Vertiv Holdings Co. said Thursday that it completed the acquisition of PurgeRite, a Houston provider of mechanical flushing, purging and filtration services for cooling and filtration systems used by data centers, as well as medical and manufacturing facilities.
In an transaction dated Oct. 31, Westerville, Ohio-based Vertiv agreed to pay about $1 billion in cash for PurgeRite plus up to an additional $250 million based on achieving certain metrics. Vertiv said the acquisition enhances its thermal chain services for liquid cooling systems that are necessary to run data centers.
Vertiv subsequently announced (Nov. 18) a deal with Caterpillar’s Solar Turbines unit “to deliver pre-designed architectures that simplify deployment, accelerate time-to-power and optimize performance for data center operations.”
Buchanan, Ingersoll & Rooney advised Vertiv. A Chicago team from DLA Piper repped PurgeRite’s parent company, Milton Street Capital, a Houston private equity firm.
“PurgeRite’s specialized expertise in fluid management services complements our existing portfolio and enhances our ability to provide end-to-end product and service support for customers’ high-density computing and AI applications where efficient thermal management is critical to performance and reliability,” Vertiv CEO Gio Albertazzi said.
Vertiv said high-performance computing and AI factories require clean fluid loops to maximize cooling performance that begin with “optimal flow at commissioning by establishing ultra-clean, air-free, chemically stable coolant, and preserving that balance to maintain performance throughout the system’s lifecycle.”
Harris Williams is the financial advisor to PurgeRite, and Stifel is sole financial advisor to Vertiv.
Partners Alex Plakas and Alyssa Christensen led the DLA Piper team that included associates Steven Wittenberg and Emma Poplack.