KKR, a New York based leading global investment firm, reportedly announced a new partnership deal with renowned private equity and venture capital firm based in Canada, XPV Water Partners, to create a new platform that promotes water quality.
Through the acquisitions of Nexom, Inc. and Environmental Operating Solutions, Inc., the two nutrient management technology providers, the platform intends to address the issue of nutrient contamination of water across the globe by developing a diversified and growing portfolio of leading solutions.
Since past 50 years, agricultural run-off from rising use of fertilizers, run-off of stormwater from rainfall and development, and wastewater effluent from industrial and municipal plants have all lead to the formation of a concentration of nutrients in down-stream water bodies. Too much of these nutrients can lead to eutrophication and consequent toxic algae blooming, leading to human health concerns, loss of aquatic life and other economic and environmental damage.
Robert Antablin and Ken Mehlman, Co-Heads, KKR Global Impact, stated that they are thrilled to team up with XPV to scale up solutions regarding water pollution. XPV is a leader in the water sector with deep connection across key stakeholders. Together, the two companies are focusing on the expansion of this new platform to promote water quality.
David Henderson, Partner, XPV Water Partners, reportedly stated that the problems relating to nutrient management are aggravating every year. The formation of this platform is a game changing step in the company’s strategy to establish a global supplier of services and products that industrial and municipal operators need to solve nutrient management challenges.
Henderson further added, the company is looking forward to continuing this journey with both Nexom and EOSi teams along with KKR in the next phase of growth of this new platform.
The new platform is KKR’s fifth investment under its Global Impact strategy, which focusses on investing and identifying the companies that are behind core business models providing commercial solutions that contribute to one or more United Nations Sustainable Development Goals.
This newly developed platform delivers measurable progress towards achieving the United Nations SDG no. six; ensuring sustainable management and availability of clean water.
Source credit: https://markets.businessinsider.com/news/stocks/kkr-and-xpv-water-partners-form-new-platform-to-promote-water-quality-1028735153