Private Equity Conversations with Fexingo · 2026-07-16 · 12 min
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.
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