Newsroom›March 17, 2026
Specific Industries Completes Acquisition of Boneless Water Holdings
Terms of transaction are not material; neither party has requested disclosure
Corporate HQ (Virtual) — March 17, 2026 — Specific Industries today announced the completion of its acquisition of Boneless Water Holdings, the pharmaceutical-grade deboned-water brand founded in 2021 on the premise that the skeletal structure of water has gone underaddressed since 1873. Boneless Water joins the firm's Consumer Goods & Consumables vertical, bringing the total active portfolio to 28 brands.
Boneless Water was founded by an independent producer who declined comment for this release but has been retained as a senior advisor to the brand. Day-to-day operations will continue under existing leadership. The brand's product line — independently verified 99.9999% bone-free drinking water — will continue to be manufactured under existing supply agreements.
The acquisition concluded a 14-month evaluation period conducted by the firm's Senior Analyst, M&A (Industries with Fewer Than 11 Competitors), during which Boneless Water was determined to meet the firm's standard criteria for portfolio inclusion. Those criteria include market specificity, product premise integrity, and the absence of viable competitive alternatives.
Specific Industries' Consumer Goods & Consumables vertical now contains nine brands, including Pig Milk Creamery, Dehydrated Water Laboratories, and Boneless Water. The firm's investment thesis for the vertical remains unchanged.
No immediate changes to Boneless Water's branding, pricing, or distribution are contemplated. A post-acquisition integration review will be conducted by the VP of Synergy Operations within 90 days.
"Boneless Water has built a durable brand around a category no one else was prepared to take seriously. We will continue to take it seriously."
— Russell Marsh, Chief Portfolio Officer
About Specific Industries
About Specific Industries — Specific Industries is a private holding company headquartered in Corporate HQ (Virtual). The firm identifies and acquires brands serving markets too specific for conventional investment. Specific Industries currently maintains 28 active portfolio brands across five strategic verticals. The firm was founded in 2019 and remains privately held. No outside capital has been accepted.
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