Water-focused growth and private equity investor

XPV Water Partners

At a glance

Assets under management$1B (as of May 2025) S5
Deal typesPlatform, Add-on, Growth S3
SectorsIndustrial & Manufacturing, Software & SaaS, Construction Services

What XPV Water Partners buys

XPV Water Partners is a Toronto-based investor that backs only water-related companies. It passed US$1 billion of assets under management in May 2025 after raising more than US$625 million of new capital. XPV calls itself a growth investor and partners with entrepreneurs who built their companies, mostly in water and wastewater equipment, metering and monitoring technology, microbial testing and water services, with most of its recent deals in the United States. It builds platforms and then helps them buy smaller companies, drawing on a database it says covers more than 10,000 water businesses. It does not publish revenue or EBITDA ranges.

Its newest platforms show what it buys today. Opus Water, launched in June 2025, buys makers of engineered valves and flow products and added Chicago-based Yeary Controls that December. In February 2026 XPV invested in Weisinger Incorporated, a family-run water well services company in Texas, which then bought C&C Ground Water Services. OceanSight, formed in March 2026, is building a group of ocean sensing and sonar companies.

Recent deals

Announced in the 24 months before October 20, 2026.

DateCompanyTypeSectorSource
July 2026BCR EnvironmentalBiosolids treatment company sold to a group of investorsExitSource
Jun 2026Axius WaterSale to Oldcastle Infrastructure closed; XPV built the wastewater platform with KKR from 2019ExitSource
Mar 2026C&C Ground Water ServicesCentral Texas industrial groundwater firm founded in 2004 by its owner, added to WeisingerAdd-onConstruction ServicesSource
Mar 2026Sound MetricsBellevue, Washington imaging sonar maker founded in 2002, added to OceanSightAdd-onIndustrial & ManufacturingSource
Mar 2026OceanSightNew ocean technology platform built around Ocean Floor Geophysics and Neptune SonarPlatformIndustrial & ManufacturingSource
Feb 2026Weisinger IncorporatedInvestment in a family-run Texas water well services company in its 50th year, as the base for a new platformPlatformConstruction ServicesSource
Jan 2026WATERingAI water network modeling software added to MobiltexAdd-onSoftware & SaaSSource
Dec 2025Yeary ControlsChicago maker of control valves and actuators added to Opus WaterAdd-onIndustrial & ManufacturingSource
Sep 2025GL BiocontrolFrench microbial water testing firm added to LuminUltraAdd-onSource
Aug 2025S&N AirofloMississippi maker of surface aeration systems for wastewater added to Axius WaterAdd-onIndustrial & ManufacturingSource
Jun 2025Opus WaterNew platform to buy makers of engineered water and wastewater productsPlatformIndustrial & ManufacturingSource
May 2025XPV Water PartnersRaised more than US$625 million of new capital; assets under management passed US$1 billionFund closeSource
Apr 2025Atlas-SSIWater intake screen maker and service provider sold to Goldman Sachs AlternativesExitIndustrial & ManufacturingSource
Jan 2025SmartCover SystemsSewer monitoring company sold to Badger MeterExitSource
Jan 2025PRO-LINE Water Screen ServicesPearland, Texas water intake screen service firm added to Atlas-SSIAdd-onSource
Jan 2025Aero-ModKansas maker of packaged wastewater treatment plants added to Axius WaterAdd-onIndustrial & ManufacturingSource

Portfolio by sector

From the firm's portfolio page S4.

Portfolio of Companies

  • LuminUltra
  • Metron-Farnier
  • Mobiltex
  • OceanSight
  • Opus Water
  • Weisinger Incorporated

Greymont’s take

How XPV Water Partners fits a seller

XPV suits owners of water equipment, water technology and water services businesses who want an investor that already knows utilities and industrial water users. Its message to owners is about respecting what the founder built, and the Weisinger deal shows how that plays out: a family business marking 50 years chose XPV as its partner for the next stage, and a month later it bought C&C Ground Water Services, a Texas firm whose founder joined Weisinger.

XPV sells its platforms once they are built. Since January 2025 it has sold SmartCover to Badger Meter, Atlas-SSI to Goldman Sachs Alternatives and Axius Water to Oldcastle Infrastructure. An owner considering XPV should ask how long it expects to hold the platform, how much equity the owner would keep, and whether the likely buyer is a strategic water company or another investor.

Questions owners ask

What kinds of companies does XPV invest in?

Only water-related businesses. Its current companies include Opus Water (engineered valves and flow products), Metron-Farnier (water meters), Mobiltex (remote monitoring), LuminUltra (microbial testing), Weisinger (water well services) and OceanSight (ocean technology).

Does XPV buy service businesses or only technology?

Both. In February 2026 it invested in Weisinger Incorporated, a Texas groundwater and water well services company in its 50th year, and in March 2026 Weisinger bought C&C Ground Water Services, a Texas firm founded in 2004.

Who buys XPV's companies when it sells?

Mostly larger strategic companies and investors. Badger Meter bought SmartCover in January 2025, Goldman Sachs Alternatives bought Atlas-SSI in April 2025, and Axius Water, built with KKR, joined Oldcastle Infrastructure in June 2026.

Sources

  1. S1XPV Water Partners home page Accessed October 20, 2026
  2. S2XPV Water Partners: Our Firm Accessed October 20, 2026
  3. S3XPV Water Partners: How We Help Accessed October 20, 2026
  4. S4XPV Water Partners: Portfolio of Companies Accessed October 20, 2026
  5. S5XPV Water Partners Surpasses US $1 Billion in Assets Under Management (May 6, 2025) Accessed October 20, 2026
  6. S6XPV Water Partners: Contact and privacy policy Accessed October 20, 2026
  7. S7XPV Water Partners: News Accessed October 20, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with XPV Water Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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