AQUALIS, a Morrisville, North Carolina-based provider of sustainable water management, engineering, and compliance services, has been acquired by Fusion Capital Partners from DFW Capital Partners. Financial terms of the transaction were not disclosed. The acquisition represents Fusion’s fourth platform investment overall and its first in 2026.
Founded in 2001, AQUALIS has more than 25 years of experience serving more than 1,750 commercial, industrial, and municipal customers across the United States. The company provides a comprehensive suite of solutions across the full lifecycle of water assets, including engineering, design, testing, permitting, and compliance support, along with inspections, preventative maintenance, repairs, infrastructure rehabilitation, and emergency response. Its work helps customers manage stormwater infrastructure, wastewater systems, and water quality while maintaining regulatory compliance.
Fusion Capital Partners is a Los Angeles-based private equity firm focused on engineered products and essential services within the industrial sector. The firm’s investment thesis in water management is driven by aging infrastructure, increasing regulation, and growing weather volatility, trends that are pushing customers toward strategic partners capable of managing long-term water compliance needs. AQUALIS will continue to operate from its Morrisville headquarters under its existing management team, led by CEO Richard Matero.
The acquisition follows a period of active deal-making for Fusion. In 2025, the firm acquired Excel Engineering, a provider of testing services for engine, powertrain, and battery systems, as well as Relevant Solutions, focused on flow control applications, and Tavoron, a leader in factory automation components and services.
Support: Fusion was represented by Baird and Stifel as financial advisors, Paul Hastings LLP as legal counsel, and Jefferies Private Fund Advisory.
KEY QUOTES:
“We are thrilled to welcome Fusion as our strategic partner. Fusion’s industry knowledge, partnership-oriented approach, and tangible experience pursuing transformational growth with similar businesses were compelling for me and my team and will be invaluable as we strengthen our value to customers and accelerate our growth trajectory. I would also like to thank DFW for their strong support over the years, which has been instrumental to our success. I am excited about our future, and our entire team is looking forward to our next chapter.”
Richard Matero, CEO, AQUALIS
“AQUALIS epitomizes the caliber of company that we strive to partner with. Their strong market position and experienced management team, coupled with their suite of solutions and differentiated value proposition makes them an ideal fit for our portfolio. We are looking forward to collaborating with the AQUALIS team as we execute a value creation roadmap that will build upon their strong foundation and drive continued success.”
Winston Dumont-Aubrey, Senior Associate, Fusion Capital Partners
“The water management ecosystem has been a priority focus area for Fusion for several years. The importance of stormwater and wastewater infrastructure continues to rise, driven by aging assets, increased regulation, and weather volatility. As this complexity increases, customers are seeking a strategic partner, positioning AQUALIS as a natural solution. We believe our experience in the space can help accelerate the Company’s growth into a leading middle-market platform.”
Jeff Chaney, Principal and Co-Founder, Fusion Capital Partners
