Xylem WaterFleet acquisition values EagleTree-backed firm at $200mn

Xylem has agreed to acquire WaterFleet in a transaction valued at about $200mn, PE Hub reported, putting the Xylem WaterFleet acquisition among the latest deals in specialist water infrastructure services. The transaction is scheduled to close later this quarter, according to the report.

Washington, DC-based Xylem is a water technology company. WaterFleet, based in San Antonio, Texas, provides mobile water and wastewater utility services as well as workforce relief solutions.

WaterFleet’s customers include remote sites, temporary locations and infrastructure-critical facilities, according to PE Hub. Those end markets often need water and wastewater capacity where permanent utility connections may be limited, unavailable or under pressure from operational demands.

What does WaterFleet do?

WaterFleet provides mobile water and wastewater services to sites that need utility support outside a standard fixed network. PE Hub reported that the company also offers workforce relief solutions, serving locations described as remote, temporary and infrastructure-critical.

The deal brings together a large water technology company and a business focused on mobile utility services. Xylem’s agreement to acquire WaterFleet gives the buyer exposure to services used where water and wastewater needs are tied to field operations, temporary projects or critical infrastructure settings.

WaterFleet is backed by EagleTree Capital. In a statement cited by PE Hub, EagleTree senior partner Robert Fogelson and partner Nitin Singhal credited WaterFleet’s management and founders for broadening the company’s capabilities, building its market position and preparing it for further growth.

The EagleTree executives named president and chief executive Kenneth Cockrill and co-founders Alan Pyle and Allison Pyle in their statement. They said Xylem was the right partner for WaterFleet’s next stage.

Legal advisers have also been named. Jones Day advised WaterFleet, while Gibson Dunn acted as legal counsel to Xylem, according to PE Hub.

The reported purchase price of about $200mn gives investors and industry operators a reference point for demand in water services tied to resilience, temporary infrastructure and operational continuity. The report did not disclose financing terms, regulatory conditions or additional closing requirements beyond the expected timing later this quarter.

For Xylem, the agreement adds a business operating in mobile water and wastewater utility services. For WaterFleet, the transaction places the San Antonio company under a global water technology group, subject to completion of the deal.

This story draws on original reporting from PE Hub.