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Top Water Utilities Private Equity Funds

Explore 40 Water Utilities Private Equity Funds that source acquisition and investment opportunities on Axial’s M&A platform.

Axial Insights

Water Utilities Private Equity Funds

40

Active Firms

1,730

TTM Deal Inquiries

$7M-$27M

Core Revenue Range

$1M-$5M

Core EBITDA Range


Florida 15%
Texas 11%
California 7%
New York 5%
Pennsylvania 4%

Focus: Control Investments | Capital Source: Committed Capital | Operating Approach: Scale & Exit

Showing 1-20 of 40 Private Equity Funds

Sorted by recent activity

Argonaut Private Equity

2 Closed Deals via Axial 22 Total Closed Deals Actively Sourcing Deals
Founded in 2002, Argonaut Private Equity is a Tulsa, Oklahoma based private equity firm with over $1.5 billion of capital deployed by the firm’s principals. The firm is currently investing out of Argonaut Private Equity Fund IV, a $400 million fund that deploys Argonaut’s strategy of making control-oriented buyout investments in companies in the industrial, manufacturing and energy services and products sectors. Argonaut looks to partner with management teams to improve operations, implement best practices and generate shareholder value.  Argonaut has an over 15-year…

Recent Transactions

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  • May 2023 Acquired Confidential Company
  • Feb 2020 Acquired Confidential Company
  • Nov 2019 Acquired MultiTech Industries Inc.
  • Oct 2018 Acquired Energy Services

Hidden Harbor Capital Partners

2 Closed Deals via Axial 17 Total Closed Deals Actively Sourcing Deals
Hidden Harbor Capital Partners is a private equity firm which helps create business success stories by building teams focused on execution. We believe that great companies are built on a strong group of people as their foundation, and that businesses succeed when they are intensely focused on executing a small set of well-defined objectives. Hidden Harbor has assets under management of more than $1.9 billion.What we look for:• Lower middle market companies up to $500 million in revenue (or any size for add-on opportunities to existing portfolio companies)• EBITDA up to $50 million…

Recent Transactions

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  • Jan 2025 Acquired COAST TO COAST LOGISTICS
  • Dec 2024 Acquired QUAKER VALLEY FOODS
  • Nov 2024 Acquired LATHAN ARCHITECTS
  • Oct 2024 Acquired NORPLEX MICARTA

IMB Partners

2 Closed Deals via Axial 14 Total Closed Deals Actively Sourcing Deals
IMB Partners (IMB) is a private investment firm focused on delivering top-quartile market returns to investors and creating positive social impact. IMB buys, builds, capitalizes and partners with management teams to grow value-added B2B companies in the small-to-midsize business market. We seek to generate above-market growth and customer retention rates by owning and building businesses that address the unmet need for large-scale diverse supplier participation among large corporate and government buyers. IMB invests capital on behalf of and alongside 25 high net worth families.We seek to…

Recent Transactions

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  • May 2026 Acquired Confidential Company
  • Aug 2023 Invested in Elite Brands
  • Jul 2023 Invested in eTelligent Group
  • Nov 2022 Invested in Farwest Corrosion Control

Dauntless Capital Partners

2 Closed Deals via Axial 2 Total Closed Deals Actively Sourcing Deals
Dauntless Capital Partners is a private equity firm providing buyout and expansion capital to lower middle market companies. We provide patient, long-term capital to stable, growing companies. Our investor base enables us to concentrate on long-term value creation driven by revenue and earnings growth.  Dauntless Capital Partners places a premium on collaborating with company leaders and helping them navigate the challenges of a growing business. We seek opportunities to make controlling investments in business services, manufacturing, defense and government, industrial technology,…

Recent Transactions

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  • Aug 2025 Acquired Confidential Company
  • Nov 2023 Acquired Aelott Air Conditioning

CPS Capital

1 Closed Deal via Axial 26 Total Closed Deals Actively Sourcing Deals
CPS is an entrepreneurial investment firm that supports the growth of high-quality small and medium sized businesses. We are focused on companies with annual revenues from $5-$40 million and annual cash flows from $2-$8 million, and investing committed capital from 3 active funds. We will work with business owners to ensure the right deal for both themselves and their employees and customers. We bring significant managerial capability and capital to provide business owners with an attractive option compared to traditional financial or strategic buyers. CPS takes an active role in businesses…

Recent Transactions

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  • Mar 2024 Acquired Confidential Company
  • Jun 2023 Acquired AKA Tree Service
  • Oct 2022 Acquired Accurate Tree Services
  • Oct 2022 Acquired Integrity Heat & Air

Envest Capital Partners

1 Closed Deal via Axial 22 Total Closed Deals Actively Sourcing Deals
Envest Capital Partners is an investment company holding long term private equity positions in established basic businesses. We invest in a relatively broad range of basic industries, with a focus on manufacturing, industrial & consumer services, and franchising. Envest seeks to provide private direct equity financing to companies with sales of $5 to $50 million, exceptional growth prospects and strong, stable cash flow. Founded in 2000, Envest is a private equity firm based in Virginia Beach, VA. We are dedicated to partnering with privately held and founder-owned businesses. The Envest…

Recent Transactions

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  • Aug 2023 Acquired Earl Industries Inc.
  • Aug 2023 Acquired Digital Services LLC
  • Aug 2023 Acquired Commonwealth Epoxy Coatings LLC
  • Oct 2022 Acquired CBT Logistics Group

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Ninth Street Capital Partners

1 Closed Deal via Axial 9 Total Closed Deals
Ninth Street Capital Partners is a private investment partnership that specializes in acquiring, developing and managing established businesses. With a focus on executing deals with the highest degree of integrity, we make long-term controlling investments in growth-oriented, privately held businesses with revenues ranging from $5 to $50 million. Our flexible approach allows us to tailor our investments to help entrepreneurs and business owners achieve their personal and financial goals.

Recent Transactions

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  • Sep 2019 Acquired Undislosed
  • Jun 2015 Invested in Premium Inspection & Testing
  • Mar 2014 Invested in Kitchen Cabinet Distributors
  • May 2013 Acquired SCADA Source, LLC

Gen Cap America

57 Total Closed Deals Actively Sourcing Deals
Gen Cap America (GCA) is a private equity firm headquartered in Nashville, Tennessee that specializes in leveraged buyouts of privately held lower-middle market businesses. Investment Criteria: Revenue: $5M - $100MEBITDA: $1.5M - $10M Geography: United States & CanadaTransaction Types: Family SuccessionManagement BuyoutDivisional Spin-offRecapitalizationsMost transactions are management buyouts or buyouts of one or multiple retiring owners. GCA target investments typically have a long history of successful operations and cash flow, and quality managers who wish to be part of the…

Recent Transactions

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  • Feb 2022 Acquired Aquasol Corporation
  • Sep 2021 Invested in Lab Products, Inc.
  • Jan 2021 Acquired Frontier Packaging, Inc.
  • Sep 2020 Acquired TFM Services, LLC

Rockwood Equity Partners

41 Total Closed Deals Actively Sourcing Deals
Rockwood Equity Partners:B2B manufacturing, service providers, distribution in industrials and regulated industries (e.g., healthcare, aerospace & defense, environmental, waste, rail, water, others)Transaction types: First institutional capital partner, majority, minority, growth, independent sponsor and operator partners, management buyout, corporate divestitureTarget company size: $10-$75 million in revenues and $2-$7 million EBITDA, add-ons of any size.Private equity investment firm for lower middle market companies, with a track record spanning 25+ years.Approach:Focused on growing…

Recent Transactions

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  • Dec 2025 Acquired Wright's Hydroseeding
  • Dec 2025 Acquired Utility Locating Services in Ohio
  • Nov 2025 Acquired Sealer Equipment Business serving Medical and Pharmaceutical
  • Sep 2024 Acquired SafeSite

KLH Capital Partners, LP

33 Total Closed Deals Actively Sourcing Deals
Founded in 2005, KLH Capital is a private equity firm serving management teams of lower middle-market companies in the specialty services, value-added distribution, and niche manufacturing industries. The firm makes majority and minority equity investments in U.S.-based businesses to support the company’s growth plans, provide ownership opportunities for key managers, and allow owners to harvest the value in their businesses. Our commitment goes beyond financial support as we believe in establishing a collaborative team of peers, all of whom have a hand in the company’s progress.…

Recent Transactions

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  • Aug 2022 Invested in Thorpe Specialty Services
  • Nov 2021 Invested in The Warehouse Rentals & Supplies
  • Oct 2021 Invested in Precision Impacts
  • Dec 2020 Invested in Jackson Infrastructure Services

Harren Equity Partners

24 Total Closed Deals Actively Sourcing Deals
Harren Equity Partners is a Charlottesville, Virginia and Fort Lauderdale, Florida based private investment firmand leading provider of equity for middle market acquisitions, recapitalizations and growth capital financings. Harren professionals work with each portfolio company to develop and/or implement a strategic business plan, and we support management by providing the operational, financial and human resources necessary to manage the increasingly complicated decisions associated with growing a business. Harren's approach to private investment is significantly differentiated from the…

Recent Transactions

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  • Apr 2022 Acquired Core States Group
  • Jan 2022 Acquired A & A Transfer
  • Aug 2021 Invested in Health Connect America
  • Jun 2021 Acquired Alliance Ground International

Century Park Capital Partners

24 Total Closed Deals Actively Sourcing Deals
CENTURY PARK CAPITAL PARTNERS is a middle market private equity investment group with capabilities to provide equity capital for growth, shareholder liquidiity or both. We typically invest $10 million to $40 million in profitable, growing middle-market companies with revenues ranging from $20 million to $100 million. We can make larger investments with the participation of our institutional limited partners. We are relationship-driven, long-term investors, partnering with owners and management to build industry-leading companies. We do not intrude in day to day operations, but rather seek to…

Recent Transactions

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  • Aug 2023 Acquired Packaging Plus LLC
  • Aug 2023 Acquired Becker Underwood Inc.
  • Aug 2023 Acquired Hi-Tech Rubber Inc.
  • Aug 2023 Acquired Aqua-Flo LLC

Kainos Capital

22 Total Closed Deals Actively Sourcing Deals
Kainos Capital, a middle market private equity firm focused on the food and consumer sector, was recently formed by Andrew Rosen, Robert Sperry and Sarah Ashmore Bradley. The Kainos Partners have invested and collaborated together in the food and consumer space over the past 20 years and their deep industry knowledge is complimented by an experienced team of investment professionals.The Kainos Team has extensive investment and operating experience in the industry, having invested more than $2 billion of equity in more than 52 transactions in the food and consumer sector with a total…

Recent Transactions

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  • Aug 2023 Acquired Good2Grow
  • Feb 2023 Invested in CellCore
  • Jan 2023 Acquired Evriholder
  • Aug 2021 Acquired Muenster Milling Company

Hamilton Robinson Capital Partners

18 Total Closed Deals Actively Sourcing Deals
We acquire companies that have a dominant position in their niche sub-sectors of B2B services, distribution, highly engineered manufacturing, and industrial/operational technology. We focus on companies or corporate carve-outs based in the US or Canada.We target companies that benefit from many of the leading trends impacting industrial markets including productivity enhancing technology solutions, factory automation, robotics, the Industrial Internet of Things (IIOT), advanced manufacturing and the increasing importance of B2B services.

Recent Transactions

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  • Dec 2022 Acquired Sani-Matic
  • Dec 2021 Acquired WorkforceQA
  • Dec 2021 Acquired Signal Control Products
  • Mar 2021 Acquired Zone 4

Warren Equity Partners

13 Total Closed Deals Actively Sourcing Deals
Warren Equity Partners ("WEP") is a private equity firm that invests in small and middle market operating companies primarily in North America. WEP invests in established companies where additional capital and operating resources can accelerate growth. We are primarily targeting products and services companies in the infrastructure, industrial, and building sectors. WEP invests in the form of buyouts, growth equity, and recapitalizations. We are value-added investors with a strong emphasis on partnering with seasoned managers and operating executives. Importantly, we seek to generate return…

Recent Transactions

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  • Apr 2021 Acquired ADB Companies
  • Apr 2021 Acquired Magnolia River
  • Nov 2020 Acquired Integrated Facility Solutions
  • Oct 2020 Acquired USA Water

Sole Source Capital

13 Total Closed Deals Actively Sourcing Deals
Founded in 2016 by David Fredston, Sole Source Capital is a private equity firm that thematically invests in fragmented, high-growth industrial subsectors. Sole Source seeks founder-owned businesses or corporate carve-outs that will benefit from the team’s operating and M&A capabilities. The Firm has a strong operating heritage that enables it to execute a buy-and-build strategy with significant downside protection. The Firm is headquartered in Dallas, Texas with an additional office in Santa Monica, California.

Recent Transactions

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  • May 2026 Acquired Source Power & Taylor Electric
  • Jan 2026 Acquired Brite
  • Sep 2024 Acquired GrayMar Environmental Services, Inc.
  • Aug 2023 Invested in Cantium

Keswick Partners

10 Total Closed Deals Actively Sourcing Deals
Keswick Partners is a Lower-Middle Market PE firm armed with a $100M fund that invests in niche manufacturers, value-added distributors, and specialty service providers doing $2-$6M in annual EBITDA. Our Managing Partners have over 90 years of collective investing experience and have executed over 135 transactions in their shared careers. We presently have four active investments in our portfolio, but are looking to expand our operating footprint. We invest in rollovers, buyouts, carve outs, and more, but have developed a specialty in facilitating intra-family handoffs and employee…

Recent Transactions

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  • Jun 2025 Acquired Thomas Wilson Contracting
  • Jun 2025 Acquired Meeker Holding Company
  • Apr 2025 Acquired Seal Brothers
  • Dec 2024 Acquired Confidential Company

Astara Capital Partners

7 Total Closed Deals Actively Sourcing Deals
Astara Capital Partners is a private equity firm founded in 2020, headquartered in New York City, and investing out of a $312M fund. The firm specializes in value-oriented investing and special situations, focusing on middle-market companies across various industries such as manufacturing, building products, environmental infrastructure, tech-enabled services, and food & beverage.Astara Capital Partners is known for its integrated team of experienced investors and operators, boasting over 100 years of cumulative experience. The firm aims to provide both capital and operational expertise…

Recent Transactions

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  • Nov 2024 Acquired Unified Service Partners
  • Feb 2024 Acquired Ally Building Solutions
  • Jan 2023 Acquired Wyandot Snacks
  • Nov 2022 Acquired Del-Air

American Pacific Group

7 Total Closed Deals Actively Sourcing Deals
American Pacific Group is a San Francisco-based private equity firm targeting control equity investments in lower-middle-market companies, typically with EBITDA from $0 to $40 million. We focus on complex businesses and transactions across technology, consumer, business services, industrial, and healthcare. We are growth-oriented investors, and together with our in-house operating partners, seek to implement our proprietary value creation model to drive sustainable growth in our portfolio companies. 

Recent Transactions

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  • Aug 2022 Acquired Concisys
  • Dec 2021 Acquired Gym Launch & Prestige Labs
  • Nov 2021 Acquired Fellers
  • Mar 2021 Acquired Aesop

Lincoln Road Global Management

6 Total Closed Deals Actively Sourcing Deals
Lincoln Road Global Management, LLC (“Lincoln Road”) is a private equity firm focused on investing in market leading businesses. Our goal with every investment is to work in close collaboration with management, stakeholders, and operating partners in order to help these businesses achieve operational excellence and unlock the next phase of growth. As a result, we position our companies to enjoy long-term success well into the future.

Recent Transactions

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  • Oct 2023 Acquired Silversand Services
  • Oct 2023 Acquired SLI Landscaping
  • Mar 2023 Acquired Zodega
  • Jul 2021 Acquired Brothers Paving & Concrete Corporation

Frequently Asked Questions

How are Private Equity Funds in this directory ordered?

Firms in the Water Utilities Private Equity Funds directory are ordered based on recent deal activity on Axial. The default order reflects observed market signals rather than a subjective ranking of firm quality.

What information is included in each Private Equity Fund profile?

Each profile provides information about the firm’s areas of focus, transaction criteria, and relevant activity on Axial’s M&A platform. Together, these details provide a clearer view of where a firm is active and the types of companies and opportunities most relevant for it.

What company sizes are most common for Water Utilities Private Equity Funds?

Based on activity on Axial’s M&A platform, the core revenue range for Water Utilities Private Equity Funds is $7M-$27M, with a core EBITDA range of $1M-$5M. Company size can be an important indicator of fit, as firms often concentrate their experience, resources, and transaction activity within particular segments of the market.

How important is Energy & Utilities experience when evaluating Private Equity Funds?

Relevant Energy & Utilities experience can be an important consideration when evaluating a firm. Familiarity with the sector can provide a stronger understanding of its business models, market dynamics, valuation considerations, and transaction environment. The 40 firms included in this directory provide a starting point for identifying firms with relevant experience and activity in Energy & Utilities.

Do all Private Equity Funds in this directory focus exclusively on Energy & Utilities?

Not necessarily. Many firms are active across multiple industries, so inclusion in the Water Utilities Private Equity Funds directory reflects relevant experience or activity in Energy & Utilities, rather than an exclusive sector focus. Individual profiles provide additional context on each firm’s areas of focus and activity within the sector.

How do I compare Private Equity Funds with experience in Energy & Utilities?

When comparing Private Equity Funds with experience in Energy & Utilities, consider factors such as size range, geographic reach, and recent transaction activity. These characteristics vary across the 40 firms included in the directory and can help identify firms that align with your needs.

How do I connect with Water Utilities Private Equity Funds?

Axial can help you identify and connect with firms based on your objectives and what you are looking to accomplish. The process varies depending on your role and transaction needs. If you are interested in connecting with firms in the Water Utilities Private Equity Funds directory, you can request information here.


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