WaterFleet, LLC (“WaterFleet”), a leading provider of mobile water and wastewater utility services and workforce relief solutions, today announced that a subsidiary of Xylem Inc. (NYSE: “XYL”) (“Xylem”), a leading global water technology company, has signed a definitive agreement to acquire WaterFleet from investment funds managed by EagleTree Capital and its co-investors for approximately $200 million.

WaterFleet, headquartered in San Antonio, Texas, provides mobile water and wastewater treatment solutions to remote, temporary and infrastructure-critical sites, including potable water production and storage, domestic wastewater treatment, water quality monitoring, and workforce support services that enable customers to operate safely and reliably in environments where permanent water infrastructure is limited or unavailable.

Senior Partner Robert Fogelson and Partner Nitin Singhal of EagleTree Capital said, “Working alongside the entire WaterFleet team, including President and CEO Kenneth Cockrill and co-founders Alan and Allison Pyle, has been a privilege. During our partnership, they have expanded the Company’s capabilities, strengthened its market leadership, and positioned the business for continued growth. We are confident that Xylem is the right partner for the Company’s future success.”

“Joining Xylem is an exciting new chapter for WaterFleet,” said Kenneth Cockrill. “Together, we will be able to expand and bring our service offerings to more customers while we continue to deliver the reliable, compliant solutions our customers depend on.”

Jones Day served as legal counsel to WaterFleet. Gibson Dunn served as legal counsel to Xylem.

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close later this quarter.

About WaterFleet

WaterFleet is a leading provider of mobile water and wastewater utility services and workforce relief solutions. The company provides safe, reliable and compliant solutions for remote, temporary and infrastructure-critical sites, including potable water production and storage, wastewater treatment, water quality monitoring, and workforce support services. For more information, visit www.waterfleet.com.

About Xylem Inc.

Xylem (XYL) is a Fortune 500 global water solutions company that empowers customers and communities to build a more water-secure world. Its 22,000 employees delivered revenue of $9 billion in 2025, optimizing water and resource management with innovation and expertise. For more information, visit www.xylem.com.

About EagleTree Capital

EagleTree Capital is a leading New York-based middle-market private equity firm, with $4.4 billion of assets under management, that has completed over 45 private equity investments and more than 105 add-on transactions over the past 20+ years. EagleTree primarily invests in North America in the following sectors: business services, consumer, and specialty industrial. For more information, visit www.eagletree.com or find EagleTree on LinkedIn.

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