Promus Capital Management has acquired Tersus Solutions, a provider of proprietary liquid CO2-based, waterless cleaning technology, in a deal with undisclosed terms. The transaction is the third platform acquisition on Promus Access in the past twelve months, underscoring a faster cadence as the firm leans further into partnering with founder-owned businesses.
Why this buyer, why this asset, why now
The underwriting logic is straightforward: Tersus sits at the intersection of sustainability-driven operations and mission-critical service requirements. Its CO2-based process targets end markets where cleaning performance, compliance and product longevity matter, including apparel, firefighter gear (PPE) and down recycling.
For Promus, the acquisition extends a portfolio theme around recommerce and the circular economy. Tersus is positioned as an enabling layer for brands and operators trying to manage returns, extend product life and meet environmental expectations without compromising on quality.
What Tersus does
Tersus provides liquid CO2 cleaning solutions designed to reduce water use and support “waterless” processing. The company serves:
- Apparel: cleaning and refresh services that can support resale and recommerce programs.
- Firefighter gear (PPE): a category where cleaning is tightly linked to safety, performance and readiness.
- Down recycling: cleaning and reprocessing capabilities that can unlock value from returned or end-of-life products.
The sustainability angle is not just a marketing overlay. It is central to customer demand as brands face pressure to document environmental impact and build credible circularity programs.
Deal context: accelerated buildout on Promus Access
Promus described the transaction as its third platform acquisition on Promus Access within twelve months. That pace matters. It signals a deliberate shift from isolated investments to a repeatable playbook that can support multiple platforms in parallel.
It also suggests Promus is building pattern recognition in founder-owned settings, where integration depends as much on leadership alignment and operating rhythm as on financial engineering.
Strategic lens: where the value could be created
With financial terms undisclosed, the near-term investment case hinges on execution. Key value creation questions include:
- Commercial expansion in recommerce: Can Tersus become a default processing partner for brands scaling returns and resale programs, particularly where quality control is the gating factor?
- Penetration of mission-critical PPE services: Fire PPE is a specialized, compliance-heavy segment. The key question is whether Tersus can deepen relationships with departments, service networks and OEM ecosystems without adding operational complexity.
- Down recycling scale-up: Down recycling is attractive but can be supply-chain constrained. Investors will watch whether Tersus can secure stable feedstock, standardize processes and build repeatable unit economics.
- Operational scalability: Waterless CO2 cleaning is a differentiated technology, but scaling typically stresses plant utilization, maintenance discipline and throughput. The critical question is whether the operating model is ready for higher volumes.
Integration: execution risks to underwrite
This is a technology-led services business. Integration risk often shows up in systems, quality assurance and go-to-market overlap rather than in simple cost synergies.
Points to watch post-close:
- Leadership bandwidth: Can the team scale operations while expanding end-market coverage?
- Process and quality standardization: Particularly in PPE, where performance requirements are non-negotiable.
- Customer concentration and churn risk: If growth is tied to a small set of brand programs, retention and contract structure will matter.
- Capex and facility strategy: Expansion may require new capacity or upgrades. The timing and funding approach will shape returns.
Market read-through
The deal lands firmly in a with-trend theme: investors are targeting picks-and-shovels capabilities for circular economy and sustainability commitments, not just consumer-facing recommerce brands. Tersus’ positioning links environmental impact to operational necessity, which can be more defensible through cycles.
What to watch next
- Whether Promus discloses a broader platform roadmap for Promus Access and how Tersus fits alongside the other recent platform buys
- New customer wins in fire PPE services and the depth of compliance and certification infrastructure
- Evidence of scalable unit economics as volumes increase across apparel and returns programs
- Capacity expansion signals, including facility footprint changes and capex requirements
- Any add-on acquisitions to broaden repair, logistics or processing capabilities around the core CO2 technology