Bain Capital Takes SOLitude Independent

Bain Capital has agreed to acquire SOLitude Lake Management, a company that keeps lakes, ponds and stormwater basins clean and free of algae and weeds, from Rentokil Initial for an enterprise value of $230 million on a cash-free, debt-free basis.

SOLitude manages freshwater bodies for property owners responsible for maintaining them. Its crews control nuisance algae and invasive aquatic weeds, test water quality, install and service fountains and aeration systems, stock and survey fish populations, repair eroding shorelines, remove sediment and muck, and restore wetlands.

Customers include homeowners associations, apartment communities, golf courses, municipalities, developers, college campuses, resorts and private landowners. Many own stormwater ponds, engineered basins that collect rainwater runoff from roads and rooftops and must be maintained to continue functioning properly. SOLitude sells three levels of annual management programs, ranging from reactive treatments to full ecosystem restoration.

The company’s technical workforce includes biologists, ecologists and environmental scientists. One specialty is the application of alum, a compound that binds with the phosphorus that feeds algae blooms and locks it into lake-bottom sediment. SOLitude has used the treatment on large public lakes in Vermont, Florida and Michigan.

Pompano Beach, Florida-based Vertex designs and manufactures the equipment used in the business, including submerged aeration systems that pump oxygen into the bottom of ponds, decorative and aerating fountains, and bubble curtains used to slow the spread of aquatic weeds.

Virginia Beach-headquartered SOLitude, led by Senior Director Cory Fye, was founded in 1998 by Kevin Tucker, who started the company as Virginia Lake Management and initially operated it from his garage.

SOLitude generated $112 million of revenue and $16 million of adjusted operating profit in fiscal 2025. At $230 million, the purchase price equals 2.1x revenue and 14.4x adjusted operating profit.

The sale ends nine years of corporate ownership for SOLitude, which Rentokil acquired in 2017. Under Rentokil, the company expanded through a series of acquisitions. In 2018, SOLitude acquired Lake Masters, a Florida-based lake management company; Aquatic Environments, a California-based provider of lake maintenance, dredging and water feature services; and Water Resource Management, an Arizona-based lake management business. Those transactions were followed by Aquatic Systems, a Florida-based freshwater management company, in 2019; The Pond Guy, a New York-based pond management company, in 2020; and Clarke Aquatic Services, an Illinois-based aquatic services unit of mosquito control company Clarke, in 2022.

“Lake and pond management is becoming increasingly complex as rising water temperatures, nutrient run-off and invasive species place growing pressure on freshwater ecosystems,” said Jacob Donnelly, a partner at Bain Capital. “SOLitude has built the technical depth to address these challenges at scale, combining certified aquatic biologists with a national field organisation serving communities, municipalities and property owners across the country.”

Mr. Donnelly is a partner with Bain Capital Double Impact, the firm’s impact investing strategy, which makes control investments of $50 million to more than $200 million in companies expected to generate both financial returns and measurable social or environmental benefits. Launched in 2015, Double Impact manages about $2.7 billion across three themes: health and wellness, education and workforce development, and climate and sustainability. Its climate portfolio includes California-based water treatment manufacturer AqueoUS Vets, backed in January 2022, and soil health provider BW Fusion, formed in November 2024.

Demand for lake and pond management is driven by harmful algae blooms, fertilizer and stormwater runoff, invasive plants and the growing number of stormwater ponds required in residential and commercial developments. Much of the work recurs each season, with homeowners associations, golf courses and municipalities buying services under annual contracts. Estimates of the North American lake and pond management services market range from $1 billion to $2.3 billion, according to DataHorizzon Research and Business Research Insights. The industry remains fragmented among regional operators. These include The Lake Doctors, a Florida-based company owned by the Clarkson family since 2021; PLM Lake & Land Management, a family-owned Michigan company; and Aquatechnex, a Washington-based aquatic plant management company.

Private equity has also been consolidating the sector. In December 2025, Leonard Green & Partners acquired Cincinnati-based Jones Lake Management from Fort Point Capital, which had invested in 2022 and backed 15 acquisitions that expanded the company from four states to 26. In April 2026, Fusion Capital Partners acquired stormwater compliance provider AQUALIS from DFW Capital Partners.

The acquisition gives Bain a national aquatic services company with recurring revenue in a fragmented industry. Bain plans to operate SOLitude as a standalone business after nearly a decade inside a global pest control company.

London- and New York-listed Rentokil provides pest control and hygiene services and employs about 63,400 people in 90 countries. North America generated $2.2 billion of its $3.6 billion of revenue during the first half of 2026. Rentokil is led by Chief Executive Mike Duffy, the former chief executive of logistics company OnTrac, who took over in March 2026 and has begun simplifying an operating model that spans multiple service lines.

“This transaction supports our strategy of building a platform for sustainable profitable growth through greater simplification of the organisation and specifically prioritising our highest opportunity markets and categories,” said Mr. Duffy. “The disposal further strengthens our balance sheet as we look to accelerate growth and improve margins and free cash flow and deliver on the clear opportunity for shareholder value creation.”

Bain Capital invests across private equity, credit, real estate and venture capital and manages approximately $225 billion. The firm was founded in 1984 and is headquartered in Boston.

Goldman Sachs was financial advisor to Rentokil. The transaction is expected to close early in the fourth quarter of 2026.