French investment firm Eurazeo has announced a landmark agreement to acquire a majority stake in Spain-based water efficiency solutions provider Miya Water. The transaction represents a strategic move designed to support the company’s ambitious international expansion while rapidly accelerating the growth of its innovative platform, which helps municipal and private utilities drastically reduce water loss across aging infrastructure networks.
The acquisition of Miya marks the fourth major investment executed through Eurazeo’s dedicated impact buyout strategy, the Eurazeo Planetary Boundaries Fund (EPBF). Officially launched in 2024 with a targeted fund size of €750 million, the EPBF is a specialized thematic impact buyout fund. It focuses its capital on acquiring and scaling businesses that directly contribute to reversing or adapting to the overstepping of critical planetary boundaries, addressing some of the most pressing ecological challenges facing the global economy today.
Founded in 2007 and headquartered in Madrid, Miya provides advanced, specialized solutions that enable water utilities to tackle one of the sector’s most persistent and costly operational hurdles: Non-Revenue Water (NRW). NRW refers to water that has been produced, purified, and pumped into a distribution network, but is ultimately lost before ever reaching the end consumer. This widespread loss is typically driven by a combination of physical leaks in aging pipes, commercial theft, and widespread metering errors. Beyond the sheer loss of a vital resource, NRW severely compromises the operational efficiency and financial sustainability of water utilities worldwide.
Since its inception, Miya has established a formidable global footprint, having successfully implemented more than 200 comprehensive projects across five distinct continents. The company combines engineering expertise, advanced technology, and data-driven analytics to help operators detect leaks, optimize pressure management, upgrade metering infrastructure, and fundamentally transform resource management from source to tap.
According to market analyses highlighted by Eurazeo, the transaction comes at a critical juncture as water efficiency rapidly emerges as a paramount infrastructure and environmental investment theme. This heightened urgency is driven by a convergence of structural pressures, including severely aging water networks in developed economies, rapidly increasing demographic pressure on limited freshwater resources, and the accelerating, compounding impacts of global climate change.
Industry data underscores the staggering scale of the challenge. Non-Revenue Water is currently estimated at a massive 126 billion cubic meters annually on a global scale. To put this figure into perspective, the volume of lost water is more than enough to meet the entire annual water needs of hundreds of millions of people, while simultaneously representing an enormous economic drain and financial waste for water utilities operating under tightening budgetary constraints.
Under the terms of the newly announced agreement, Miya’s founders and its core management team will continue to lead the company strategically, ensuring operational continuity. Furthermore, the management team will remain significant co-investors alongside the Eurazeo Planetary Boundaries Fund, aligning interests for the next chapter of growth.
Noam Komy, Executive Chairman of Miya, expressed enthusiasm about the partnership and the strategic alignment between the two organizations.
"We are very pleased to be joining forces with Eurazeo," said Komy. "We share the conviction that the next stage of Miya’s development is not simply about becoming larger, but about building a broader international water services platform around the expertise that has made Miya a category leader."
Eurazeo emphasized that the new investment directly contributes to addressing three distinct Planetary Boundaries. First, it targets Freshwater Change, as the company’s interventions limit the unnecessary abstraction, treatment, and pumping of raw water from depleted natural sources. Second, it addresses Pollution by helping divert organic pollution from natural rivers and water bodies into properly managed wastewater treatment systems. Third, the partnership contributes to Climate Change mitigation thanks to the significant volume of avoided greenhouse gas emissions. When water is no longer unnecessarily abstracted, treated, and pumped through leaky systems, the substantial embedded energy required for those processes is entirely avoided.
Erwann Le Ligné and Wilfried Piskula, Managing Partners and Co-Heads at the EPBF, shared their perspective on the long-term potential of the sector and the strategic fit of the acquisition.
"We believe that water efficiency will become one of the defining infrastructure challenges of the coming decades, and that Miya is uniquely positioned to shape the future of the sector on a global scale," the co-heads stated in a joint remark.
With the backing of Eurazeo’s substantial financial resources and thematic impact expertise, Miya is poised to scale its proven methodology to new international markets, offering essential solutions to utilities grappling with the dual crises of water scarcity and failing municipal infrastructure.
