Apollo Funds Buy Texas Water Infrastructure Firm Maverick
Apollo-managed funds have acquired Houston-based Maverick Water Group, a developer of non-potable water systems serving Texas communities.
Apollo Global Management's investment funds have completed an acquisition of Maverick Water Group, a Houston-based company that develops, owns, and operates alternative non-potable water systems for communities across Texas. The seller was Crosstimbers Capital Group, a private investment firm that had previously backed Maverick's growth. Financial terms of the transaction were not disclosed.
The deal is notable for what it signals about institutional appetite for water infrastructure assets. Non-potable water systems — which handle water unsuitable for drinking but critical for industrial, agricultural, and municipal uses — represent a niche but increasingly strategic corner of the broader infrastructure investment landscape, particularly in a state like Texas where water scarcity and rapid population growth create persistent demand pressures.
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Maverick's existing management team will continue running day-to-day operations and retains a minority equity stake in the company, a structure commonly used in private equity buyouts to align leadership incentives with long-term value creation. Apollo, one of the largest alternative asset managers in the world with a substantial infrastructure portfolio, brings significant capital resources and deal-making expertise that could accelerate Maverick's expansion across Texas markets.
The transaction reflects a broader trend of large-scale asset managers deepening their exposure to essential services infrastructure — assets characterized by stable, contracted cash flows and insulation from economic cycles. Water, in particular, has drawn increasing attention from institutional investors as climate stress, aging municipal systems, and population shifts combine to create long-duration investment opportunities with relatively predictable demand. How aggressively Apollo deploys capital to scale Maverick's footprint will be worth watching in the quarters ahead.
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