Denver, CO (July 1, 2015) - Headwaters MB advised Clearwater Systems Corp. on the sale of its Dolphin WaterCare business to EVAPCO, Inc. The transaction brings together the financial and industry strength of EVAPCO and the time-tested technology and extensive water treatment service capabilities of Dolphin WaterCare. 

"This is an important and historic moment for the sustainable water treatment industry and our mission to make the built environment more sustainable," stated Anupam Bhargava, CEO of Clearwater Systems. "Our transformation over the last three years from an OEM to a full-service water treatment solutions provider has enabled Dolphin WaterCare to deliver world-class performance to its customers and we are excited to be in a position to now accelerate our growth as a part of an industry-leading company like EVAPCO," added Bhargava.

The transition is expected to be transparent to Dolphin WaterCare customers as they continue to receive the same advanced water treatment technology, high-level of water treatment service, and robust reporting delivered by the same Dolphin team they have come to know and trust.

"We are optimistic that combining Evapco's financial strength with the water treatment experience, technology and service capabilities of the two companies will help drive market demand for sustainable water treatment. Our goal is to provide innovative water treatment solutions that will yield improved water efficiency and sustainability benefits for the evaporative cooling industry," said William G. Bartley, President and CEO of EVAPCO, Inc.

Headwaters MB acted as exclusive financial advisor to Clearwater Systems. Terms of the transaction were not disclosed. 


About Headwaters MB
Headwaters MB is an independent, middle market investment banking firm providing strategic merger and acquisition advice, capital raising and special situations advisory. Named "Investment Bank of the Year" by major organizations for its third consecutive year, Headwaters MB is headquartered in Denver, CO with seven regional offices across the United States and partnerships with 18 firms covering 30 countries. For more information, visit

About Dolphin WaterCare
Dolphin WaterCare provides an environmentally-friendly and proven alternative to chemical water treatment for evaporative cooling and refrigeration systems. The Dolphin solution is comprised of a time-tested technology and comprehensive water treatment service. This unique blend of proven technology and expert service ensures world-class HVAC/refrigeration system health (control of scale, corrosion and biological activity), pollution prevention, reduced potable water consumption, water re-use opportunities for chemical-free discharge, and lowered operating costs for our customers. For more information, please visit

About EVAPCO, Inc.
EVAPCO, Inc. is an employee-owned global manufacturer of heat transfer solutions for the commercial HVAC, industrial refrigeration, power generation and industrial process markets. EVAPCO specializes in developing innovative solutions that are reliable, environmentally friendly and simple to operate and maintain. An industry leader in independent third-party performance certifications, EVAPCO products are designed to deliver high system efficiency with low annual operating costs. Headquartered in Taneytown, MD, EVAPCO products are now manufactured in 21 locations in 10 countries around the world and supplied through a sales force of over 170 offices. For more information, please visit


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