AEA readies revamped Evoqua for $500m New York IPO

After four years of ownership, AEA Investors is poised to hand over a profitable water pureplay. Has bulking up on EBITDA created strategic long-term value?

Evoqua Water Technologies’ private equity backer AEA Investors is looking to capitalise on appetite for pure-play water businesses by leveraging the company’s exponential EBITDA growth, which has been driven in part by an accelerated acquisition strategy undertaken by CEO Ron Keating.

On 18 October, Evoqua announced a target range of $17 to $19 per share for its initial public...

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