Kadri Group buys 30% of Brazil's General Water as Lightrock triples its money
What's the deal? Brazil's Kadri GroupDealroom has a profile for this one. Try Dealroom →, owner of LPG distributor ConsigazDealroom has a profile for this one. Try Dealroom →, has acquired a 30% stake in General Water, a water supply and effluent treatment company. The transaction, announced in October 2026, included buying out LightrockDealroom has a profile for this one. Try Dealroom →'s entire holding plus stakes from other minority shareholders. The deal value was undisclosed.
Who's selling? Lightrock invested US$17.9M in 2017 for roughly 27.5% of General Water through its Latin America allocation in its Lightrock Global Growth fund. The exit returned more than three times the capital, paid in cash with no earn-out, sources told Pipeline.
What's the endgame? Maher Kadri, chief executive officer of Consigaz, said the deal fits the group's push into sanitation and infrastructure. The investment was made through the family's new business holding, not the gas distributor. He pointed to client synergy: General Water could tap Consigaz's base of about 30,000 B2B customers.
About the target: Founded in 2000, General Water provides sewage treatment, water supply, and reuse services to 140 large clients, including Guarulhos AirportDealroom has a profile for this one. Try Dealroom →, Brasília International AirportDealroom has a profile for this one. Try Dealroom →, and EurofarmaDealroom has a profile for this one. Try Dealroom →. It operates in eight Brazilian states plus the Federal District and reported net revenue of US$31M in 2025.
In 2025, the company produced 6.3 million cubic meters of potable water and 2.1 million cubic meters of reuse water — enough to supply about 150,000 people.
Why now? Lightrock is finalising a new Latin America fund expected to close at around US$511.6M later this year. Partner Marcos Wilson Pereira said the firm helped strengthen General Water's management, governance, and commercial capabilities, calling it a company that combines "positive impact with growth and financial return."
The signal: Kadri said the deal advances its ESG strategy, which already includes EcoloopDealroom has a profile for this one. Try Dealroom →, a reverse-logistics firm for aluminium and PET bottles. The acquisition reflects continued private capital interest in Brazilian water and sanitation assets that pair financial returns with environmental benefits.
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Image credit: Klearchos Kapoutsis
