M&A Deal Summary

Badger Meter Acquires SmartCover Systems

On January 31, 2025, Badger Meter acquired environmental company SmartCover Systems from XPV Water Partners for 185M USD

Acquisition Highlights
  • This is Badger Meter’s 1st transaction in the Environmental sector.
  • This is Badger Meter’s largest (disclosed) transaction.
  • This is Badger Meter’s 9th transaction in the United States.
  • This is Badger Meter’s 2nd transaction in California.

M&A Deal Summary

Date 2025-01-31
Target SmartCover Systems
Sector Environmental
Buyer(s) Badger Meter
Sellers(s) XPV Water Partners
Deal Type Add-on Acquisition
Deal Value 185M USD

Target

SmartCover Systems

Escondido, California, United States
SmartCover transforms real-time remote infrastructure data into insights helping utility customers minimize OpEx, reduce CapEx, and improve environmental performance. The company's remote monitoring and controls for sewer, lift stations and stormwater infrastructure enable utilities to eliminate overflows, optimize collection system cleaning, minimize H2S odors, accurately identify inflow and infiltration, and efficiently operate pump stations. Its solutions allow users to convert reliable and accurate data into actionable outcomes enhancing performance, reducing costs, and maximizing resources. SmartCover Systems is based in Escondido, California.

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Buyer(S) 1

Buyer

Badger Meter

Milwaukee, Wisconsin, United States

Category Company
Founded 1905
Sector Test/Measurement Equipment
Employees2,210
Revenue 827M USD (2024)
DESCRIPTION
Badger Meter's corporate headquarters in Milwaukee, Wisconsin.
Badger Meter's corporate headquarters in Milwaukee, Wisconsin.

Badger Meter is a manufacturer and marketer of flow measurement and control products, serving water and gas utilities, municipalities and industrial customers. The Company’s products are used in a wide variety of applications, including water, oil and lubricants, and are known for their high degree of accuracy, long-lasting durability and ability to provide valuable and timely measurement information to customers. Badger Meter was founded in 1905 and is based in Milwaukee, Wisconsin.


DEAL STATS #
Overall 12 of 12
Sector: Environmental M&A 1 of 1
Type: Add-on Acquisition M&A Deals 12 of 12
State: California M&A 2 of 2
Country: United States M&A 9 of 9
Year: 2025 M&A 1 of 1
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-08 Analytical Technology

Collegeville, Pennsylvania, United States

Analytical Technology, Inc. is a provider of water quality monitoring solutions, as well as toxic and combustible gas detectors, for municipal and industrial markets. ATi offers modular, configurable and low-power multi-parameter water monitoring solutions that can be used in a variety of applications where periodic or continual monitoring is required. Analytical Technology was founded in 1992 and is headquartered in Collegeville, Pennsylvania.

Buy $44M

Seller(S) 1

SELLER

XPV Water Partners

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2006
PE ASSETS 400M CAD
Size Middle-Market
Type Sector Focused
DESCRIPTION

XPV Water Partners is a specialist investor in businesses connected to and involved in water. The Firm looks to partner with and work alongside entrepreneurs and will consider opportunities throughout North America. XPV Water Partners dates back to 2006 and is based in Toronto, Ontario.


DEAL STATS #
Overall 3 of 4
Sector: Environmental M&A 1 of 1
Type: Add-on Acquisition M&A Deals 2 of 3
State: California M&A 1 of 1
Country: United States M&A 2 of 3
Year: 2025 M&A 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-17 Holland Pump

West Palm Beach, Florida, United States

Holland Pump is a manufacturer, seller, renter, and servicer of pumps for a wide range of applications including construction, mining, agricultural, horizontal drilling, and bypass pumping. Holland Pump was founded in 1978 and is based in West Palm Beach, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-01 Atlas-SSI

Monticello, Minnesota, United States

Atlas-SSI is a manufacturer of raw water intake equipment, traveling water screens, 316(b) fish-friendly screens, and trash rake systems in North America. Certified field service and dive teams support turnkey installations, on-site maintenance, inspections, repairs, and preventative maintenance. Atlas-SSI is based in Monticello, Minnesota.

Sell -