Apollo backs Texas water infrastructure with Maverick acquisition from Crosstimbers
Apollo agreed to acquire Maverick Water Group, the Houston-based operator of alternative non-potable water systems, from Crosstimbers Capital Group.
The transaction sees Apollo-managed funds take control of Maverick, with the company’s management team retaining a minority stake and continuing to run the business.
Founded in 2018, Maverick develops and operates purpose-built water infrastructure under long-term contracts with real estate developers, data centre operators, and industrial and energy customers across Texas, in each case designed to preserve scarce potable supply in one of the most water-stressed growth corridors in the United States.
Apollo’s infrastructure platform has deployed more than $130bn across infrastructure and related investments over the past five years, driven by what it calls the “Global Industrial Renaissance” — a shorthand for the reindustrialisation, energy transition, and digital build-out that has become a central pillar of its investment thesis under the Apollo Infrastructure Group.
Jon Levinson, Managing Director in Apollo’s Infrastructure Group, said that “Maverick has built a differentiated platform delivering long-term water solutions across some of the country’s fastest-growing markets.”
The transaction also marks a well-timed exit for Crosstimbers, a Houston-based formation capital investor that backs platform companies acquiring, developing, and operating hard assets.
“Resilient infrastructure, innovation, and stronger alignment with companies are all important elements of flourishing communities. That’s the belief we founded Maverick on,” said Trevor Brock, Co-founder and Managing Partner of Crosstimbers. “Dustin, Ben, and the team have built an exceptional business around it, with a culture to match. We’re grateful for their partnership and excited to watch Maverick continue to grow with Apollo.”