Eurazeo Buys Majority Stake in Miya Water to Expand Global Leak-Control Business

Eurazeo has agreed to acquire a majority stake in Miya Water, placing a global water-efficiency business inside the French investment group’s environmental buyout portfolio as utilities face rising pressure to repair ageing networks and reduce costly leaks.

The transaction was announced on October 7. Eurazeo did not disclose the purchase price or the exact percentage it will own. Miya’s founders and management team will remain significant co-investors, and completion is still subject to customary formalities. The deal should therefore be treated as signed, not completed.

What Eurazeo is buying

Miya specializes in reducing “non-revenue water”: treated water that a utility produces but never bills because it is lost through leaks, stolen, or measured incorrectly. For a utility, that loss carries two costs. It removes water that could have been sold, and it wastes the energy and chemicals used to extract, treat and pump it.

Founded in 2007, Miya has implemented more than 200 projects across five continents, according to Eurazeo. Its work spans Europe, the Middle East, North and South America, the Caribbean, Africa, Southeast Asia and South Pacific islands.

The business combines field engineering, pressure management, network monitoring, metering and operational programs designed to help utilities find and reduce losses. Some contracts in the sector use performance-based models, meaning part of the supplier’s economics depends on verified improvements rather than equipment sales alone.

The investment case is larger than replacing pipes

Eurazeo said global non-revenue water is estimated at 126 billion cubic metres a year. It also put the annual market for water-loss reduction solutions at about €50 billion. Those figures are the investor’s market estimates, not disclosed Miya revenue or contracted backlog, but they explain why water efficiency is drawing private capital.

Network losses are not solved only by replacing old pipes. Utilities also need accurate meters, pressure controls, district-level monitoring, leak detection, data systems and maintenance teams able to act on the information. That creates recurring demand for services and software alongside construction and equipment.

The economics become more urgent when water is scarce or energy is expensive. Every cubic metre lost after treatment consumes pumping capacity without producing revenue. Reducing that loss can delay the need for new water sources or treatment plants, while improving the return on infrastructure that already exists.

Eurazeo plans international expansion and selective acquisitions

Eurazeo said it intends to strengthen Miya’s organization, improve performance and expand into new markets. It also identified selective mergers and acquisitions as part of the plan, suggesting the investment could become a base for consolidation in a fragmented water-services market.

The acquisition will be made through the Eurazeo Planetary Boundaries Fund. Miya is the fund’s fourth investment in 18 months, following investments linked to biocontrol, geothermal energy and circular information technology.

Keeping Miya’s founders and management invested is important because the company’s value depends on technical delivery and local operating knowledge. Water networks differ widely by geography, regulation, condition and data quality. Expanding internationally requires more than exporting a standard product.

What remains unknown

The announcement does not provide Miya’s revenue, earnings, enterprise value, debt, employee count or the size of Eurazeo’s majority holding. It also does not identify a seller or give an expected closing date. Those omissions limit any attempt to compare the valuation with other water-infrastructure transactions.

The clearest strategic signal is the planned use of Miya as a growth asset rather than a passive holding. Eurazeo is explicitly linking international expansion with acquisitions, while founders and management retain meaningful exposure to the next stage of the business.

For utilities and suppliers, the deal highlights a broader shift in infrastructure investment. Capital is moving beyond new treatment plants and into the efficiency of existing networks, where reducing losses can create measurable financial returns while preserving water and lowering the energy embedded in its delivery.

The next milestones will be completion of the transaction, disclosure of any regulatory conditions, and evidence that Eurazeo’s acquisition strategy produces new geographic reach or operating scale. Until closing is confirmed, Miya remains under its existing ownership structure.