Raincatcher Advises AquaWorks DBO on Its Sale to Apex Companies

Adam Sommers spent more than two decades building AquaWorks DBO into a recognized name in a specialized corner of environmental engineering, delivering modular, regulatory-compliant water and wastewater solutions to municipalities, districts, developers, and facilities needing system expansion or upgrades.

When inbound buyer interest began to increase, he knew the timing might be right to explore a sale. What he didn’t know yet was how much the quality of that process would matter.

For Sommers, the decision wasn’t made lightly. Conversations with potential acquirers confirmed what the market was already signaling: demand was real. But conviction took time.

“You’re typically only going to build a business and sell it once. It’s not just a financial decision. It’s personal, complex, and there’s a lot riding on getting it right.” – Adam Sommers, Founder, AquaWorks DBO

Choosing the Right Advisor

Sommers was aware of larger M&A firms but was concerned about fit. AquaWorks is a lower middle market business, and he didn’t want it to become a low-priority engagement at a firm focused on larger mandates. Through his business attorney, he was introduced to Raincatcher, a Denver-based M&A advisory firm and Axial member since 2017. What stood out was the combination of hands-on attention and an institutional approach to process.

What followed was a structured, competitive process. Raincatcher marketed the deal on Axial, where it was matched with and distributed to a network of qualified buyers across firm types. Rather than reacting to inbound interest on a one-off basis, Sommers was able to evaluate multiple paths simultaneously and choose a partner aligned with his long-term vision for the business.

The Buyer: Apex Companies, a Morgan Stanley Capital Partners Portfolio Company

AquaWorks DBO was ultimately acquired by Apex Companies, a national engineering and environmental consulting platform backed by Morgan Stanley Capital Partners, an Axial member since 2011. The strategic fit was clear: Apex’s platform and institutional resources positioned AquaWorks for continued growth, and the buyer’s depth in environmental services aligned directly with the business’s technical capabilities.

Lessons for Owners Approaching an Exit

Sommers came away from the process with two clear lessons for other owners: find the right advisor before you need one, and then lean fully into the process they’ve built.

“When people talk about process, it’s both a noun and a verb. It’s an established path that deal flow follows. The more familiar you are with that process, the more you lean into it and the more you follow it, the more successful you’ll be. Trying to do it yourself might seem cheaper upfront, but it usually costs you in the end. The process and outcome are just not the same.” – Adam Sommers

For owners in technically specialized, defensible industries, AquaWorks DBO’s story illustrates a consistent pattern: the right buyer network, the right structure, and the right advisor don’t just improve the odds — they change the outcome. 

Axial Deal Data