Apollo buys Texas water infrastructure firm Maverick from Crosstimbers
What's the deal? ApolloDealroom has a profile for this one. Try Dealroom →-managed funds have acquired MaverickDealroom has a profile for this one. Try Dealroom → Water Group, a Houston-based developer and operator of alternative non-potable water systems serving communities across Texas, from funds managed by Crosstimbers Capital GroupDealroom has a profile for this one. Try Dealroom →. Maverick's management team retains a minority stake and continues to run the company. Terms were not disclosed.
What each side does: Founded in 2018, Maverick builds alternative water system assets in partnership with real estate development and industrial customers to supply reliable non-potable water. Apollo is a global alternative asset manager, and the deal sits within its infrastructure business.
What's the endgame? With Apollo's backing, Maverick plans to scale its platform and near-term pipeline to meet rising demand for water infrastructure. "Apollo shares our long-term vision for the business, and its partnership will enable us to continue investing in the innovative solutions our customers have come to expect from us," said Dustin Kinder, chief executive officer of Maverick.
Why now? Apollo framed the deal against surging demand for resilient physical infrastructure. Its funds have deployed more than $130 billion across infrastructure and related investments over the past five years.
The signal: The acquisition points to growing investor appetite for water infrastructure in fast-growing US markets, where reliable supply is increasingly strained. "Maverick has built a differentiated platform delivering long-term water solutions across some of the country's fastest-growing markets," said Jon Levinson, managing director in Apollo's Infrastructure Group.
Read more: GlobeNewswire
Image credit: Ken Lund
