On 4 December 2024, Indicor, a diversified industrial technologies provider, acquired Aquam Water Services and Orbis Intelligent Systems from private equity firm Cadence Equity Partners. The deal brings Indicor’s portfolio to 16 companies, ranging from flow control manufacturers to digital solutions providers, serving end markets like water, energy, and power generation.
Headquartered in San Diego, California, Orbis Intelligent Systems provides remote monitoring solutions and real-time insights for pipeline infrastructure management. Alternatively, Aquam—based in Derby, England—is a specialized supplier of standpipes for predominantly U.K.-based utilities. Though not a pure-play digital water company, Aquam does provide additional services like water usage and compliance monitoring.
Indicor, a Charlotte, North Carolina-based holding company, manages a portfolio serving diverse geographic markets, 11 of which have a notable presence in the U.S.
In this Research Note:
- Indicor adds software to water portfolio through M&A
- Indicor primed for further U.S. market growth
- Clayton, Dubilier & Rice (CD&R) lays groundwork for exit opportunity
