WaterFleet has announced that a subsidiary of Xylem has signed a definitive agreement to acquire WaterFleet from investment funds managed by EagleTree Capital and its co-investors for approximately $200 million. The transaction pairs a specialized mobile water services provider with one of the world’s largest water technology companies, extending Xylem’s reach into temporary and infrastructure-critical water solutions.
WaterFleet, headquartered in San Antonio, Texas, provides mobile water and wastewater treatment solutions to remote, temporary, and infrastructure-critical sites, including potable water production and storage, domestic wastewater treatment, water quality monitoring, and workforce support services. The company’s offerings are designed to help customers operate safely and reliably in environments where permanent water infrastructure is limited or unavailable, a niche that has become increasingly important as industries navigate infrastructure gaps in remote or fast-growing markets.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close later this quarter. Jones Day served as legal counsel to WaterFleet, while Gibson Dunn served as legal counsel to Xylem. Xylem is a Fortune 500 global water solutions company whose roughly 22,000 employees delivered revenue of $9 billion in 2025, working to optimize water and resource management through innovation and technical expertise.
EagleTree Capital, WaterFleet’s outgoing owner, is a New York-based middle-market private equity firm with $4.4 billion of assets under management that has completed more than 45 private equity investments and more than 105 add-on transactions over the past two decades, primarily across the business services, consumer, and specialty industrial sectors.
KEY QUOTES:
“Working alongside the entire WaterFleet team, including President and CEO Kenneth Cockrill and co-founders Alan and Allison Pyle, has been a privilege. During our partnership, they have expanded the company’s capabilities, strengthened its market leadership, and positioned the business for continued growth. We are confident that Xylem is the right partner for the company’s future success.”
Robert Fogelson, Senior Partner, and Nitin Singhal, Partner, EagleTree Capital
“Joining Xylem is an exciting new chapter for WaterFleet. Together, we will be able to expand and bring our service offerings to more customers while we continue to deliver the reliable, compliant solutions our customers depend on.”
Kenneth Cockrill, President and CEO, WaterFleet
