Apollo has acquired US alternative water systems operator Maverick Water Group from Crosstimbers Capital Group for an undisclosed sum.
Apollo, investing on behalf of its funds, has taken a majority stake in the Texas-headquartered developer and operator of non-potable water systems, while Maverick’s management team retains a minority holding and will continue to run the business.
Founded in 2018, Maverick develops alternative water system assets that serve communities across Texas.
Jon Levinson, managing director, Apollo infrastructure group, said: “Maverick has built a differentiated platform delivering long-term water solutions across some of the country’s fastest-growing markets.
“Bringing to bear the scale of our infrastructure platform and deep industry expertise, we look forward to partnering with Maverick’s highly experienced team to support the company and its customers through this next phase of growth.”
Dustin Kinder, CEO of Maverick Water, said: “We built Maverick to deliver reliable water solutions in regions where they are increasingly important, and we’re proud of the platform and the reputation our team has established.
“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.”
Trevor Brock, co-founder and managing partner of Crosstimbers, said: “Resilient infrastructure, innovation, and stronger alignment with companies are all important elements of flourishing communities.That’s the belief we founded Maverick on.
“Dustin, Ben, and the team have built an exceptional business around it, with a culture to match. We’re grateful for their partnership and excited to watch Maverick continue to grow with Apollo.”
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