SCHEDULE 13G/A: Katz Family Entities Affirm Long-Term Investment in Zurn Elkay Water Solutions with 9.06% Stake and Lock-Up Agreement

An amended Schedule 13G filing reveals that Ice Mountain LLC and related Katz family entities collectively hold a 9.06% beneficial ownership stake in Zurn Elkay Water Solutions Corporation, affirming their long-term investment commitment with a lock-up agreement until October 2026.

Summary

• Ice Mountain LLC, Cascade Bay LLC, Katz 2004 DYN Trust, Katz New VBA Trust, Katz Voting Stock Trust, Aimee Katz, and April Jalazo (collectively, the "Reporting Persons") have filed an amended Schedule 13G/A.
• The Reporting Persons collectively beneficially own 15,259,985 shares of Zurn Elkay Water Solutions Corporation's Common Stock, representing 9.06% of the class.
• This ownership percentage is calculated based on approximately 168,479,246 shares of Common Stock outstanding as of February 14, 2025.
• Ice Mountain LLC acquired its shares in Zurn Elkay Water Solutions Corporation as a result of the 2022 combination of Zurn Water Solutions Corporation and Elkay Manufacturing Company.
• Ice Mountain's holdings represent the interests of the Katz family, the founding family of Elkay, who held a controlling interest in Elkay prior to the merger.
• The Katz family members represented by Ice Mountain intend to be long-term investors in the Issuer and have no current plans to further diversify Ice Mountain's remaining holdings.
• Ice Mountain has entered into a lock-up agreement for its remaining shares, which is set to expire on October 31, 2026.

Sentiment

Score: 7

Explanation: The filing indicates a significant, committed, and long-term beneficial ownership stake by the founding family of a merged entity, reinforced by a lock-up agreement, which generally signals stability and confidence in the company's future.

Positives

• The Katz family, through Ice Mountain LLC, has expressed a desire to remain a long-term investor in Zurn Elkay Water Solutions Corporation, indicating stability in the shareholder base.
• A lock-up agreement is in place for Ice Mountain's remaining shares until October 31, 2026, which limits immediate selling pressure and signals commitment.
• The filing explicitly states that the securities were not acquired or held for the purpose of changing or influencing control of the issuer, providing clarity on the investor's intent.

Future Outlook

The Katz family, through Ice Mountain LLC, intends to be a long-term investor in Zurn Elkay Water Solutions Corporation, with no current plans to further diversify Ice Mountain's remaining holdings. A lock-up agreement for these shares is in effect until October 31, 2026.

Management Comments

• "The family members that Ice Mountain represents have expressed their desire that Ice Mountain continue to be an investor in the Issuer for the long-term, with no current plans for Ice Mountain to further diversify Ice Mountain's remaining holdings."

Industry Context

This filing primarily concerns a specific ownership structure resulting from a past merger and does not provide broader insights into current industry trends or competitive dynamics.

Related Party Transactions

• Ice Mountain LLC's shares in Zurn Elkay Water Solutions Corporation originated from the 2022 merger of Zurn Water Solutions Corporation and Elkay Manufacturing Company, where Ice Mountain represented the interests of the Katz family, who were the controlling owners of Elkay (a family-owned business).

Stakeholder Impact

• Shareholders: The presence of a large, long-term investor with a lock-up agreement may contribute to share price stability and reduce concerns about immediate large-scale selling.

Next Steps

• The lock-up agreement for Ice Mountain LLC's shares is set to expire on October 31, 2026.

Key Dates

Keywords

Zurn Elkay Water Solutions Corporation, ZWS, Schedule 13G/A, Beneficial Ownership, Ice Mountain LLC, Katz Family, Long-term Investment, Lock-up Agreement, SEC Filing, Common Stock, Shareholder Stake