Top Water Utilities Private Equity Funds with Recent Private M&A Activity

Active Firms

1,730

TTM Deal Inquiries

$7M-$27M

Core Revenue Range

$1M-$5M

Core EBITDA Range

Top States by Activity

Florida 15%

Texas 11%

California 7%

New York 5%

Pennsylvania 4%

Key Attributes

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

Sagemoore Capital

5 Total Closed Deals Actively Sourcing Deals

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Sagemoore is a private equity firm focused on making investments in the lower middle-market. We utilize an evergreen fund structure with committed capital from family office investors resulting in a patient capital base.This structure offers a flexible investment horizon designed to maximize stakeholder alignment by focusing on true long-term value creation. Sagemoore’s investment principals each have more than 15 years of professional investing and healthcare operating experience.We seek to cultivate deep partnerships with entrepreneurs and experienced operating teams for the benefit of…

Recent Transactions

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Aug 2024 Advised Sagemoore Capital on an investment from Confidential Company
Jan 2017 Acquired Carie Health
Mar 2014 Invested in ServRX
Apr 2011 Acquired Restore Health

Gemspring Capital

2 Total Closed Deals Actively Sourcing Deals

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With $350 million of committed capital under management, Gemspring Capital is a private equity firm specializing in lower middle market companies. We provide flexible capital and partner with talented management teams to propel companies to grow and achieve their full potential. At Gemspring, we take a hands-on approach to investing and commit operating and strategic resources to help drive revenue growth and operating efficiencies at each of our portfolio companies. We take smart risks with capital investment and often pursue transformational add-on acquisitions. The goal for each…

Recent Transactions

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Jun 2017 Acquired Therma
Dec 2016 Acquired United Group Programs

Guideboat Capital Partners

Actively Sourcing Deals

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We are a Dallas and Charlottesville based private equity firm focused on investments in lower middle-market companies. We strive to be long term partners to great founders and management teams seeking out the next level of growth or a capital event. In addition to providing capital, we continuously participate in portfolio companies as thoughtful advisers and offer an extensive network of operating partners in an effort to achieve full potential value for all stakeholders.

Recent Transactions

This member has no reported closed transactions.

9FB Capital

Actively Sourcing Deals

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9FB Capital is a lower mid market Private Equity firm which is operator-investor focused on buying, integrating, and compounding value in fragmented industries. At 9FB Capital, we pair disciplined acquisitions with a repeatable integration playbook: cross-selling across shared customer bases, driving organic growth with modern GTM and tech, unlocking financial efficiencies, and standardizing operations with EOS principles. We move quickly, treat founders like partners, and build platforms designed for optionality—recap or strategic exit on a predictable timeline.How 9FB Wins…

Recent Transactions

This member has no reported closed transactions.

Azalea Capital

21 Total Closed Deals

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Azalea Capital partners with entrepreneurs, management teams, and family-owned companies with revenues of at least $10 million. We provide growth capital, operating expertise, and industry experience to significantly enhance the long-term value of our investments. Azalea is a pro-active investor with a defined value creation strategy. In every investment, we partner with a proven industry executive to enhance our operationally focused approach. We invest in manufacturing, distribution, and business services companies in a variety of industries with a particular interest in the following…

Recent Transactions

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Nov 2017 Invested in Ark Naturals
May 2016 Invested in Jones Natural Chews
Mar 2016 Invested in ACL Airshop
Apr 2015 Invested in InTech Aerospace

CVC Capital Partners

15 Total Closed Deals

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Global Private Equity and Growth Capital FirmCVC manages capital on behalf of over 300 institutional, governmental and private investors worldwide. Over the years, we have secured commitments of more than US$71 billion in funds from our investors (including CVC Credit Partners). The capital of our investors is committed for ten years or more to closed-end funds that we manage on their behalf.

Recent Transactions

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Aug 2017 Provided debt financing to Wastewater Specialities, LLC
Jun 2017 Provided debt financing to Shannon Specialty Floors, LLC
May 2017 Provided debt financing to TWMA
Jun 2016 Provided debt financing to The Legacy Companies

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Oroco Capital

9 Total Closed Deals

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Oroco Capital is a private equity investment firm. Our strategy is to buy great businesses in our target industries and build value through both internal growth and acquisitions, resulting in excellent returns for our investors. The team at Oroco has completed over 50 deals totaling over $5.0B. We developed a unique capital structure and have capital commitments from family offices, wealthy individuals and small institutions. In addition, Oroco has formed a strategic alliance with a private investment firm that allows Oroco to partner on investments that vary in size and type. Our strategy is…

Recent Transactions

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Aug 2026 Acquired Shimmick Corporation
Jan 2019 Invested in Maridata
Jan 2019 Acquired FirstMark Materials
Feb 2018 Acquired FirstMark Foundations

Zabel Companies, LLC

8 Total Closed Deals

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Zabel Companies ("Zabel") is a private investment firm dedicated to partnering with management teams to invest in and build private companies over the long-term (5 to 15 years). Whether through a buyout, recapitalization or injection of growth capital, Zabel's strategy is to work closely with management to steadily grow businesses and to build value for all parties involved.Zabel does not limit its activity by industry or geography, but rather focuses on the fit with management and the opportunities to grow a business.The Zabel team has a hands-on and collaborative style built through years…

Recent Transactions

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Apr 2022 Acquired Frame It Easy
Dec 2020 Acquired New Market Waste
Jul 2020 Acquired Medical Packaging Inc.
Apr 2019 Acquired Bedford Precision Parts

Tuckerman Capital

7 Total Closed Deals

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Tuckerman Capital is a private investment firm that works with Deal Partners (experienced executives and Independent Sponsors) to invest in and build exceptional small companies that deliver innovative solutions for the long-term with enterprise values typically ranging from $10 million to $75 million.

Recent Transactions

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Oct 2010 Acquired Promo Seeds, Ltd.
Oct 2010 Acquired Shield Pack, LLC
Oct 2010 Acquired Solidscape, Inc.
Oct 2010 Acquired Wohler Technologies, Inc.

Red Arts Capital

6 Total Closed Deals

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We invest in companies across the supply chain, ranging from logistics to value-added manufacturing to business services. Our experienced investment team and our advisory group of industry leaders and operators have built a strategic approach that prioritizes sophisticated analysis, deep sector knowledge, and thoughtful collaboration with our portfolio management teams, our investors, and the wider investment community.

Recent Transactions

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Sep 2025 Acquired Belpak
Mar 2025 Acquired Freshway
Dec 2024 Acquired KKSP
Oct 2022 Acquired Flex Logistics

Public Pension Capital

4 Total Closed Deals

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Public Pension Capital is a middle-market private equity fund that invests in Industrial Services, Business & Financial Services and Healthcare Services. We are focused on businesses in North American with approximately $5M-$30M EBITDA.The PPC team is led by former KKR partners Perry Golkin and Mike Tokarz. The principals of PPC have worked together for a combined 70+ years with a successful investment record over that time.Our experience allows us to add value to portfolio companies through industry relationships, new customer introductions, strategy development, regulatory understanding,…

Recent Transactions

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Jun 2019 Acquired Private Client Resources, LLC
May 2019 Acquired Bluegrass Ingredients
Mar 2017 Acquired Viteos Fund Services LLC
Mar 2017 Acquired Inframark, LLC

Acasta Capital

3 Total Closed Deals

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Acasta Capital is a boutique merchant bank and advisory firm formed to bring together individuals with unique experiences and track records to create greater value for clients and partners based on inventive and do-able ideas. Being free of the conflicts and limitations too common in the advisory sector, our business model is founded on the principle of aligned interests with clients and partners. We provide advice on transformational change, mergers and acquisitions, financial restructurings, capital structure, investor activism and strategy.

Recent Transactions

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Jan 2017 Acquired Stellwagen Group
Jan 2017 Acquired Jempak
Jan 2017 Acquired Apollo

Sciens Water Opportunities Management, LLC

1 Total Closed Deal

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Sciens Capital is a private equity firm founded in 1994 that has made over $3.0bn of investments in private equity and real assets.Sciens Water Opportunities Management LLC is the investment advisor to the Sciens Water Opportunities Funds, which have been established to invest exclusively in the North American water and wastewater sector.Sciens' investors include financial institutions, pension funds, private banks, foundations, endowments, family offices and high net worth individuals.

Recent Transactions

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Nov 2018 Acquired Central States Water Resources

Rockline Equity

1 Total Closed Deal

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We founded Rockline Equity specifically to build and invest in profitable companies. Our team has completed more than a dozen transactions throughout the Southwest. We pride ourselves in the quality of our joint-venture partnerships with management teams and owners to deliver results for our companies and investors.

Recent Transactions

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Oct 2019 Acquired Cole Mechanical, LLC

Emuseni Global

1 Total Closed Deal

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We develop partnerships across geographies, markets, individuals, companies, developed and underdeveloped countries. We promote partnerships through geographic involvement to make partnerships succeed.

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Jan 2004 Advised computer sciences corporation SA on an investment from CSC

Hilco Global

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Hilco Global is an independent financial services company and the world's preeminent authority on helping businesses maximize the value of their assets. Hilco Global is considered a world class company, having earned this reputation after decades of providing creative solutions for both healthy and distressed businesses to yield the maximum value for every client. Hilco Global often provides investment capital, demonstrating an ability and willingness to share risk and reward. Today, Hilco Global has over 500 employees within a portfolio of twenty companies on 5 continents, all of which focus…

Recent Transactions

This member has no reported closed transactions.

Altistis Capital Advisory

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I focus on sourcing and partnering with strong portfolio companies that demonstrate solid financial performance and growth potential. My investment criteria target businesses with annual revenue of up to $250M and EBITDA of up to $100M.Through my portfolio, I aim to identify companies with scalable operations, strong management teams, and sustainable market positions. I actively source opportunities that align with strategic growth, operational improvement, and long-term value creation for investors and stakeholders.

Recent Transactions

This member has no reported closed transactions.

Conduit Capital Ltd.

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RuralWorks Partners believes businesses should benefit the communities in which they operate, both locally and globally. Our strategy builds local community wealth and economic resilience by supporting the creation of quality jobs and broad employee ownership, while our investments in sustainable and regenerative food and agriculture and the circular economy help the planet and our global community.

Recent Transactions

This member has no reported closed transactions.

NewWorld Capital Group, LLC

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NewWorld Capital Group is a private equity firm investing in the Environmental Opportunities sector primarily in the United States and Canada by providing growth capital and business assistance to rapidly growing mid-sized and smaller companies in Environmental Business markets; and providing project finance for Environmental Infrastructure projects. Environmental opportunities is a rapidly growing investment sector benefiting from high levels of innovation and relatively low competitive intensity. Our strategy is focused on the Commercialization Gap, where mid-sized and smaller companies…

Recent Transactions

This member has no reported closed transactions.

ES Capital Partners

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ES Capital Partners is a lower middle market investment firm that collaborates with experienced management teams in the industrial, environmental, and energy sectors. Led by former executives from NGP Energy Technology Partners, the firm focuses on driving value for stakeholders through strategic partnerships. Their investment areas include environmental services, industrial services, power/utility, and renewables. ES Capital Partners is committed to enhancing the growth and success of the companies they partner with, leveraging their expertise to support later-stage transactions and foster…

Recent Transactions

This member has no reported closed transactions.

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.

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.

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.

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.

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.

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.

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.

Top Water Utilities Private Equity Funds

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