How Private Equity Is Buying Up Industrial Wastewater Treatment

Episode notes

Episode 115 of Private Equity Conversations with Fexingo dives into the roll-up of industrial wastewater treatment companies. Lucas and Luna break down how PE firms are acquiring regional wastewater operators, applying the classic buy-and-build model to a $60 billion fragmented market. They discuss the regulatory tailwinds from tightening EPA discharge limits, the valuation multiples on water infrastructure assets, and the specific case of AquaTerra Holdings - a platform formed in 2021 that has acquired 14 regional treatment companies across the Gulf Coast and Midwest. The conversation examines why water treatment offers stable, inflation-protected cash flows and how PE owners are using technology to centralize operations. Lucas and Luna also touch on the environmental liability risks that make these deals tricky. A focused look at a niche but rapidly consolidating corner of industrial infrastructure.

Related episodes across the Index

Other episodes covering the same guests and topics, from across The B2B Podcast Index.

• How Private Equity Is Buying Up Urgent Care CentersThe Buyout Show with Fexingo · on Private equity92 / 100
• 42: The Second Bite Strategy with Todd TaskeyThe Consulting Growth Podcast · on Buy-and-build90 / 100
• How Private Equity CMOs Build Revenue That Increases Enterprise ValueDemand Revenue · on Private equity84 / 100
• The Truth About Bootstrapping an AI Startup with David Pourquery (#80)Exit Algorithms · on Private equity81 / 100
• Brian Murphy: Fundraising $25B Across 44 Funds, $73B Merger, Private Equity, Secondaries, BuffettStartup Ignition Podcast · on Private equity80 / 100
• 651. Chad Oakley, Current State of the Consulting Market in 2026Unleashed · on Private equity78 / 100

• How Private Equity Is Buying Up Landfills and Waste Haulers78 / 100
• How Private Equity Is Buying Up Veterinary Specialty Centers78 / 100
• How Private Equity Is Rolling Up Emergency Room Staffing78 / 100
• How PE Is Rolling Up HVAC Service Companies83 / 100
• How Private Equity Is Buying Up Pet Grooming Chains82 / 100