermill, a blog post by Andrew Lebovitz, Watermill Intern This spring I found out I got an internship at Watermill and along with excitement, I was also pretty worried. I was not sure how adjusting to a more structured environment would be, an environment where a “dress code” existed, where people […]

#1 Testing the Waters at Watermill Group. A blog by Joe Tamposi, Watermill Summer Intern With my second week as an intern with the Watermill Group coming to a close, I’d like to write out a few thoughts. First off, I couldn’t imagine a better office atmosphere (if I sound biased, don’t worry, I’m not […]

Ben Procter, Watermill Partner and President of ACG Boston speaks on his passion to develop the next generation of deal makers… “We’re putting a lot of effort into next-gen activities, including a great, active group of young professionals, called the Deal Hunters,” says ACG Boston president Ben Procter of the Watermill Group in this video […]

Devon-based precision tube manufacturer, Fine Tubes, has joined forces with the US company Superior Tube, in a bit to increase its global capabilities. June 3, 2013. The new partnership will enable the two Watermill Group owned companies to improve service possibilities and production levels both in the UK and US. Fine Tubes says they can […]

Dresser, Wis.—May 24, 2013—Tenere Inc., a full-service designer and fabricator of complex metal and plastic components and assemblies, today announced that it has acquired Protogenic, a quality-driven rapid prototyping and casting company. The acquisition expands Tenere’s portfolio of services for helping manufacturers transform complex engineering concepts into commercial products.“Tenere was attracted to Protogenic’s expertise in a […]

UK metal tube manufacturer Fine Tubes has recently been certified for its standards in Welding, joining recognition for its Heat Treating and NDT processes Plymouth, United Kingdom. May 20, 2013 — Fine Tubes is proud to announce its latest accreditation from Nadcap for superior standards in metal tube manufacture. This accreditation entitles the company to […]

Manistique, MI—May 21, 2013—FutureMark® Paper Group, North America’s leading provider of responsibly made recycled paper, celebrated the one year anniversary of the acquisition of Manistique Papers. FutureMark Manistique is the sole North American producer of exclusively 100% recycled uncoated printing and packaging papers. Since the completion of the sale in May 2012, the FutureMark Manistique […]

Lexington, MA –April 9, 2013–  As Founding Members of The Kids Table Networking Group in Boston, Emily Lord and Julia Karol present on the Radio Entrepreneurs radio show on the Money Matters channel along with colleagues Natalie Sperling, Peter Baty and Kyle Murphy. Listen to the founding team as they discuss how they founded a […]

Thanks to PE Reader and their Rockstar Social Media Team! As a small firm with a big heart, we love getting a little twitter love

Watermill Recognized for Acquisition of Manistique Papers, Inc. Lexington, Mass. – March 18, 2013 – The Watermill Group is the proud recipient of the Restructuring Community Impact Award at the 7th Annual M&A Advisor Turnaround Awards for the firm’s acquisition of Manistique Papers. “The award winners represent the best of the M&A industry in 2012 […]

After nearly 80 years, Superior Tube is excited about its new opportunity for growth. By Alan Dorich   When private investment firms acquire midmarket companies, they have the potential of taking those enterprises to new levels of success. That is exactly what Superior Tube Co. Inc. hopes to reach with its new owner, President and […]

Manistique is a winner of the inaugural RWJF Roadmaps to Health Prize. The prize honors outstanding community partnerships, which are helping people live healthier lives. Empowering People and Inspiring Change The legions of tourists who visit Manistique, Mich., each year invariably head to the city’s best known recreational sites including the Seney Wildlife Refuge, multiple […]

Lexington, MA, January 16– The M&A Advisor is pleased to announce 175 nominations, representing over 300 companies have been submitted for the 7th Annual M&A Advisor Turnaround Awards. Watermill Group’s Acquisition of Manistique Papers was named a finalist in two categories: Restructuring Community Impact Award and Sector Deal of the Year: Industrial and Basic Resources […]

Private equity firms rushed to get deals done in late 2012, partly to beat an expected increase in taxes on gains made from investments. As a result, private equity-backed buyout dealflow in North America reached a post-Lehman high of 1,590 deals valued at $152.3 billion, according to market intelligence firm Preqin. While the lingering uncertainty in the U.S. […]

Watermill Group said Monday, Dec. 17, it acquired Tenere Inc., a maker of metal and plastic components, from Stonehenge Partners Inc. Terms were not disclosed. Dresser, Wis.-based Tenere fabricates sheet metal, injection molded products and machined products, as well as providing integration and system-level assembly services. Stonehenge Partners acquired Tenere in October 2000 via its Stonehenge Opportunity Fund for […]

Tenere to add up to 100 new employees to fuel rapid growth Lexington, Mass. – December 17, 2012– The Watermill Group, a strategy-driven private investment firm, announced the acquisition of Tenere, Inc., a full-service designer and fabricator of complex metal and plastic components and assemblies, from Stonehenge Partners, Inc. “Watermill was attracted to the engineering […]

Watermill has been named a finalist in the M&A Advisor Awards in the Cross Boarder Deal of the Year ($35MM-$100MM) category for our succesful completion of the Fine Tubes, Ltd. and Superior Tube Company acquisition. Watermill and the other finalist companies have been selected from a record 423 nominations representing over 600 companies. An independent […]

LATROBE, Pa. – When the U.S. Marine’s V-22 Osprey tilt-rotor aircraft settled to the Libyan desert to retrieve the ejected U.S. airman, it did so with triple-melted alloys manufactured by Latrobe Specialty Steel. The V-22 Osprey with its unique tilt-rotor mechanism uses many Latrobe premium alloys for such critical components within the transmission gear boxes, rotor […]

Watermill was recently interviewed for the BGL Metals Insider, a highly respected industry report published by middle market investment banking firm Brown Gibbons Lang & Co. See Pg. 10 for a full article on Watermill’s recent acquisition of Superior Tube, Inc and Fine Tubes, Ltd.

COLLEGEVILLE — One of Montgomery County’s oldest family-owned companies has been sold to a private investment firm. Superior Tube, founded in 1934 by Clarence Warden and S. Landis Gabel to produce small diameter steel tubing for a then-emerging aircraft industry, is now the property of Massachusetts-based The Watermill Group. In tandem with the purchase of […]

Watermill was recently interviewed for the BGL Metals Insider, a highly respected industry report published by middle market investment banking firm Brown Gibbons Lang & Co.  Download the report and see page 10 for a full article on Watermill’s recent acquisition of Superior Tube, Inc and Fine Tubes, Ltd.

FutureMark® Paper Group launched today as the umbrella group for two recycled paper producers previously operating as Manistique Papers and FutureMark Paper Company. Guided by an unwavering commitment to sustainability, FutureMark Paper Group is now the leading North American provider of responsibly made high-recycled paper for books, magazines, catalogs, retail inserts, business papers, commercial printing […]

Recyclable paper from the United States travels halfway around the world—only to end up, transformed, back on our retail shelves. Welcome to the weird world of wastepaper. In 1990, a year when the American appetite for industrial resources was fixed in the direction of the Persian Gulf, a woman named Cheung Yan moved from Hong […]

Fine Tubes Ltd. and Superior Tube Company Combine Forces to Expand Global Presence and Accelerate Growth Lexington, Mass. – Sept. 11, 2012 – The Watermill Group, a strategy-driven private investment firm, announced the acquisition of two manufacturers specializing in high-precision metal tubing – Fine Tubes Ltd. in Plymouth, United Kingdom, and Superior Tube Company Inc. […]

A Plymouth engineering factory has been taken over by new owners. Fine Tubes Ltd has been bought by private investment firm the Watermill Group along with its sister company in the US, managers said. The factory – which makes high-spec tubes for the aerospace, medical and nuclear industries – currently employs about 380 people. In […]

Plymouth engineering firm Fine Tubes has announced that it is now under new ownership following a deal with an American private equity firm. The Estover-based business, which employs 380 people, makes high-precision tubes from stainless steel, nickel, titanium and zirconium alloys. These are used across a range of industries, from oil and gas and nuclear […]

One year ago, Manistique Papers filed for bankruptcy, but today the company is a vibrant employer thanks to people working together in the name of reinvention. On Monday, Governor Rick Snyder stopped by the paper mill as part of his tour of the Upper Peninsula, and Jason Raiche of The Daily Press was on hand […]

Ben Procter speaks about the transformation at ACG Boston   ACG Boston is best known for throwing events that are distinguished by a qualification process. By limiting invitations to only ACG members and non-members that are directly involved in M&A transactions, ACG Boston is able to provide valuable networking opportunities. Recent developments include 10 new […]

BURLINGTON, ON, Aug. 3, 2012 /CNW/ – EcoSynthetix Inc. (TSX:ECO.TO – News), a renewable chemicals company that produces a family of commercially proven bio-based products, today announced that FutureMark Paper Company (FutureMark) has signed a three-year contract for a minimum of 2.45 million dry pounds of EcoSphere biolatex binders delivered annually to its Alsip, Illinois, […]

Last August, something like a natural disaster struck the Upper Peninsula community of Manistique. Out of nowhere, it seemed, an economic tornado ripped apart the town’s largest employer, Manistique Papers, forcing the company to the brink of Chapter 7 bankruptcy and destroying 150 jobs. Today, 130 of those jobs are back, with a dozen or […]

C&M Corporation, a vertically integrated manufacturer of bulk cable, coil cords, and cable assemblies, has announced receipt of a 2012 Innovation Prize from the Connecticut Quality Improvement Award Partnership, Inc. C&M’s Gold Level Award was formally presented at the 25th anniversary Connecticut Quality Improvement Award Conference on Quality and Innovation, held June 5, 2012, at […]

NEW YORK, NY, Jun 04, 2012 (MARKETWIRE via COMTEX) — American Metal Market proudly announces the finalists for the 2012 Awards for Steel Excellence. The 2012 Awards for Steel Excellence program will recognize the most innovative companies across multiple categories. The winners will be announced and honored at a special dinner on June 19, 2012 […]

Guest Commentary: Economic gardening strategy saves and grows Michigan jobs By Michael Finney Detroit Free Press Guest Writer A celebration earlier this month in the Upper Peninsula was barely heard south of the Mackinac Bridge. For those in economic development in Michigan, this reality only illustrates the massive change to our state since last year […]

Mergers and Acquisitions To accelerate dealflow, staying on the radar is critical, explains Ben Procter, partner at private equity firm Watermill Group and president of ACG Boston. “Dealsource, a speed-dating process between intermediaries and private equity firms,” is one way to do that, he tells Mergers & Acquisitions senior reporter Anthony Noto at the 2012 Boston […]

EDITORIAL Momentous events bring a community together. Good or bad, joyous or tragic, they are the ties that bind, that make all of us one. Late last summer, Schoolcraft County experienced the dark side of those ties with the shocking news that the area’s oldest manufacturer, an institution, a cornerstone of the business community and […]

MANISTIQUE – The conversion to recycled paper has proved to be a real rollercoaster ride for the area’s oldest manufacture, Manistique Papers. Once believed to be their salvation, rising raw material costs eventually forced the mill into bankruptcy. But now that same method of production has led to its revival. After several months of negotiations, the […]

Private investment firm forges strategic alliance between nation’s top recycled paper companies Lexington, Mass. – April 17, 2012 – The Watermill Group, a strategy-driven private investment firm, received court approval today to acquire Manistique Papers, the only company in North America producing high-value uncoated printing and writing paper exclusively from 100-percent recycled fiber. The purchase […]

With record recovered paper prices (unadjusted for inflation) at US mills the last two years, FutureMark Paper announced that it signed three long-term supply agreements for recovered paper that set a single price for the term of each contract based on historical averages rather than on monthly moving price terms. FutureMark CEO Steve Silver said […]

Strategy Transforms Small Steel Division into Specialty Metals Leader, Delivering 10x Return Lexington, Mass. and Dallas, Texas – February 29, 2012 – The Watermill Group, a strategy-driven private investment firm, and Hicks Equity Partners (“HEP”), the private equity investment vehicle of the Thomas O. Hicks family, today announced the completion of the merger between Latrobe […]

(PRESS RELEASE) ALSIP, Ill. — On Tuesday, America Recycles Day, FutureMark Paper Company rolled out the first high-recycled premium coated paper produced in North America especially for textbooks, cookbooks, children’s books and other picture books requiring premium print fidelity. Scholastic, an innovative children’s publishing, education and media company, is among the environmentally progressive companies using Future Book paper—the […]

Watermill Group details how it became the successful owner of North America’s only producer of recycled coated mechanical paper By STEVEN KAROL, Watermill Group M&A professionals often tout the importance of strategy in turning around or growing a business. But the effects of strategy are notoriously hard to isolate, as it rarely operates alone. A […]

Carpenter Technology Corporation (NYSE: CRS) and Latrobe Specialty Metals, Inc. today announced they have entered into a definitive merger agreement whereby Carpenter will acquire Latrobe in a transaction valued at approximately $558 million. In the transaction, 8.1 million shares of Carpenter stock, subject to certain adjustments for working capital and pension, representing a current equity […]

Good news from our printing presses: Sierra magazine’s paper is now as eco-friendly as it gets. Starting this summer, issues will be printed on recycled, FSC-certified paper. Chuck Baldwin, the magazine’s associate director of operations, spent six years looking for the perfect pages. And while there’s rarely such a thing as perfection during a quest […]

American Printer March 21, 2011 Some printers still harbor concerns about recycled paper. They might think it doesn’t run well on high-speed presses or that it looks inferior to virgin paper. Perhaps they assume it costs more and is hard to get. These perceptions may have been true 20 years ago, but not anymore. Recycled […]

Working under the principle of ‘build it and they will come’ from the movie, Field of Dreams, FutureMark Paper found the right customers at the right time for its line of publication papers. Already given a headstart from previous mill owner Myllykoski’s foresight in building a state-ofthe-art deinking plant, FutureMark has grown its “green” business […]

Latrobe, PA, January 17, 2011 – Latrobe Specialty Steel Company, a leading global manufacturer and distributor of high performance specialty metals, announces the appointment of B. Christopher DiSantis as President and Chief Executive Officer. With a background in metals and materials sciences plus extensive experience in aerospace and defense, DiSantis brings to Latrobe an outstanding track […]

We are extremely pleased to announce the appointment of John Laskowsky to the position of President and CEO of C&M Corporation effective January 10, 2011. John’s proven record of leading organizations to higher levels of profitable growth coupled with a focus on operational excellence and a background in engineering is an ideal fit for C&M, […]

Watermill Group, of Lexington, MA, Sells Preferred Compounding Corp. LEXINGTON, MA — In a transaction between private equity firms, Watermill Group has sold Preferred Compounding Corporation to Wingate Partners effective December 8, 2010 for over 6x Watermill Group’s initial investment. Preferred, headquartered in Barberton, OH supplies proprietary and custom mixed rubber compounds to customers. Watermill […]

By: Jim Johnson December 06, 2010 Officials at FutureMark Paper Co. figured their mill was ahead of the curve, but there still were no guarantees when they purchased their recycled paper site late in 2009. Now, just about a year later, the Alsip, Ill., operation near Chicago is running at full capacity and sells all […]

An avid sailor, Steven Karol discusses how his company won the race by keeping its eyes on the horizon and sailing into the storm The winds of change are constant in the world of business. Capitalizing on that change is the Massachusetts based Watermill Group, a private buyout organization that focuses on acquiring middle-market companies […]

Today on America Recycles Day, the only nationally recognized day dedicated to the promotion of recycling programs in the United States, FutureMark® Paper Company announced it has recycled more than 1.5 billion pounds of paper since its mill first began producing coated publication paper eight years ago. The Illinois-based company, which is the only North […]

FutureMark® Paper Company, the only North American manufacturer capable of producing up to 100% recycled coated paper for magazines and catalogs, was awarded the Best Green Reliability Program by Uptime Magazine yesterday at the Solutions 2.0 Conference. “The judging panel was impressed by FutureMark Paper’s commitment to environmental sustainability in every aspect of its business, […]

FutureMark Paper sees the opportunities, as well as the challenges, in working in the urban forest. Steve Silver, president and chief executive officer of FutureMark Paper, is frustrated. The paper mill, located just outside of Chicago, is surrounded by a vast supply of recovered fiber that the company needs to run its machines. While the […]

C&M Corporation, a vertically integrated manufacturer of bulk cable, coil cords, and cable assemblies, has announced receipt of a 2010 Innovation Prize from the Connecticut Quality Improvement Award Partnership, Inc. C&M’s Gold Level Award will be formally presented at the 24th annual Connecticut Quality Improvement Award Conference on Quality and Innovation, which will be held […]

Latrobe, PA – On June 22nd, Latrobe Specialty Steel’s VIM-VAR expansion won the inaugural American Metal Market Award for Excellence for Best Operational Improvement. This expansion supports growing demands for high quality vacuum melted steels from the American military, as well as from many commercial aerospace, power generation and petroleum exploration customers. Latrobe Specialty Steel […]

Newpapers, magazines, press kits, brochures, catalogs, newsletters, and memos…oh my! We deal with hundreds of pieces of printed paper everyday, but most are discarded without a second thought to where they came from or what they’re really worth. Some startling facts: Americans discard 4 million tons of office paper every year — enough to build […]

C&M Technologies Group Inc., located in Wauregan, CT, has announced receipt of Rockwell Automation’s Supplier of the Year Award for 2009. This prestigious honor was presented during a vendor conference held in Milwaukee, WI, the week of February 5th. The award is based on performance against defined Rockwell Automation criteria and measurements throughout the year. […]

BARBERTON, OHIO – Four years of improvements have Preferred Compounding charging into 2010 with strong fundamentals and a well-provisioned tool set for meeting the needs of manufacturers that use custom compounded elastomers. The company is signaling this emergence by introducing a new name, logo and branding. As of April 19, Preferred Rubber Compounding Corporation is […]

As featured on the Triplepundit blog: When paper is recycled, its ink, coating and unusable fibers are left as waste products. But FutureMark has developed a way of changing that. These “waste” materials are high in calcium and, according to FutureMark, “…have nutritive properties similar to agricultural lime, which is a common fertilizer supplement.” So […]

Computationally-Designed, High-Performance Alloy for Aircraft Landing Gear and Other Applications Now Available from Latrobe Specialty Steel Company. LATROBE, Pa. and EVANSTON, Ill., April 5– QuesTek Innovations LLC has awarded a license to Latrobe Specialty Steel Company to produce and sell Ferrium® M54™. This is the first license awarded to produce commercially and sell this alloy […]

Environmental coated paper manufacturer leads industry in adopting greener coatings and innovating waste paper reuse Alsip, Ill. – March 29, 2010 – Today FutureMark™ Paper Company, the only North American manufacturer capable of producing up to 100 percent recycled coated paper for magazines and catalogs, announced two new initiatives to lower the environmental impact of […]

LATROBE, Pa., Jan. 18 /PRNewswire/ — Latrobe Specialty Steel’s VIM-VAR expansion won by unanimous vote the Association for Iron & Steel Technology’s (AIST) award for 2009 Project Excellence. AIST’s Project and Construction Management Technology Committee looked at competing projects from Allegheny Technology’s Allegheny Ludlum plate manufacturing plant and United States Steel’s coal grinding facility, but […]

Crucible Industries LLC is pleased to announce its partnership with Latrobe Specialty Steel Distribution for the sales and marketing of Crucible Particle Metallurgy (“CPM”). Supported by more than 30 years of investment in research and development, Crucible’s CPM is one of the world’s most advanced powder metal materials and a critical input for companies in […]

Steel Guru: November 24, 2009. QuesTek Innovations LLC announced that it has awarded licenses to Latrobe Specialty Steel Company to produce and sell Ferrium® C61™ and C64™ alloys. These are the first licenses granted by QuesTek to make commercially and market these two alloys using QuesTek’s compositions, processing expertise and intellectual property. For more information, […]

Lexington, Mass. – November 9, 2009 – The Watermill Group announced today that it has acquired the Alsip manufacturing facility of the Madison Paper Company from Myllykoski Group. Watermill Group has renamed the newly acquired paper manufacturer FutureMark Paper Company in alignment with the company’s intent to cater to the fast-growing, underserved North American market […]

Lexington, MA – Dale Okonow has many skills and talents as a business executive. He has been a President and Chief Operating Officer, a Managing Partner and a corporate lawyer. But his greatest value in this economy is his expertise in the “ turnaround” of businesses –acquiring, financing and operating manufacturing and distribution businesses and […]

Lexington, MA – On August 28th, 2008, Watermill Ventures sold Vertex Distribution (“Vertex”, the “Company”) to DXP Enterprises, Inc. (NASDAQ: DXPE), a national distributor of maintenance, repair and operating (MRO) products, equipment and services to industrial customers. Vertex, headquartered in Attleboro, Massachusetts, is one of the largest North American master distributors of corrosion resistant industrial […]

Lexington, MA– The Watermill Group announced today that it has acquired C&M Technologies Group, Inc. d.b.a. C&M Corporation (“C&M”), a leading manufacturer of custom cable, coil cords and cable assemblies. With manufacturing capabilities in the United States and Mexico, C&M is well positioned as a top supplier of specialized cabling solutions to Fortune 500 companies […]