Baird Capital Exits Investment in Cleanwater1

SAN JOSE/CHICAGO (August 19, 2026) - Today, Baird Capital's Global Private Equity team announced the sale of its investment in Cleanwater1 to Veralto (NYSE: VLTO), a global leader in essential water and product quality solutions.

Cleanwater1 is a leading provider of water and wastewater quality management solutions, chemical feed systems and gas phase filtration technologies to the municipal utility and industrial markets. Baird Capital initially invested in the company in 2022, and the exit will result in the largest dollar distribution from the sale of a Baird Capital portfolio company to date.

Baird Capital's investment supported Cleanwater1's significant growth and strategic expansion. During Baird Capital's hold period, revenue nearly tripled and four add-on acquisitions were completed including Velocity Dynamics (Velodyne), Integrity Municipal Systems, Industrial Control Systems Online and PureAir Filtration. The company also achieved scaled market positions in Water Quality, Chemical Feed and Gas-Phase Filtration. The business has been able to expand beyond its original municipal focus, broadening its product offering and commercial capabilities to serve industrial and commercial water and wastewater markets. Throughout the investment period, Cleanwater1 grew EBITDA by more than 4.5x.

"We are proud to have partnered with the Cleanwater1 team as they transformed the business into a scaled platform," said Rob Ospalik, Partner with Baird Capital. "It has been a rewarding partnership, and we look forward to watching the company continue its growth and success under Veralto's ownership."

"Cleanwater1 exemplifies the type of outstanding management team and business Baird Capital seeks to partner with: a company with strong market positioning, differentiated capabilities and significant growth potential," added Becca Schlagenhauf, Partner with Baird Capital. "It has been a privilege to work alongside the management team and founders as they executed on their vision, and we are grateful for the trust and partnership that defined our investment."

David Stanton, CEO of Cleanwater1, said: "Baird Capital has been an exceptional partner from day one. They invested the time to deeply understand our business, the water industry and our long-term vision. Beyond providing capital, they have been highly engaged in helping us strengthen our leadership team, develop a high-performance culture, and execute our growth strategy. Their support, resources and alignment with our goals have made them a trusted partner in every sense of the word."

About Cleanwater1

Cleanwater1, Inc. is a leading provider of innovative water quality and odor control technologies, solutions and services across municipal and industrial water and wastewater markets. Cleanwater1 and its related entities pair using proven technologies and brands like Polyblend®, Dynablend™, Veloblend™, PAX Mixers, Monoclor® RCS, Microclor® OSHG and I-Box® Odor Control Systems, with cutting edge strategies and innovations to help customers meet and exceed water quality goals and regulations.

About Veralto

With annual sales of approximately $5.5 billion, Veralto is a global leader in essential technology solutions with a proven track record of solving some of the most complex challenges we face as a society. Our industry-leading companies with globally recognized brands help billions of people around the world access clean water, safe food and trusted essential goods. Headquartered in Waltham, Massachusetts, our global team of about 17,000 associates is committed to making an enduring positive impact on our world and united by a powerful purpose: Safeguarding the World's Most Vital Resources™.

About Baird Capital

Baird Capital invests in B2B technology and services companies across North America and the U.K., partnering with entrepreneurs to build exceptional companies. With deep operational expertise, an engaged portfolio operations team and an extensive global relationship network, Baird Capital works closely with its portfolio companies to enhance shareholder value.

Baird Capital is the direct private investment arm of Robert W. Baird & Co. Committed to being a great place to work, Baird ranked No. 16 on the 2026 Fortune 100 Best Companies to Work For® list - its 23rd consecutive year of recognition. For more information, please visit BairdCapital.com.

For more information contact:
Baird Public Relations
[email protected]
+1-414-765-7250