Aqua-Chem Inc.

Aqua-Chem, Inc., located in Knoxville, TN, designs, manufactures and installs equipment used to produce high purity water. The Company’s products are sold to the United States military as well as to companies operating in the pharmaceutical, offshore energy exploration and bottled water markets. As a leader in evaporation and reverse osmosis technologies, the Company also provides a full array of engineering, manufacturing, installation, training and maintenance services.

In February 2006, Greyrock provided $3.80 million of subordinated debt and a $1.00 million equity co-investment to support the acquisition of Aqua-Chem by Altus Capital Partners.