Water sector M&A activity levels off in 2024. While the tally of water-related M&A has dropped below 2023’s deal volume, the 382 deals tracked in 2024 point to continued opportunities within the sector. Though most segments tracked by Bluefield showed flat or weaker results relative to 2023, Hardware & Equipment stood out as a notable exception—booking 37 additional deals year-over-year.
Business model simplification efforts take center stage. With the 2020–2021 M&A frenzy now in the rear-view mirror, corporates across the water sector and beyond have largely realigned strategies to embrace simplicity. This marks a shift from traditional conglomerate models, which historically prized diversification. Within water, streamlining efforts have already taken shape, as Kemira (Dec. 2023), Trimble (Sep. 2024), and Georg Fischer (Nov. 2024) stand as early trend adopters. In January 2025, treatment solutions provider DuPont re-entered the race to simplify, accelerating plans to spin off the Electronics segment while retaining its Water business.
This Quarterly Review highlights key trends, notable transaction details, and shifts impacting the competitive landscape. Included in this quarterly report is a brief overview of select companies and their current and projected positioning within the industry. The data collected in this analysis is also presented in Bluefield’s Data Navigator, an interactive online data platform that allows users to filter the transactions referenced in this report.
