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On 14 August 2024, Swedish private equity (PE) firm EQT announced the acquisition of a majority stake in Irish software firm AMCS through its EQT X and EQT Future funds. AMCS supplies software for planning, performance, safety, and sustainability for the management of municipal and industrial waste. In the water sector, AMCS made its acquisition foray into water in 2022 with the purchase of operations management software company Utility Cloud and, utility billing platform, Utilitbill in 2022. AMCS’ 2023 fundraising rounds valued the firm at over €1.3 billion (US$1.4 billion).
In this Research Note:
- EQT refocuses on water and waste investments. 2024 marks a pivot for EQT back into the water and waste management space.
- EQT accelerates digital capabilities in water-related portfolio companies. EQT consistently focuses on digital solutions to enhance its water investments, evidenced by its Saur and Desotec strategy.
- Large-scale, successful exits burnish EQT position in water. Despite headwinds from high interest rates, digital water companies continue to attract investment from PE firms.
