Vessco Water (Vessco Midco Holdings, LLC)
Vessco Water is one of the largest full-service water and wastewater treatment equipment distributors in the United States, tracing its origin to Vesledahl Equipment Sales & Service (Vessco, Inc.), founded in 1978 and headquartered in Chanhassen, Minnesota. The business represents and distributes treatment equipment across every segment of the municipal and industrial water and wastewater markets and operates as a platform of multiple regional water-treatment companies. 'Vessco Midco Holdings, LLC' is an intermediate holding entity for the Vessco Water platform.
Company profile. Written by an AI model from public web sources; not checked for copying; not taken from the company's or the lender's SEC filing. — distinct from the SEC Schedule-of-Investments pricing data below. · AI-generated analysis. Not investment advice. May contain errors.
Lenders
Vessco Water is held by 4 BDC lenders in our parsed SEC filings: GBDC, MSDL, NCDL, OBDC.
Cross-lender loan pricing
Each row is one debt tranche at the BDC’s most recent filing that holds this borrower, widest spread first. Mark is the position’s fair value as a percent of par (100 = par). Spread is shown in basis points over the benchmark in the Rate column, normalized from each filing’s as-reported units — rows quoting different benchmarks are still not directly comparable. Compare like-for-like: a second-lien tranche, a different vintage, or an older filing should price wider even when the credit view is identical — check the Type and Filing columns before reading a gap as disagreement. Source: SEC EDGAR (public). Lenders whose newest filing no longer names this borrower are listed separately under “Exited” below.
| BDC | Type | Rate | Cash spread (bps) | Mark (% of par) | Fair Value | Maturity | Filing |
|---|---|---|---|---|---|---|---|
| GBDC | 1L Sr Secured | SOFR | 450 | 99.6 | $505K | 2031-07 | 2026-08-03 |
| GBDC | 1L Sr Secured | SOFR | 450 | 99.5 | $22M | 2031-07 | 2026-08-03 |
| GBDC | 1L Sr Secured | SOFR | 450 | 99.5 | $7M | 2031-07 | 2026-08-03 |
| MSDL | 1L Sr Secured | SOFR | 450 | 98.5 | $9M | 2031-07-24 | 2026-08-06 |
| MSDL | 1L Sr Secured | SOFR | 450 | 97.9 | $3M | 2031-07-24 | 2026-08-06 |
| NCDL | 1L Sr Secured | SOFR | 450 | 98.2 | $13M | 2031-07-24 | 2026-08-06 |
| NCDL | 1L Sr Secured | SOFR | 450 | 96.5 | $4M | 2031-07-24 | 2026-08-06 |
| OBDC | 1L Sr Secured | SOFR | 450 | 100.0 | $46M | 2031-07 | 2026-08-05 |
| OBDC | 1L Sr Secured | SOFR | 450 | 100.0 | $30M | 2031-07 | 2026-08-05 |
| GBDC | 1L Sr Secured | SOFR | 350 | 89.0 partly funded | $89K | 2031-07 | 2026-08-03 |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith under the oversight of each BDC’s board (often by the adviser as valuation designee), so figures are estimates as of the period end each filing reports, not its filing date, and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Equity and other positions
Current positions that are not funded debt (equity, preferred, units) — counted among the BDCs that hold this borrower, but they carry no loan spread, so they sit outside the pricing table. Source: SEC EDGAR (public).
| BDC | Type | Fair Value | Filing |
|---|---|---|---|
| OBDC | Senior Secured · Senior Secured | $0 | 2026-08-05 |
| OBDC | Senior Secured · Senior Secured | $0 | 2026-08-05 |
| OBDC | Senior Secured · Senior Secured | $0 | 2026-08-05 |
Exited
Exited or inactive lenders: last-filed positions, not current. Excluded from every count and figure above.
| BDC | Status | Positions | Last-filed Fair Value |
|---|---|---|---|
| SLRC | Exited (last filed 2024-05-08) | 1 | $7K |
Ownership & deal activity
Ownership and acquisition events compiled from public sources and audited against the linked source. Each event links to its source; “(reported)” marks a lower-confidence item. Verify anything material against the original source.
- sponsor changeGryphon Investors acquires Vessco Holdings from O2 Investment PartnersGryphon Investors acquired Vessco Holdings from O2 Investment Partners in partnership with Vessco management, with CEO Brian DeWolf and senior management retaining significant equity; Gryphon was advised by Kirkland & Ellis and Raymond James.
- lboO2 Investment Partners acquires Vessco Inc. and forms Vessco Holdings platformO2 Investment Partners partnered with Vessco Inc. management (Dick Corbett and Brian DeWolf) in a buyout, combining Vessco Inc. with Mellen & Associates to form the Vessco Holdings platform; Midwest Mezzanine Funds also participated.
- acquisitionVessco Holdings acquires Dorner Products (add-on)Vessco Holdings acquired Dorner Products, a Wisconsin-based flow control equipment supplier specializing in valves and actuators for water and wastewater treatment, as an add-on to the platform.
- acquisitionVessco Holdings acquires Automatic Systems Company (add-on)Vessco Holdings combined with Automatic Systems Company (serving Minnesota, Iowa and surrounding regions) on the one-year anniversary of O2's partnership with Vessco.
- acquisitionVessco Holdings acquires Sherwood Logan and Associates (add-on)Vessco Holdings acquired Sherwood Logan and Associates, a Maryland-based water and wastewater equipment distributor, extending the platform's reach into the Mid-Atlantic region.
- minority investmentVessco Holdings makes significant investment in Kennedy Industries, Inc.Vessco Holdings made a significant investment in Kennedy Industries, a Michigan-based full-service distributor and servicer of water and wastewater equipment, adding pump and pump repair capabilities to the platform.
Headlines mentioning Vessco Water
Reading this table
When two business development companies lend to the same borrower, comparing how each marks the loan is a starting question, not a verdict. In plain English: a wider spread (e.g. S+575 vs S+525) or a lower mark (e.g. 96 vs 100 cents on the dollar) can mean that lender is pricing in more risk — but marks can also differ for reasons other than a credit view: a different tranche (second lien should price wider than first lien on the same company), a different vintage or entry point, an older filing date, or each manager’s own fair-value methodology. Compare like-for-like — check the Type and Filing columns before reading a gap as disagreement. Each row is one debt position at one BDC’s most recent filing. Source: SEC EDGAR Schedule of Investments (public).
Want to read these numbers like an analyst? Free Oxford Ledge lessons: reading a BDC’s Schedule of Investments, key credit metrics, and the Five Cs of credit analysis.