Colorado Waterjet Company: Colorado Springs PE fund acquires Berthoud water cutting business

BERTHOUD - Pioneer Fund, a Colorado Springs-based private equity group, has acquired Berthoud-based Colorado WaterJet. In a statement, the equity fund, which is registered as Colorado Springs Pioneer Community Investment Fund LLC, said it intends to grow the company into a larger provider of jobs for state residents. Colorado WaterJet employs seven people "Pioneer Fund's acquisition of CWJ continues to build the Fund's goal of creating engagement in the community and adds to Colorado's economic base," managing director Christopher Cipoletti said in a statement. Water cutter companies like CWJ use high-pressure jets to cut through metals and other industrial materials during the fabrication process. Pioneer Fund describes itself as mainly operating in the Pikes Peak region of Colorado. It does not list its portfolio companies. Financial details of the transaction were not disclosed.