Azuria (Legacy Azuria and Inframark)
Legacy Azuria (fka Aegion) is the largest player in the trenchless water pipe rehabilitation space. Leveraging its scale, vertical integration, and long-standing reputation as a high-quality service provider, the Company provides services and products primarily to municipalities across North America who have substantial need to repair and maintain an aged base of water pipelines. CIPP technology offers a compelling value proposition to customers as it is more economical and less disruptive than traditional open-cut (rip & replace) methodologies. New Mountain identified legacy Azuria as part of its multi-year deep-dive sector initiatives in infrastructure & utility services, which include a specific focus on water services.
Legacy Inframark is a leading national provider of outsourced operations and maintenance (“O&M”) services to water and wastewater treatment facilities for both municipal and industrial customers. The Company is one of four national operators in the water and wastewater O&M space and the only “pure-play” provider. Inframark has a well-established value proposition that allows its customers to reduce operating costs, stay ahead of evolving regulatory trends, improve quality and EHS metrics, and implement digital solutions. New Mountain identified Inframark as part of its multi-year deep-dive sector initiatives in sustainability and infrastructure & utility services, which include a specific focus on water services.
In April 2026, NMC successfully merged legacy Azuria (fka Aegion) and Inframark and contributed the combined company into a Single-Asset Continuation Vehicle. In parallel with the continuation vehicle transaction, New Mountain Partners VII, L.P. (New Mountain’s seventh private equity fund) invested directly in the company, alongside incoming continuation vehicle investors. The combined company will be known as Azuria going forward and represents an end-to-end, tech-enabled service provider for the municipal water & wastewater industry, focused on helping municipalities reduce their costs, improve compliance and optimize capital allocation.