Nuveen Takes Majority Stake in Crestview-Backed Water Firm (1)

Investment manager Nuveen is acquiring a majority stake in TurnClear, a water and wastewater treatment company owned by Crestview Partners-backed Upwell Water.

The transaction makes TIAA-owned Nuveen the controlling shareholder in TurnClear. Upwell Water will remain a major shareholder, a spokesperson for Crestview said.

The companies didn’t disclose the value of the transaction, which comes more than five years after Crestview Partners provided Upwell Water with capital.

The deal, which was confirmed in a statement, comes amid growing demand for water for data centers and investment opportunities in infrastructure and environmental remediation. Last year, the US water sector ...