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Badger Meter
Ken Bockhorst leads Badger Meter, the 1905-founded flow measurement firm providing meters and data systems to one in three U.S. water utilities.
Badger Meter
Badger Meter was founded in 1905 as a manufacturer of frost-proof water meters for the growing Midwest. It is not a family office, but a publicly traded industrial technology company (NYSE: BMI) that functions as a strategic allocator in the water sector. Chairman and CEO Kenneth C. Bockhorst has led the firm since 2019, overseeing a shift toward networked, data-driven water management solutions. The firm's capital deployment is corporate M&A and internal R&D, not third-party fund management. Badger Meter's deployment strategy centers on acquiring and integrating niche hardware and software firms that extend its flow measurement franchise. The company operates across mechanical and ultrasonic metering, radio-frequency meter reading networks, and cloud-based water analytics software sold under the BEACON brand. Its 2021 acquisition of s::can GmbH, an Austrian optical sensor specialist, added real-time spectral water quality monitoring to the portfolio. A 2022 deal for Syrinix, a U.K.-based provider of high-frequency pipeline pressure monitoring, expanded the firm's geographic and technology footprint into Europe and intelligent pipe network intelligence. The firm sells into municipal, commercial, and industrial water systems across more than 100 countries, with the majority of revenue generated in the United States. Badger Meter operates with a market capitalization near $6 billion and generated over $825 million in revenue in 2024 (per the firm's annual filing, 2025). The company maintains a manufacturing footprint in Wisconsin, with additional facilities in Europe and Mexico supporting global distribution. Philanthropic activity flows through the Badger Meter Foundation, which donates to community organizations in the Milwaukee area. March 2025: Named Kenneth Bockhorst as Board Chairman, consolidating the CEO and Chairman roles under the executive who has overseen the company's pivot to digital water solutions (per the firm, March 2025). Badger Meter's structural differentiator is its position at the intersection of physical infrastructure replacement and municipal digitization. While most smart-water competitors are either hardware manufacturers or pure software firms, Badger Meter owns both the meter hardware installed in the ground and the analytics platform that utilities use to detect leaks and manage billing. This integrated model creates switching costs for municipal customers and generates recurring software revenue on top of the initial hardware sale, giving the company a recurring-revenue profile unusual in an industrial manufacturer.
General information
Firm type
Asset Manager
Year founded
1905
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Milwaukee
Corporate office
Milwaukee, WI, United States
Principals
Kenneth C. Bockhorst
Chairman, President and CEO
Sector focus
Frequently asked questions
Is Badger Meter a family office or an operating company?
Badger Meter is a publicly traded industrial technology company listed on the New York Stock Exchange under the ticker BMI. It is not a family office, private investment vehicle, or asset manager for third-party capital. The firm deploys capital from its corporate balance sheet into acquisitions and internal product development that expand its water metering and analytics capabilities.
How does Badger Meter deploy capital into acquisitions?
Badger Meter uses corporate M&A to acquire niche water technology companies that bring new sensor modalities or geographic distribution to its portfolio. Recent examples include the 2021 acquisition of s::can GmbH for optical water quality monitoring and the 2022 purchase of Syrinix for pipeline pressure monitoring. These deals are funded from operating cash flow and the corporate balance sheet, not from external limited partners.
What is Badger Meter's recurring revenue model?
Badger Meter sells physical water meters to utilities and then provides a cloud-based software platform called BEACON that analyzes the data those meters generate. This creates a recurring software-as-a-service revenue stream on top of the initial hardware sale, which is unusual for an industrial manufacturer and generates higher customer retention through integrated hardware-software lock-in.
Who runs investment and acquisition decisions at Badger Meter?
Kenneth C. Bockhorst, as Chairman, President and CEO, holds final authority over capital allocation and acquisition strategy. M&A decisions are evaluated by the corporate development team and executive leadership, with board approval for material transactions. There is no separate investment committee or external manager selecting portfolio companies.
Which regions does Badger Meter serve?
Badger Meter sells water metering and analytics products in more than 100 countries, with the majority of revenue generated in the United States. The firm's manufacturing and distribution footprint includes facilities in Wisconsin, Mexico, and Europe, supporting sales to municipal, commercial, and industrial water systems globally.
Does Badger Meter operate any philanthropic structures?
Yes, the Badger Meter Foundation provides charitable donations primarily to community organizations in the Milwaukee, Wisconsin area where the company is headquartered. The foundation is a separate legal entity from the public corporation and does not invest in for-profit ventures related to the company's business.
What sectors does Badger Meter explicitly avoid?
Badger Meter concentrates exclusively on water flow measurement, water quality monitoring, and related data infrastructure. The firm does not invest in unrelated industrial sectors, energy measurement, or electric utility infrastructure. Its acquisition strategy remains tightly focused on technologies that integrate with existing metering and water network analytics products.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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