Information on the target
Purgo Holdings, LLC, a portfolio company of Wincove Private Holdings, LP, has successfully divested FIS Water, LLC to SPX Technologies, Inc. This strategic transaction, completed on September 15, 2026, involved a total cash consideration of approximately $410 million. FIS Water, established in 2018 through a partnership with several water industry executives, is recognized for its portfolio of well-established brands that deliver highly engineered water management and control solutions, primarily utilized in commercial and industrial cooling applications.
Headquartered in Fresno, California, FIS Water employs around 120 professionals and specializes in products that enhance the efficiency and reliability of cooling systems. These products are designed to remove solids, maintain water quality, and control water flow, catering to a diverse range of demanding commercial and industrial environments.
Industry overview in the target’s specific country
The Water & Related Utilities (NEC) industry in the United States is characterized by a robust demand for innovative water management solutions, driven by increasing regulatory pressures and the need for sustainable practices. As climate change intensifies, the industry faces challenges such as water scarcity and the necessity for improved infrastructure. This has led to a growing emphasis on technologies that enhance water efficiency and quality, particularly in commercial and industrial sectors.
In recent years, the U.S. water utility sector has witnessed significant investments aimed at modernizing aging infrastructure and adopting advanced technologies. The integration of smart water management systems has become a focal point, enabling utilities to monitor and optimize water usage effectively. Companies like FIS Water are well-positioned to capitalize on these trends, offering products that not only meet regulatory standards but also provide cost-effective solutions for end-users.
Moreover, the U.S. government has been proactive in promoting initiatives that support the development of sustainable water solutions. Federal and state funding programs are increasingly available to assist utilities in upgrading their systems, which further stimulates growth within the Water & Related Utilities sector. As a result, companies that specialize in engineered water management solutions are likely to experience heightened demand as they contribute to the overall resilience of water infrastructure across the country.
The rationale behind the deal The acquisition of FIS Water by SPX Technologies aligns with the latter's strategic objective to enhance its HVAC segment by integrating advanced water management solutions. This move not only expands SPX's product offe…