April saw 22 PE-backed acquisitions across Europe, representing an 8% decline year-over-year with 2 acquisitions less in April 2025 than 2024.
Number of announced PE-backed acquisitions over the past 12 months*
- Number of PE-backed Acquisitions
Roll-Up Market Insights
PE-backed acquisitions in Europe declined in April by 8% year-over-year. Despite this year-over-year decline, PE-backed acquisitions in Europe grew back closer to their 12 months-average after the February low-point.
More than 50% of acquisitions were conducted in the UK, followed by 3 acquisitions in Ireland and 2 in France.
2 of April’s 22 acquisitions were conducted by waste and water infrastructure firm Vortex Companies, presenting their overall 11th and 12th acquisitions. The PE-backed company acquired both McAllister Group and Prism Contractors & Engineers.
This month’s case study: Vortex Companies
Founded in 2025 in Houston, Texas, USA, Vortex Companies deliver advanced trenchless technologies and turnkey services to cost effectively renew water, sewer and industrial infrastructure.
Since private equity firm Quad-C invested into Vortex Companies in 2023, Vortex has announced 9 acquisitions, 4 of those in 2025 alone.
- Vortex Companies Acquisitions
Vortex Companies’ most recent acquisitions, publicized in April 2025, were the acquisitions of McAllister Group and Prism Contractors & Engineers. With the former of the two, Vortex also grew its regional presence in Europe.
Founded in 1971 in Newry, UK, McAllister Group provides sustainability-focused residential and corporate drainage services, including maintenance and rehabilitation work, as well as planning and installing state-of-the-art drainage systems.
Founded in 1997 in Williamsburg, USA, Prism Contractors & Engineers provides architectural, inspection, construction, and other structural services.
Ongoing PE interest in the water and sewage infrastructure industry
Vortex Companies’ most recent PE-backed acquisitions present the ongoing PE-backed roll-ups in the water and sewage, as well as in the general infrastructure industry.
Relevant PE investors and their platform companies include:
- ORIX Capital Partners’ platform of National Underground Group (2017)
- New Mountain Capital‘s platform of Azuria Water Solutions (2021)
- Partners Group‘s platform of Resilient Infrastructure Group (2021)
- J.F. Lehman & Company‘s platform of PURIS (2023)
Quad-C invested in Vortex Companies in September 2023, extending the middle market PE’s portfolio to include a global provider of trenchless infrastructure rehabilitation products and services.
PE interest in infrastructure investments, also shown by KKR’s potential future acquisition of Thames Water, is driven by multiple industry factors:
- Infrastructure investments provide essential utilities and services with inelastic demand from both private and public sector clients, resulting in low sensitivity to economic cycles.
- Subsequently, infrastructure assets present low correlation with other asset classes, offering diversification benefits to PE firms.
- The industry lends itself to consolidation following a roll-up strategy, as the market is often highly fragmented.
- Infrastructure assets further generate stable long-term cash-flows, often secured by long-term public sector contracts.
*All data from CrunchBase, as of May 15, 2025.
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