Morgan Stanley Capital Partners has acquired The Rapid Group, a Paterson, New Jersey-based provider of inspection, repair and maintenance services for water and wastewater infrastructure, PE Hub can reveal. TRG serves more than 1,800 customers across municipal, industrial, pharmaceutical and transportation sectors. MSCP acquired TRG from Hidden Harbor Capital Group, which formed the company in February 2025 by combining portfolio companies Machinery Services Company and Rapid Pump & Meter Service Company. Hidden Harbor, based in Boca Raton, Florida, had purchased those two companies in 2022.
The deal comes as private equity firms look for opportunities to rehabilitate and replace aging infrastructure in the US. The American Society of Civil Engineers' 2025 Infrastructure Report Card rated US drinking water infrastructure a C- and wastewater a D+. Eric Kanter, a managing director and head of industrial services at MSCP, said demand is supported by an aging installed base and the mission-critical nature of the equipment TRG services. He noted that repair and rehabilitation can offer a practical alternative to replacement.
TRG offers emergency machine and pump repair, electrical expertise, installation services, control system troubleshooting, turn-key installations and product sales. MSCP plans to scale TRG through both M&A and organic growth in a highly fragmented market, with TRG investing in technicians and expanding its service capabilities.
TRG is not MSCP's only water infrastructure play. The firm has also backed Apex Companies, a Maryland-based provider of environmental consulting and engineering solutions. PE Hub has noted strong private equity appetite for water infrastructure, with several other deals announced in October, including Verdantas's acquisition of Civilitude Engineers & Planners and Ardurra Group's acquisition of Enprotec/Hibbs & Todd.
Source: PE Hub · Summarized by HeadlinesBriefing