The Kadri Group, owner of the Brazilian LPG distributor Consigaz, has acquired a 30% stake in General Water, a company focused on water supply and effluent treatment. The transaction involved the purchase of Lightrock's entire holding, alongside stakes from other minority shareholders, according to Pipeline. The deal marks another step in Kadri's strategy to diversify into sanitation and infrastructure assets with environmental and social impact.
Transaction Details and Lightrock's Exit
Lightrock originally invested R$70 million in 2017 to acquire a stake of approximately 27.5% in General Water through its Latin America fund. The sale generated a return of more than three times the invested capital, with payment made in cash and no earn-out mechanism, sources close to the negotiation said. This exit reflects the firm's focus on supporting companies with high growth potential and measurable social and environmental benefits.
Lightrock's Regional Fundraising
Marcos Wilson Pereira, a Lightrock partner leading Latin America operations, said the firm identified General Water's expansion potential and helped strengthen management, governance, and commercial capabilities. He noted that the company combines positive impact with growth and financial return. Lightrock is now finalizing a new Latin America fund that is expected to close with approximately R$2 billion later this year.
Strategic Rationale and Synergies
Maher Kadri, CEO of Consigaz, said the acquisition aligns with the group's diversification thesis in sanitation and infrastructure. He added that there is client synergy, but the investment was made through the family's new business holding rather than through the gas distributor. Consigaz currently serves about 30,000 B2B customers in the liquefied petroleum gas segment, from residences to industrial clients.
Kadri noted that the asset fits the group's plan to diversify into sanitation and infrastructure. General Water could expand its market reach by leveraging Consigaz's commercial relationships, although the company currently operates in eight Brazilian states plus the Federal District. The investment is expected to open new opportunities for water and effluent treatment services across Brazil.
General Water's Operations and Client Base
Founded in 2000, General Water provides sewage treatment, water supply, and water reuse services to 140 large clients. Its customer base includes Guarulhos Airport, Brasília International Airport, Iguatemi shopping malls, Eurofarma, and Pátio Malzoni. The company operates in eight Brazilian states plus the Federal District, holds a concession in Porto Feliz, in the state of São Paulo, and reported net revenue of R$121 million in 2025.
Operational Scale and ESG Focus
In 2025, General Water produced 6.3 million cubic meters of potable water and 2.1 million cubic meters of water reuse, a volume sufficient to supply about 150,000 people. Kadri said this investment supports the group's strategy of pursuing ESG-related businesses. The group already operates Ecoloop, a reverse logistics company for aluminum and PET bottle disposal, within the same sustainability thesis.
The acquisition provides General Water with an opportunity to expand its commercial reach through Kadri Group's broader network and reinforces the group's presence in essential infrastructure services. It also highlights continued private capital interest in Brazilian water and sanitation assets that deliver both financial returns and environmental benefits. Kadri Group expects the new stake to support long-term value creation while advancing responsible water management and circular economy goals.
Source: Pipelinevalor.globo.com