Eurazeo has committed capital from a €750 million impact buyout fund to acquire a majority stake in Madrid-based Miya Water, the Spanish non-revenue water platform that has delivered more than 200 utility projects across five continents since launch in 2007.

The deal marks the fourth investment under Eurazeo Planetary Boundaries Fund (EPBF), the thematic vehicle the French investor launched in 2024 with a €750 million target.

EPBF backs companies whose products or services help reverse or adapt to overstepped planetary boundaries. Miya slots into a fund roster built around resource efficiency and pollution control rather than disposal, recovery or recycling in the materials sense.

What does Miya actually sell?

Miya provides solutions that help water utilities reduce Non-Revenue Water (NRW) — water that utilities produce but lose to leaks, theft or metering errors before it reaches a paying customer. The company also works on broader resource optimization at utility scale.

NRW is more than a leak-repair line item. Eurazeo cited an industry figure of 126 billion cubic meters lost annually worldwide — a volume large enough, the firm said, to "meet the annual water needs of hundreds of millions of people" and one it characterized as "a major economic challenge" for water utilities globally.

For circular economy allocators the parallel is direct: every cubic meter of NRW is treated, pressurized and chlorinated water that produces no billed revenue, generates no resource value and consumes embedded energy. The economics of that loss mirror the resource-leak logic that sends circular capital into waste and materials-recovery platforms.

How does the deal map to the Planetary Boundaries framework?

Eurazeo tied Miya's NRW reduction work to three of the planetary boundaries the firm tracks under EPBF:

• Freshwater Change: reduced abstraction, treatment and pumping.
• Pollution: diversion of organic load from rivers to wastewater treatment systems.
• Climate Change: avoided greenhouse gas emissions tied to the energy embedded in treated and pumped water.

The framing is a wholesale investment thesis, not a unit-level sustainability claim. EPBF acquires controlling positions in operators with scaling runway.

What does management keep?

Miya's founders and the existing management team will continue running the company and remain significant co-investors alongside EPBF, the firms said. The structure preserves operator continuity through change of control and aligns the team with the new capital base.

Noam Komy, Executive Chairman of Miya, said: "We are very pleased to be joining forces with Eurazeo. 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."

Erwann Le Ligné and Wilfried Piskula, Managing Partners and Co-Heads at EPBF, said: "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."

What's the milestone to watch?

The deal requires customary regulatory clearances before close. The trade-press question to track is Miya's disclosed international contract pipeline under Eurazeo ownership: how many new NRW reduction mandates the platform books, and across how many of the five continents it already serves, measured against the 200-project baseline built over 18 years.

If water-loss platforms follow the same capital path as waste and materials-recovery platforms of the past decade — moving from utility procurement to infrastructure-grade allocation on circular economy mandates — the asset class could re-rate for the next vintage of impact funds. By closing Miya as its fourth EPBF deal, Eurazeo has put a marker down on that path.