Advanced Drainage Systems to Buy StormTrap for About $530 Million
The all-cash deal adds stormwater storage products as ADS broadens its stormwater-management portfolio.
Advanced Drainage Systems, Inc. (WMS) agreed to acquire StormTrap Investments LLC in an all-cash transaction valued at approximately $530 million, or about $450 million after adjusting for the present value of expected tax benefits.
The Hilliard, Ohio-based provider of stormwater and onsite wastewater solutions said the deal is expected to close in the fourth quarter of calendar 2026.
ADS said the purchase supports its core growth strategy by expanding the product portfolio into high-demand, high-growth categories, enhancing market opportunities, and further broadening the offering to customers across the stormwater management landscape.
“This acquisition adds highly complementary stormwater storage products and solutions to ADS’ comprehensive portfolio, increasing exposure to a growing segment of the market,” said Scott Barbour, Chief Executive Officer and President of ADS.
The move follows a year of bolt-on deals that have already reshaped the company’s mix. In September 2025, ADS agreed to buy the water management business of Norma Group SE, known as National Diversified Sales, in an all-cash deal valued at approximately $1.0 billion, or about $875 million after tax-benefit adjustments. That combination added residential water management, access boxes, and irrigation to ADS’ stormwater capture line, and the company said it expected more than $25 million in annual cost synergies, fully realized within three years.
ADS closed the NDS purchase on February 2, 2026, and said the integration solidified its position as an end-to-end water solutions provider. Management later said it completed that acquisition primarily using cash on hand.
The StormTrap deal is smaller in scale than the NDS purchase but is framed the same way: complementary products that widen the addressable market rather than a change in the core pipe-and-drainage franchise. ADS described the transaction as expanding exposure to a growing segment of the stormwater market and adding storage products that sit alongside its existing capture and treatment offerings.
The company said the all-cash structure and the expected fourth-quarter 2026 close leave the remaining work as customary closing conditions rather than a new financing or a long regulatory runway.
Barbour’s comment on StormTrap mirrors the language ADS used around NDS — complementary products, a broader portfolio, and a larger share of the water-management value chain. The storage line is the next piece of that same expansion.