Xylem Inc., a water technology company, agreed to buy a wastewater service Pims Group for $57 million.
The transaction marks an exit for Inflexion Private Equity Partners, which purchased the Farnborough, England-based target in March 2008.
Prior to this deal, Pims generally found itself on the buy-side of M&A. As an Inflexion portfolio company, it completed four acquisitions. In 2008, it picked up Hydroserve, a sewage treatment plant services business, for £500,000, as well as sewer-cleaning company Comet Tankers for an undisclosed price. Two additional bolt-on acquisitions followed, ABS Wastewater Service in 2010 and Forewood Services in 2012, which helped expand the company’s customer base.
The sale process was led by Inflexion partner Charles Thompson who has been with the firm since 2001. Law firm Taylor Wessing LLP advised Inflexion on the sale.
In August, Inflexion raised £100 million ($149.1 million) for its 2012 co-investment fund, exceeding its £75 million target by 25 percent. The fund is set to co-invest alongside Inflexion’s £375 million 2010 buyout fund.
Xylem is based in White Plains, N.Y. It was spun off from the water-related businesses of ITT Corp. (NYSE: ITT) in 2011.