ProAct Services Corporation
10-K - Dec 11, 2018
On July 26, 2018, the Company acquired all of the issued and outstanding equity securities of ProAct Services Corporation (“ProAct”) and its subsidiaries for $133,772 paid in cash at closing which ...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Evoqua Water Technologies Corp.
AQUADelistedCIK 1604643 · Water Infrastructure & Treatment Equipment
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, AQUA filings, SEC EDGAR
$6,103
Market cap ($MM)
$6,894
Enterprise value ($MM)
$1,858
Revenue · LTM ($MM)
$348
EBITDA · LTM ($MM)
19%
EBITDA margin
4.0x
EV / revenue
29.8x
EV / EBITDA
NM
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01AQUA is a scaled public consolidator in Water Infra, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is XYL, VLTO, PNR, WTS, WMS, MWA.
Balance sheet & capacity
Indicative capacity read: public-market scale of $6.9B enterprise value against $1.9B revenue.
N/A
Cash & equiv. ($MM)
N/A
Total debt ($MM)
N/A
Net debt ($MM)
NM
Net debt / EBITDA
Valuation
Where it trades against its peer set
AQUA versus the scaled public Water Infrastructure & Treatment Equipment comparables.
Indexed share-price performance
AQUA versus available Water Infrastructure & Treatment Equipment peers and SPY.
+159%
AQUA
N/A
Peer med.
+54%
SPY
Indexed to 100 from May 31, 2018 through May 23, 2023. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Evoqua Water Technologies Corp. | AQUA | $1,858 | $348 | 19% | $6,103 | $6,894 | 4.0x | 29.8x | NM |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
AQUA's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
35
Active years
6
Named deals
10
Avg / active year
5.8
Acq. cash outflow ($MM)
N/A
Banker read
- 01AQUA reads as a programmatic acquirer: 35 disclosed acquisitions across 6 active years, or 5.8 per active year. The chart shows activity in 6 of the last 6 visible years.
- 02In the last three years, the file shows 8 acquisitions versus 9 in the prior three; recent activity is broadly steady versus the prior three-year period.
- 03Spend changes the read: $493MM of disclosed spend is concentrated in lumpy years, with FY22 the largest year at $230MM. Recent spend is broadly steady.
Annual acquisitions + disclosed spend
count spend named deal
AQUA count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
8 / 9
Last three years is broadly steady vs prior three.
Peak count year
FY17
4 disclosed acquisitions in the peak visible year.
Recent spend
$262MM
is broadly steady vs prior three; peak FY22 at $230MM.
Named evidence
10 rows
29% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jul 26, 2018 | ProAct Services Corporation | Water infrastructure, treatment, and equipment | $133,772 | On July 26, 2018, the Company acquired all of the issued and outstanding equity securities of ProAct Services Corporation (“ProAct”) and its subsidiaries for $133,772 paid in ca... | 10-K† |
| Apr 15, 2016 | Neptune Benson | Water infrastructure, treatment, and equipment | $284 | On April 15, 2016, the Company acquired 100% of privately held Neptune Benson, a leading manufacturer of high-quality water filtration and disinfection products for the recreati... | 10-K† |
| Jan 3, 2022 | Mar Cor Business | Water infrastructure, treatment, and equipment | $196,300 | On December 20, 2021, the Company and its indirect wholly-owned subsidiaries Evoqua Water Technologies LLC (“EWT LLC”) and Evoqua Water Technologies Ltd. (together with EWT LLC,... | 10-K† |
| Jun 30, 2017 | ADI Systems North America Inc., Geomembrane Technologies Inc., and Lange Containment Systems, Inc. | Water infrastructure, treatment, and equipment | $55,558 | On June 30, 2017, the Company acquired ADI Systems North America Inc., Geomembrane Technologies Inc., and Lange Containment Systems, Inc. (collectively, ‘‘ADI’’) from ADI Group... | 10-K† |
| Jul 1, 2022 | Smith Engineering, Inc. | Water infrastructure, treatment, and equipment | $18,878 | On July 1, 2022, the Company completed the acquisition of Smith Engineering, Inc. (“Smith Engineering”) for $18,878 cash paid at closing, of which $2,895 was paid into an escrow... | 10-K† |
| Apr 1, 2021 | Water Consulting Specialists, Inc. | Water infrastructure, treatment, and equipment | $12,025 | On April 1, 2021, the Company acquired the assets of Water Consulting Specialists, Inc. (“WCSI”) for $12,025 cash paid at closing. In addition, the Company recorded a liability... | 10-K† |
| Nov 1, 2016 | Environmental Treatment Services, Inc. | Water infrastructure, treatment, and equipment | $10,730 | On November 1, 2016, the Company acquired substantially all of the assets of Environmental Treatment Services, Inc. (“ETS”), a leading provider of engineered solutions to the in... | 10-K† |
| Apr 1, 2022 | Frontier | Water infrastructure, treatment, and equipment | $10,396 | On April 1, 2022, the Company acquired the remaining 32% interest in Frontier from the Minority Owners for a purchase price of $10,396 making Frontier a wholly-owned subsidiary... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 3 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
0
Named deal filings
3
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.0 rows+-
No filing source clears this category.
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.3 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Nov 16, 2022 | 10-K | Mar Cor Business; Smith Engineering, Inc.; Water Consulting Specialists, Inc.; Frontier +1 more | Named deals | SEC filing |
| Dec 11, 2018 | 10-K | ProAct Services Corporation; ADI Systems North America Inc., Geomembrane Technologies Inc., and Lange Containment Systems, Inc.; Environmental Treatment Services, Inc.; Olson Irrigation Systems | Named deals | SEC filing |
| Dec 4, 2017 | 10-K | Neptune Benson | Named deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
Neptune Benson
10-K - Dec 4, 2017
On April 15, 2016, the Company acquired 100% of privately held Neptune Benson, a leading manufacturer of high-quality water filtration and disinfection products for the recreational, industrial, an...
Mar Cor Business
10-K - Nov 16, 2022
On December 20, 2021, the Company and its indirect wholly-owned subsidiaries Evoqua Water Technologies LLC (“EWT LLC”) and Evoqua Water Technologies Ltd. (together with EWT LLC, the “Buyer”) entere...
ADI Systems North America Inc., Geomembrane Technologies Inc., and Lange Containment Systems, Inc.
10-K - Dec 11, 2018
On June 30, 2017, the Company acquired ADI Systems North America Inc., Geomembrane Technologies Inc., and Lange Containment Systems, Inc. (collectively, ‘‘ADI’’) from ADI Group Inc. for a total of ...
Smith Engineering, Inc.
10-K - Nov 16, 2022
On July 1, 2022, the Company completed the acquisition of Smith Engineering, Inc. (“Smith Engineering”) for $18,878 cash paid at closing, of which $2,895 was paid into an escrow account. Smith Engi...
Water Consulting Specialists, Inc.
10-K - Nov 16, 2022
On April 1, 2021, the Company acquired the assets of Water Consulting Specialists, Inc. (“WCSI”) for $12,025 cash paid at closing. In addition, the Company recorded a liability of $761 at closing a...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.