Buyer Dossier: Blue Water Industries

Buyer Profile

Company Type

Private Infrastructure & Water Company (LLC)

Headquarters

United States

Revenue

Not disclosed

Notable Transaction

Sold 20 aggregates ops to Martin Marietta for $2.05B (April 2024)

Operational Model

Distributed, multi-site infrastructure operations

End Markets

Construction, Energy, Municipal, Infrastructure

Capital Position

Significant post-transaction capital for redeployment

Martin Marietta Counterpart

NYSE: MLM (Ward Nye, CEO)

Key Contacts

Name	Title	Coverage	Email
Principals / Owners	Managing Partners	Capital deployment, new sector entry	—
Operating Management	COO / VP Operations	Multi-site operational oversight	—

Strategic Fit

Blue Water Industries built its value by operating 20+ geographically dispersed infrastructure assets and selling them to a strategic buyer at a premium. Water treatment is the natural next chapter for operators with this exact skill set — distributed facilities, local market relationships, essential services, and cycle-resistant demand. The operational playbook transfers directly.

Following the $2.05 billion Martin Marietta transaction, BWI has significant capital to redeploy. Water treatment services offer an attractive reinvestment thesis: stronger recurring revenue characteristics than aggregates, less cyclical exposure to construction markets, and a highly fragmented competitive landscape that supports the same buy-and-build strategy BWI has already proven it can execute.

AquaScience provides an immediate operating foundation in Wyoming's energy, mining, and municipal sectors — markets BWI understands from its aggregates experience. The combination of BWI's multi-site operational expertise and AquaScience's water treatment knowledge creates a credible platform for consolidating additional Mountain West water treatment operators.

Approach Strategy

Call Opener: "You built a multi-site infrastructure platform and sold it at a premium — the operational model for doing that in water treatment is almost identical, with even more recurring revenue and less construction-cycle exposure. We have a Wyoming water treatment company that could be the foundation for the next platform."

1

The operating model you already know. Distributed facilities, local customer relationships, essential services, regional expertise — water treatment runs on the same operational logic as aggregates. BWI's management team has the exact skills to run and grow a water treatment platform.

2

More recurring, less cyclical than aggregates. Water treatment demand is driven by regulatory mandates and operational necessity — not construction starts. AquaScience's Wyoming customers in energy, mining, and municipal sectors have durable, non-discretionary treatment needs regardless of the economic cycle.

3

Fragmented market is ripe for the same strategy. The Mountain West water treatment market mirrors what BWI saw in aggregates — hundreds of independent operators with no clear platform builder. AquaScience is the logical starting point for a consolidation play that ends in a premium sale to a Xylem, Veolia, or Suez.

Pipeline History

Date	Activity	Contact	Outcome	Status
—	Initial Research & Profile Build	Internal	Dossier compiled	Complete
—	First Outreach	Larry Casey	Pending	Next Step