Financial advisor to USALCO LLC

KPMG Corporate Finance LLC acted as financial advisor to USALCO LLC

KPMG Corporate Finance LLC is pleased to announce USALCO LLC (USALCO), a portfolio company of H.I.G. Capital, has completed a merger with G2O Technologies, a portfolio company of Arsenal Capital.

The USALCO and G2O merger will create one of North America’s leading water treatment chemical producers. The combined company will operate 27 sites extending from California to Puerto Rico, maintain in-house transportation capabilities, and offer a range of products, including aluminum and iron salts, organic polymers, and specialty blended formulations.

“This merger marks an exciting milestone for our customers, employees, and stakeholders who depend on our services,” said Ken Gayer, CEO of USALCO. “Our complementary products and broader geographic reach will allow us to offer an expanded set of solutions that help improve our customers’ water treatment processes and protect our water resources.”

“We are very excited about the combination and look forward to partnering with Arsenal,” said Keval Patel, managing director at H.I.G. “This is a transformational step in USALCO’s strategy of becoming a leading provider of specialty water treatment solutions in North America.”

USALCO has demonstrated a strong track record of growth throughout its history. Including G2O, USALCO has completed four strategic transactions since H.I.G. recapitalized the business with Peter and David Askew in June 2020. USALCO acquired AlChem Specialties, LLC and CalCHEM Specialties, LLC in December 2020 and ALTIVIA’s water treatment business in September of this year.


USALCO is a leading provider of high-quality specialty chemicals used in water and wastewater treatment and other industrial applications in the United States. Headquartered in Baltimore, Maryland, USALCO operates 27 manufacturing facilities throughout the United States. For more information, please refer to the USALCO website at

G2O Technologies

G2O Technologies was formed in early 2020 through a merger of Gulbrandsen and GEO Specialty Chemicals water treatment, divisions. G2O supplies specialty chemicals for the water, wastewater treatment and industrial manufacturing markets. Headquartered in Phillipsburg, New Jersey, G2O operates 15 manufacturing and distribution facilities throughout the United States and in Puerto Rico. For more information, please refer to the G2O website at

KPMG Corporate Finance LLC

The global Corporate Finance practice of the KPMG International network of independent member firms was ranked number 1 as the top M&A middle‑market adviser globally by Refinitiv, based on number of completed transactions, for the past 20 years.

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Stephen Guy

Stephen Guy

Managing Director, KPMG Corporate Finance LLC

+1 443-946-9789

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