Acquisition of Infiltrator
10-K - May 19, 2022
On July 31, 2019 (the “Closing Date”), the Company completed its Acquisition of Infiltrator pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) dated July 31, 2019. Infiltrator man...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Advanced Drainage Systems, Inc.
WMSActiveCIK 1604028 · Water Infrastructure & Treatment Equipment
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, WMS filings, SEC EDGAR
$11,155
Market cap ($MM)
$11,592
Enterprise value ($MM)
$2,989
Revenue · LTM ($MM)
$895
EBITDA · LTM ($MM)
30%
EBITDA margin
3.9x
EV / revenue
13.0x
EV / EBITDA
0.3x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01WMS 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, MWA, ECL.
Balance sheet & capacity
Indicative capacity read: 0.3x net debt / EBITDA with EBITDA of $895MM.
$1,008
Cash & equiv. ($MM)
$1,282
Total debt ($MM)
$274
Net debt ($MM)
0.3x
Net debt / EBITDA
Valuation
Where it trades against its peer set
WMS versus the scaled public Water Infrastructure & Treatment Equipment comparables.
Indexed share-price performance
WMS versus available Water Infrastructure & Treatment Equipment peers and SPY.
+22%
WMS
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. 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 |
|---|---|---|---|---|---|---|---|---|---|
| Advanced Drainage Systems, Inc. | WMS | $2,989 | $895 | 30% | $11,155 | $11,592 | 3.9x | 13.0x | 0.3x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
WMS's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
29
Active years
9
Named deals
3
Avg / active year
3.2
Acq. cash outflow ($MM)
N/A
Banker read
- 01WMS reads as a programmatic acquirer: 29 disclosed acquisitions across 9 active years, or 3.2 per active year. The chart shows activity in 9 of the last 9 visible years.
- 02In the last three years, the file shows 3 acquisitions versus 3 in the prior three; recent activity is broadly steady versus the prior three-year period.
- 03Spend changes the read: $1.5B of disclosed spend is concentrated in lumpy years, with FY20 the largest year at $1.1B. Recent spend is below the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
WMS count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
3 / 3
Last three years is broadly steady vs prior three.
Peak count year
FY15
2 disclosed acquisitions in the peak visible year.
Recent spend
$335MM
is down 71% vs prior three; peak FY20 at $1.1B.
Named evidence
3 rows
10% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jul 31, 2019 | Infiltrator | Water infrastructure, treatment, and equipment | $1,147 | On July 31, 2019 (the “Closing Date”), the Company completed its Acquisition of Infiltrator pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) dated July 31, 2... | 10-K† |
| Jul 31, 2019 | Infiltrator Water Technologies | Water infrastructure, treatment, and equipment | $1,147 | On July 31, 2019 (the “Closing Date”), the Company completed its Acquisition of Infiltrator Water Technologies pursuant to an Agreement and Plan of Merger (the “Merger Agreement... | 10-K† |
| Jul 17, 2015 | BaySaver | Water infrastructure, treatment, and equipment | $15 | On July 17, 2015, ADS Ventures, Inc. (“ADS/V”), a wholly-owned subsidiary of the Company, acquired an additional 10% of the issued and outstanding membership interests in BaySav... | 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 6 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
10
Named deal filings
3
Recent SEC filings
0
Evidence clips
3
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.10 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | May 15, 2025 | Annual M&A 10-K | accepted | 1 | $237MM | $237MM | SEC filing |
| FY2024 | May 16, 2024 | Annual M&A 10-K | accepted | N/A | N/A | $48.0MM | SEC filing |
| FY2023 | May 18, 2023 | Annual M&A 10-K | accepted | 1 | $48.0MM | $48.0MM | SEC filing |
| FY2022 | May 19, 2022 | Annual M&A 10-K | quarantined (1 issue) | 1 | $49.3MM | $49.5MM | SEC filing |
| FY2021 | May 27, 2021 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2020 | Jun 1, 2020 | Annual M&A 10-K | accepted | 1 | N/A | $1.1B | SEC filing |
| FY2019 | May 30, 2019 | Annual M&A 10-K | accepted | 1 | N/A | $8.8MM | SEC filing |
| FY2018 | May 30, 2018 | Annual M&A 10-K | accepted | 1 | N/A | $2.3MM | SEC filing |
| FY2017 | May 30, 2017 | Annual M&A 10-K | accepted | 1 | $9.5MM | $9.5MM | SEC filing |
| FY2016 | Sep 15, 2016 | Annual M&A 10-K | quarantined (1 issue) | 1 | N/A | $14.5MM | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.3 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| May 19, 2022 | 10-K | Infiltrator | Annual M&ANamed deals | SEC filing |
| Jun 1, 2020 | 10-K | Infiltrator Water Technologies | Annual M&ANamed deals | SEC filing |
| May 30, 2018 | 10-K | BaySaver | Annual M&ANamed 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.3 rows+-
Medium
Acquisition of Infiltrator Water Technologies
10-K - Jun 1, 2020
On July 31, 2019 (the “Closing Date”), the Company completed its Acquisition of Infiltrator Water Technologies pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) dated July 31, 20...
BaySaver Step Acquisition
10-K - May 30, 2018
On July 17, 2015, ADS Ventures, Inc. (“ADS/V”), a wholly-owned subsidiary of the Company, acquired an additional 10% of the issued and outstanding membership interests in BaySaver, increasing the C...
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.