TKO Miller Strengthens Water/Wastewater Infrastructure M&A with Three Landmark Transactions
TKO Miller, a leading middle market investment bank, continues to build on its expertise in the water/wastewater infrastructure sector with the successful completion of three notable transactions spanning underground infrastructure inspection, rehabilitation, maintenance, wastewater system design/engineering, and other water infrastructure services. Through its advisory work with Visu-Sewer, Complete Filtration Resources, and RJ Underground, Inc., TKO Miller has demonstrated a deep understanding of the water/wastewater industry’s evolving dynamics and the growing demand for essential infrastructure service providers.
The water/wastewater infrastructure market continues to benefit from aging utility systems, increasing municipal investment, stricter environmental regulations, and the growing adoption of diverse new technologies. These trends have attracted significant interest from both private equity and strategic acquirers seeking scalable platforms with recurring, non-discretionary revenue, recession-resistant characteristics, technical expertise, and strong customer relationships. Over the past few years, TKO Miller has advised on three landmark transactions within the sector:
Visu-Sewer – TKO Miller served as the exclusive investment banking advisor for Visu-Sewer, a leading provider of underground infrastructure maintenance, inspection, and trenchless rehabilitation services, on its partnership with Fort Point Capital. The transaction positioned Visu-Sewer for continued geographic expansion and accelerated acquisition activity. Since the partnership, Visu-Sewer has expanded its footprint through strategic acquisitions, reinforcing the investment thesis around essential underground infrastructure services.
Complete Filtration Resources – TKO Miller advised Complete Filtration Resources on its sale to Integrated Water Services (IWS), a platform company of Sciens Water. The transaction combined Complete Filtration Resources’ expertise in industrial process filtration and wastewater treatment systems with one of the nation’s leading providers of turnkey water/wastewater treatment solutions, reflecting the continued convergence of water treatment and specialty process solutions. Since the acquisition of Complete Filtration Resources, IWS has already completed an additional acquisition and intends to continue scaling toward its goal of being a $1B+ water/wastewater services platform.
RJ Underground, Inc. – TKO Miller advised RJ Underground, a full-service provider of underground maintenance and repair services utilizing advanced directional boring and trenchless technologies, on its sale to RF Investment Partners (RF). This transaction highlights investor demand for businesses providing mission-critical underground utility maintenance services across sewer, water/wastewater, gas, electric, and other utility infrastructure. RJ Underground represents RF’s initial platform in the underground utility services sector, and they intend to continue to build on it, both organically and through acquisitions over the coming years.
“The water/wastewater infrastructure services space sits at the intersection of everything acquirers are looking for right now: non-discretionary demand, insulation from AI disruption, and long-term tailwinds from aging systems and tightening regulation,” said Nick Kozik, Managing Director and Water/Wastewater Lead at TKO Miller. “Each of these three businesses were leaders in their respective segments of the water/wastewater market, and all attracted extremely strong interest from diverse potential acquirers. We expect to see sustained, well-capitalized demand for our water/wastewater clients for the foreseeable future.”
Across these three transactions, TKO Miller advised businesses serving municipalities, utilities, commercial customers, industrial facilities, and general contractors with a broad range of capabilities, including pipeline inspection, trenchless rehabilitation, directional boring, process filtration, wastewater treatment, design/engineering, and underground utility maintenance. TKO Miller’s recent experience and dedicated focus on the water/wastewater sector demonstrates a strong understanding of current market dynamics, unmatched buyer relationships, and expert analysis/positioning for our current and future water/wastewater clients.
As federal, state, and municipal infrastructure investment continues to drive demand for rehabilitation and modernization of aging utility networks, TKO Miller expects M&A activity across water/wastewater infrastructure and other water-related services to remain robust.