Private equity firm HIG Capital has completed the sale of United Flow Technologies to Berkshire Partners while retaining a minority stake in the water and wastewater equipment provider, the companies announced this week. The transaction marks another exit for the Miami-based investment firm as it continues reshaping its portfolio across infrastructure and industrial services.
Founded in 1993 by Sami Mnaymneh and Tony Tamer, HIG Capital has built a reputation for backing middle-market companies in sectors ranging from healthcare to industrial manufacturing. The firm’s decision to maintain a position in United Flow Technologies signals confidence in the company’s growth trajectory even as it transitions to new majority ownership.
United Flow Technologies, based in Irving, Texas, supplies process equipment, pumps, and automation systems for municipal and industrial water treatment facilities across the United States. HIG Capital established the platform in 2021 specifically to serve this market, betting on sustained demand for water infrastructure modernization.
“HIG has been an outstanding partner to UFT since establishing the company in 2021,” said Matt Hart, chief executive of United Flow Technologies. “Their vision has enabled us to execute a growth playbook and strengthen every aspect of our operations.”
Building Through Acquisition
During HIG Capital’s ownership, United Flow Technologies pursued an aggressive acquisition strategy that expanded both its geographic footprint and product capabilities. The company completed multiple add-on transactions that brought new technical expertise and customer relationships into the fold.
The acquisitions allowed United Flow Technologies to offer a broader range of equipment and services while establishing regional hubs that could support clients across different markets. This approach mirrors strategies HIG Capital has deployed at other portfolio companies where fragmented industries present consolidation opportunities.
Water and wastewater infrastructure represents a sector with substantial tailwinds. Aging systems, stricter environmental regulations, and population growth are driving sustained investment from both municipal governments and industrial operators. Equipment providers that can deliver integrated solutions across multiple product categories have gained pricing power and market share.
“Since we established UFT, we have been proud to support management to build a national leader in the water and wastewater sector,” said Rahul Vinnakota, managing director at HIG Capital. The firm now manages approximately $70 billion across various investment strategies.
HIG Capital’s Infrastructure Focus
The United Flow Technologies exit comes amid broader portfolio activity at HIG Capital. In August, the firm’s infrastructure division completed the sale of EYSA Group, a Spanish mobility solutions provider, to Tikehau Investment Management. That transaction delivered what the firm described as attractive returns after transforming EYSA from a regional parking operator into an international smart mobility platform through five add-on acquisitions.
Similarly, HIG Capital announced in November a significant investment in GT Independence, which provides financial management services for Medicaid participants directing their own home care. The firm also acquired Shore Excursions Group, a cruise tour operator, in December for an undisclosed sum.
These moves reflect HIG Capital’s focus on businesses that combine recurring revenue models with opportunities for operational improvement and consolidation. Water infrastructure fits squarely within that framework, particularly as providers face pressure to upgrade equipment and adopt new technologies.
Berkshire Partners, which will assume majority control of United Flow Technologies, brings its own track record in industrial and infrastructure investments. The Boston-based firm has backed companies across manufacturing, distribution, and services, often working with management teams to accelerate growth through both organic initiatives and acquisitions.
Terms of the United Flow Technologies transaction were not disclosed. Harris Williams and Solomon Partners served as financial advisors to HIG Capital and United Flow Technologies, while King & Spalding provided legal counsel.
Hart emphasized continuity in the transition. “We look forward to continuing that momentum with Berkshire Partners as we enter this exciting next phase,” he said. “We are also thrilled HIG will remain a minority investor, highlighting their conviction in our long-term growth opportunities.”
The ongoing involvement of HIG Capital as a minority shareholder is relatively uncommon in middle-market private equity exits but can signal alignment between buyer and seller on future strategy. It also provides Berkshire Partners with an experienced co-investor that understands the water infrastructure sector’s competitive dynamics.
For HIG Capital, the partial exit allows the firm to return capital to investors while maintaining exposure to a business it spent four years developing. The structure could also position the firm to participate in future financing rounds should United Flow Technologies pursue additional acquisitions or expansion initiatives under new ownership.
