M&A Deal Summary

EQT Acquires Seven Seas Water

On May 22, 2025, private equity firm EQT acquired utilities company Seven Seas Water from Morgan Stanley Infrastructure Partners

Acquisition Highlights
  • This is EQT’s 4th transaction in the Utilities sector.
  • This is EQT’s 58th transaction in the United States.
  • This is EQT’s 1st transaction in Florida.

M&A Deal Summary

Date 2025-05-22
Target Seven Seas Water
Sector Utilities
Buyer(s) EQT
Sellers(s) Morgan Stanley Infrastructure Partners
Deal Type Secondary Buyout

Target

Seven Seas Water

Tampa, Florida, United States
Seven Seas Water offers Water-as-a-Service(WaaS) solutions by providing outsourced water treatment and wastewater treatment and reuse solutions for governmental, municipal, industrial, property developer and hospitality customers. Seven Seas Water was founded in 1996 and is based in Tampa, Florida.

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Buyer(S) 1

Buyer

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


DEAL STATS #
Overall 311 of 318
Sector: Utilities M&A 4 of 4
Type: Secondary Buyout M&A Deals 97 of 101
State: Florida M&A 1 of 1
Country: United States M&A 58 of 60
Year: 2025 M&A 4 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-09 Karo Healthcare

Stockholm , Sweden

Karo Healthcare is a specialty pharmaceutical company in the Nordics. Karo Healthcare develops and markets products for pharmacies and directly to the healthcare sector. The product portfolio includes over-the-counter and prescription pharmaceuticals as well as medical devices. Karo Healthcare was incorporated in 1987 and is based in Stockholm, Sweden.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-29 Acumatica

Bellevue, Washington, United States

Acumatica is a provider of cloud-based business management software that enables small and mid-size companies to accelerate their businesses. Built on cloud and mobile technology and a unique customer-centric licensing model, Acumatica delivers a suite of fully integrated business management applications such as Financials, Project Accounting, Commerce, Manufacturing, Field Service and CRM, on a robust and flexible platform. Acumatica was founded in 2007 and is based in Bellevue, Washington.

Sell -

Seller(S) 1

DESCRIPTION

Morgan Stanley Infrastructure Partners is the infrastructure focused investment arm of Morgan Stanley. The Unit looks to invest in infrastructure assets that provide essential services in developed markets with stable cash-flows. Specific areas of interest include power generation, utilities, natural gas, transportation, and digital infrastructure. Morgan Stanley Infrastructure Partners was formed in 2006 and is headquartered in New York City.


DEAL STATS #
Overall 2 of 3
Sector: Utilities M&A 1 of 2
Type: Secondary Buyout M&A Deals 1 of 2
State: Florida M&A 1 of 1
Country: United States M&A 1 of 2
Year: 2025 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-21 Torch Clean Energy

Boulder, Colorado, United States

Torch Clean Energy is a clean energy and battery storage developer with extensive experience developing, permitting, designing, and building solar, wind, and battery energy storage projects. Torch Clean Energy is based in Boulder, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-08 Red Oak Power

Sayreville, New Jersey, United States

Red Oak Power provides vintage combined cycle gas turbine facility that uses proven low heat rate siemens 501F technology, which has a long track record of reliability in power plants across the U.S. Red Oak Power is based in Sayreville, New Jersey.

Sell -