Apollo Global Management takes majority stake in Maverick Water Group

Apollo Global Management acquired Maverick Water Group from Crosstimbers Capital Group on 3 August 2026, through funds it manages, with the management team retaining a minority holding and continuing to run the business under chief executive Dustin Kinder and president Ben Rhoden. Jon Levinson led the transaction for the acquirer’s infrastructure group. Founded in 2018 and based in Houston, Maverick Water Group develops, owns and operates systems supplying non-potable water to customers whose consumption does not require drinking quality: cooling installations, industrial processes, irrigation and construction. It funds the infrastructure in full, builds it for the specific site and operates it under long-term contracts, serving communities, data centres, industrial and energy operators and property developers across Texas. Carrying the capital itself distinguishes the company from an engineering contractor, since the customer pays for water delivered rather than for a system installed, and the operator recovers its investment over the contract term from the difference between what the customer would have paid for potable supply and what the alternative system costs to run. Texas supplies the conditions for that model. Population growth and industrial development have outpaced the aquifers and reservoirs serving the state, raising the price of potable water and in places limiting its availability, while data centres have added a category of consumer requiring large volumes for cooling and indifferent to whether that water is drinkable. Long-term contracted revenue from physical assets is what brings an infrastructure fund to a business of this size, and the capital was directed at the projects the company had already identified. Guggenheim Securities advised Maverick Water Group, while Latham & Watkins acted as legal counsel to Crosstimbers Capital Group and Vinson & Elkins to Apollo.

The acquisition of Maverick Water Group is part of the growth strategy of Apollo Global Management, which already has several external growth operations under its belt, notably Noble Environmental in 2026.