Private Equity-Backed Utilities Acquisitions

MOBILTEX has acquired WATERing, an AI-enabled water-network modelling and predictive-analytics software platform, to integrate its capabilities into MOBILTEX's FloPath Business Group. The move adds online hydraulic simulation and machine-learning driven insight to FloPath's field sensor data, accelerating FloPath's evolution into an AI-powered water-system optimization platform for utilities.

East Coast Power (ECP), a portfolio company of A&M Capital Partners, has acquired United Powerline Solutions (UPS), a Haubstadt, Indiana–based provider of overhead distribution services for electric utilities across the Midwest. The add-on expands ECP’s geographic footprint, distribution services capabilities and storm-response capacity as the platform pursues nationwide growth amid grid modernization and infrastructure investment.

Funds managed by Lime Rock New Energy have made a growth investment in Hawk Line Construction to provide capital and strategic resources for expanding the company’s service capabilities and geographic reach. Hawk’s co-owners and leadership will remain in place and retain significant ownership; financial terms were not disclosed.

E Source, a utilities-focused company backed by Align Capital Partners, has acquired Opinion Dynamics to strengthen its program evaluation, research, and advisory capabilities for utilities. The acquisition expands E Source's ability to deliver end-to-end utility customer and grid-edge solutions—particularly in areas like energy efficiency, electrification, decarbonization, and load flexibility.

A consortium led by Macquarie Asset Management has committed an initial £655 million of binding equity to Southern Water, with intent to provide up to a further £545 million by December 2025 (totaling up to £1.2 billion). The equity injection will fund Southern Water's 2025–2030 investment programme and help reduce legacy holding debt to improve the company's financial resilience.

EQT Infrastructure VI has agreed to acquire Seven Seas Water Group, a developer, owner and operator of water and wastewater treatment plants across the U.S., Caribbean and Latin America, from Morgan Stanley Infrastructure Partners. The deal will support Seven Seas’ growth and operational optimization under EQT’s ownership, leveraging EQT’s infrastructure expertise and digital capabilities to expand the Company’s Water-as-a-Service platform.

Delta Utilities, a Bernhard Capital Partners portfolio company based in New Orleans, has completed the acquisition of CenterPoint Energy's three regulated natural gas local distribution companies serving communities across Louisiana and Mississippi. The deal transfers roughly 12,000 miles of main pipeline and about 380,000 residential and commercial customers to Delta Utilities, expanding the platform's regulated utility footprint in the Gulf South.

Alvarez & Marsal Capital Partners Fund III (AMCP III), through an affiliate of A&M Capital, signed a definitive agreement to acquire a majority stake in East Coast Power (ECP), a fast-growing electric utility services provider headquartered in Albany, New York. The partnership will fund ECP's national expansion through organic growth and strategic M&A while founder Darren Donohue remains a large shareholder and operating executive.

LP First Capital has acquired REI Utility Services, a Texas-based provider of joint-use management and field engineering services for electric cooperatives. The transaction was supported by unitranche debt and an equity co-investment from Graycliff Partners and Brookside Capital Partners; REI's management team will remain in place as the firm pursues geographic and service expansion.

Bernhard Capital Partners has agreed to acquire New Mexico Gas Company (NMGC) from Emera Inc. for an aggregate transaction value of $1.252 billion USD, including assumption of approximately $500 million of debt. The deal, subject to New Mexico Public Regulation Commission approval and HSR clearance, is expected to close in late 2025 and supports Emera's portfolio optimization while giving BCP a regulated utility platform investment in New Mexico.

Jones Capital completed a recapitalization of Dark Horse Electric, a Sunbright, Tennessee-based provider of vegetation management and power line construction services for utilities and public-sector customers. The transaction will provide growth capital and operational support to expand Dark Horse's service capabilities and geographic reach while the company continues to operate from its Sunbright headquarters.

Levine Leichtman Capital Partners (LLCP) has acquired USA Water from Warren Equity Partners, with management reinvesting and continuing to lead the company. Headquartered in Rosenberg, Texas, USA Water provides operations and maintenance (O&M) services for water and wastewater systems across the Southeast United States; LLCP plans to broaden its service capabilities and geographic footprint through organic growth and strategic acquisitions.

Macquarie Asset Management (via Macquarie European Infrastructure Fund 7) has acquired a 50% stake in Last Mile Infrastructure Group from Infracapital, with Infracapital retaining the remaining 50%. Last Mile, one of the UK’s largest independent network owners that designs, builds, owns and operates last-mile electricity, gas, water and wastewater networks, will benefit from the partnership to support growth and energy-transition opportunities across the UK. The transaction remains subject to regulatory approvals.

Gainline Capital Partners has purchased a majority interest in Flagship Power, a Texas-based retail electricity provider founded by Utility Rescue Holdings. Utility Rescue remains a significant shareholder and Flagship’s management team will stay in place as Gainline supports growth and the launch of new services such as "Flagship PLUS."

Keystone Capital Management’s portfolio company ClearWater Solutions (CWS) has acquired Midwest Water Operations (MWO), a Missouri-based provider of outsourced operations and maintenance services for water and wastewater facilities. The deal (terms undisclosed) expands CWS’s geographic footprint and service capabilities across municipal and private utility clients; the combined business now serves 12 states with approximately 400 employees.

E Source, a provider of research, data science and consulting for North American utilities, has acquired AAC Utility Partners, a Columbia, South Carolina-based vendor-independent consulting firm that specializes in customer information systems (CIS), program management and cloud consulting for utilities. The transaction is an add-on to E Source's Technology Planning and Implementation (TPI) business unit and is intended to expand the company's implementation, CIS and cloud capabilities for electric, gas, water and wastewater utilities.

A consortium of KKR, Ontario Teachers' Pension Plan Board and PSP Investments completed an all-cash acquisition of Spark Infrastructure for approximately A$5.2 billion. The deal, which received all regulatory approvals, gives the investors ownership of Spark's stakes in SA Power Networks, Victoria Power Networks (Citipower and Powercor), a stake in TransGrid and the Bomen Solar Farm as they seek to support Australia’s transition to low-carbon electricity infrastructure.

Macquarie Asset Management has agreed to acquire a majority stake in Southern Water Services Limited and will invest over £1 billion of new equity to recapitalise the business. The capital will strengthen Southern Water’s balance sheet and fund a multi-year £2 billion investment programme to reduce leaks and pollution incidents, improve customer service, and boost financial resilience.

Pamlico Capital completed a growth investment in CEATI International, a membership-driven provider of research, peer networking, and benchmarking solutions for the electric utilities market. The capital will support upgrades to CEATI's products, services, and operations as the organization pursues its growth roadmap while retaining its member-focused model serving 150+ utility members.

Artera Services, a CD&R-backed provider of integrated infrastructure services, completed the acquisition of Feeney Utility Services Group (FUSG), which includes Feeney Brothers Utility Services and DDS Companies. The deal expands Artera's gas distribution and utility services footprint into the Northeastern U.S.; CAI Capital Partners sold its majority interest in FUSG.

Pilot Wave Holdings, a technology-focused acquisition and growth firm, has acquired Cormorant Atlantic Utility Services Corporation (CAUSC) — a provider of transmission, distribution and substation services to the utilities sector — in a carve-out from Cormorant Utility Services Limited. The buyer said it will augment CAUSC's service capabilities with modern technology to drive scalability and accelerated growth; Cormorant Utility will remain a shareholder in the new company.

An affiliate of private equity firm First Reserve has agreed to acquire all outstanding shares of The Goldfield Corporation for $7.00 per share in cash via a tender offer, implying an enterprise value of approximately $194 million. Goldfield, a U.S.-based provider of electrical transmission and distribution maintenance services, will be taken private in a transaction unanimously approved by Goldfield's board and expected to close by January 2021.

Warren Equity Partners formed USA Water Holdings and, together with the platform, acquired Si Environmental (SIE) as the inaugural add-on to a buy-and-build water and wastewater platform. USA Water, based in Houston, will pursue consolidation of small and mid-sized water/wastewater utilities and O&M service providers while SIE will continue to operate as a subsidiary under its existing management.

Antin Infrastructure Partners has signed an agreement to acquire a majority interest in Miya Group from Bridgepoint. Miya is a global, efficiency-oriented water operator—the largest private water operator in Portugal with more than 700 employees—and Antin plans to support Miya's growth in water concessions, PPPs and efficiency projects across Europe and North America.

Funds managed by Morgan Stanley Infrastructure Partners (MSIP) have acquired Seven Seas Water, a provider of Water-as-a-Service (WaaS) desalination, water treatment and wastewater reuse solutions. The deal — a carve-out from AquaVenture Holdings (which was acquired by Culligan) — was supported by a senior credit facility arranged by Comvest Credit Partners to refinance existing debt and support the acquisition.

Bernhard Capital Partners Management, LP led a group of investors in the acquisition of Ascension Wastewater Treatment (AWT), the largest privately owned sewer utility operator in Louisiana. The buyer committed a two-month customer rebate (~$1.5 million total) and plans to invest in sewer infrastructure and expand AWT’s service footprint to additional communities to improve resiliency and service delivery.

Hunt Companies, together with Amber Infrastructure, acquired a majority interest in City Light & Power (CLP) from existing shareholders, with CLP management retaining a minority stake. CLP is an electrical contractor and owner/operator of utility distribution systems that provides services to the U.S. military under utility privatization contracts and operates nine utility systems plus two municipal P3 contracts in Long Beach and Lakewood, California.

Y-COM Holdings, a portfolio company of Cotton Creek Capital, has acquired Atlantic Utility Constructors, Inc., a Florida-based provider of powerline installation and maintenance services. The acquisition expands Y-COM's capacity and capabilities in the Florida utility and power market; Atlantic will continue to be led by its existing management team.

Ridgewood Infrastructure LLC has acquired SiEnergy, LP, a regulated natural gas local distribution company serving roughly 25,000 customers across the Houston, Dallas–Fort Worth and Austin, Texas metropolitan areas. Ridgewood said the deal expands its portfolio of essential infrastructure assets and will support SiEnergy’s continued growth under its existing management team.

Servelec Technologies, via its holding company Laurel Solutions, has completed the acquisition of Hampshire-based Primayer, a manufacturer of water network leak detection hardware, software and web services. The deal combines Primayer's leak detection products and global distributor network with Servelec's remote monitoring, SCADA and optimisation solutions to expand capabilities and accelerate international growth; terms were not disclosed.

Ara Partners acquired a majority stake in Centric Gas Services, a Magnolia, Texas-based local natural gas distribution platform that serves approximately 14,500 customers across Texas. The Barnwell family, founders of Centric, retain a substantial minority ownership while Ara Partners provides capital and strategic support to expand Centric’s infrastructure and service footprint.