Evoqua Water Technologies

Carved Out and Transformed for Growth

In 2014, AEA’s Middle Market Private Equity (“MMPE”) fund successfully carved out the water technologies business of Siemens AG, now known as Evoqua Water Technologies (“Evoqua”). Evoqua is a leading provider of mission critical water treatment solutions, offering services, systems and technologies to support its customers’ full water lifecycle needs. With over 200,000 installations worldwide, the company holds leading positions in the industrial, commercial and municipal water treatment markets in North America.

AEA MMPE identified Evoqua as a leading player in the growing water processing and reuse market with the industry’s largest installed base, service organization and technology portfolio. AEA MMPE worked collaboratively with its former corporate parent to stand up the business and recruited senior talent to the company, including the CEO and CFO, as well as functional and divisional leadership. During AEA MMPE’s ownership, growth was accelerated and margins expanded through organizational and process redesigns, investments in sales force and technology and more strategic product management. Additionally, Evoqua completed 16 add-on acquisitions to expand the company’s technology offering and geographic reach. Evoqua was taken public through a successful IPO in November 2017. By the time AEA MMPE exited the investment, Evoqua was the premier standalone water technology company in the industry.

Created Value


Acquisitions completed to expand technology offering and reach


Increase in customer facing roles to drive growth


Percentage of business digitally-enabled through Water One® subscription-based water management platform

Photo of Ron Keating

“AEA was the ideal partner to support us in transforming Evoqua into the best-in-class leader that it is today. AEA’s experience in ownership transitions and sensitivity to the needs of all stakeholders helped ensure a successful outcome for Siemens as well as Evoqua’s management and employees. Under AEA’s ownership, Evoqua benefited from the extensive resources and unique global network of AEA, which enhanced our ability to successfully pursue numerous organic, inorganic, and operational excellence opportunities.”

Ron Keating
Chief Executive Officer, Evoqua Water Technologies