CHICAGO, October 13, 2026 — We are pleased to share that PSP Capital has entered into an agreement to sell StormTrap, a leading provider of stormwater management systems and water quality solutions, to Advanced Drainage Systems (NYSE: WMS) (“ADS”). The transaction is expected to close in the coming months, subject to customary regulatory approvals.

StormTrap has been a particularly rewarding partnership since the company became one of PSP Capital’s flagship investments in 2022. The PSP team worked in collaboration with the exceptional StormTrap leadership team as they built on the company’s strong product offerings and accelerated growth in a sector of increasing importance to communities across the country.

PSP’s investment in StormTrap was underpinned by our deep sector work which had identified the growing need for resilient stormwater infrastructure, increasing development density and frequency of extreme weather events. Most importantly, however, our investment was a reflection of our conviction in the quality and capability of StormTrap’s leadership team to capitalize on these significant trends.

Over the course of our partnership, StormTrap significantly expanded its operations and market reach. The company added more than 60 employees, constructed a state-of-the-art research and testing facility, launched multiple innovative water quality products, completed a strategic tuck-in acquisition, and more than doubled revenue and earnings. Today, StormTrap is recognized as a leading provider of highly engineered stormwater detention, infiltration, treatment, and water harvesting solutions serving municipalities, developers, engineers, and contractors across North America.

“We are so fortunate to have partnered with CEO Nate Olds and the outstanding StormTrap leadership team,” said Don Traubert, Managing Director with PSP Capital. “They have a deep passion for stormwater management that resonated from our first meeting. Over the past 5 years, StormTrap executed a thoughtful strategic growth plan that has reinforced its position as an industry leader and innovator. We are excited to see the business continue its strong trajectory under ADS’s ownership.”

Nate Olds, CEO of StormTrap, said: “From our first interaction, the PSP Capital team demonstrated an understanding of our business and embraced our long-term vision for growth. Together we invested in our people and organization, driving innovation and bolstering our leading market position. Our partnership with PSP Capital was highly collaborative and impactful, and we are well-positioned for this next chapter.”

PSP Capital is grateful to the StormTrap leadership team, including Nate Olds, Brian Stahl, Brett Holmes, Matt Bonomo, and Rado Kapusta, as well as the 135 talented employees across the organization, for their commitment to StormTrap’s success.

The investment in StormTrap is a reflection of PSP Capital’s deep expertise and continued conviction in the water sector, and further, is a demonstration of how we invest in support of growth and market leadership.

PSP wants to thank Raymond James and William Blair for serving as financial advisors and Mayer Brown LLP for serving as legal advisor on this transaction. We look forward to identifying and supporting the next generation of category-leading businesses!

Read the full press release here.