Tracked deals
94
94 tracked deals across 2017-2026.
Top Utilities Acquirers (2017-2026)
Buyer mix
Strategic-led
100 strategic · 34 pe
Top trend
Volume peaked in 2025
18 tracked deals announced in 2025.
Primary Insight
What Stands Out
- American Water brands (e.g., New Jersey American Water, Indiana American Water) repeatedly acquire municipal or locally owned water systems in states including New Jersey, Kentucky, California, and others.
- Power and grid scale deals appear alongside smaller utilities: NextEra Energy’s all-stock agreement for Dominion Energy targets multi-state utility customer coverage.
- Natural gas distribution is also in scope, including Delta Utilities’ cash deal to acquire Spire Mississippi.
- Investor-backed platforms pursue add-ons and capability expansion, such as East Coast Power acquiring United Powerline Solutions.
- Infrastructure and service reliability themes recur, including planned investment for lead/service line upgrades and PFAS mitigation (where disclosed).
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| American Water | 10 | Largest regulated water and wastewater utility company in... | Strategic |
| Northwest Natural Holding Company | 5 | Public utility holding company (NYSE: NWN) providing natu... | Strategic |
| Pennsylvania American Water | 5 | Regulated water and wastewater utility (Pennsylvania subs... | Strategic |
| California American Water | 4 | Regulated water and wastewater utility (subsidiary of Ame... | Strategic |
| Essential Utilities, Inc. | 4 | Public utility company delivering water, wastewater and n... | Strategic |
| NW Natural Water Company, LLC | 4 | Operator of water distribution and wastewater services (s... | Strategic |
| New Jersey American Water | 4 | Regulated water and wastewater utility subsidiary of Amer... | Strategic |
| Aqua Pennsylvania | 3 | Regional water and wastewater utility providing service t... | Strategic |
| Illinois American Water | 3 | Regulated water and wastewater utility operating in Illin... | Strategic |
| Indiana American Water | 3 | State subsidiary of American Water providing regulated wa... | Strategic |
Acquisition Volume in Utilities by Year
Last 10 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
- Buyer
- New Jersey American Water
- Target
- Hopewell Borough Water System
- Seller
- Hopewell Borough
- Industry
- Utilities
- Location
- New Jersey, United States
- Type
- Buyout
New Jersey American Water completed its $6.4 million acquisition of the municipally owned water system of Hopewell Borough. The deal adds about 930 water customer connections, with $7 million planned for infrastructure improvements over the first five years, including lead/service line and meter upgrades and PFAS mitigation.
-
- Buyer
- New Jersey American Water, American Water Works Company
- Target
- Montague Sewer & Water Co., Montague Sewer & Water Company
- Seller
- Nexus Regulated Utilities LLC, Nexus Regulated Utilities
- Industry
- Utilities
- Location
- New Jersey, United States
- Type
- Buyout
New Jersey American Water, a subsidiary of American Water Works Company, completed its acquisition of the water and wastewater systems of Montague Sewer & Water Co. in New Jersey from Nexus Regulated Utilities. The deal expands New Jersey American Water’s service footprint by about 810 water customer connections and 270 wastewater customer connections.
-
- Buyer
- NextEra Energy, Inc.
- Target
- Dominion Energy, Inc.
- Industry
- Utilities
- Location
- Virginia, United States
- Type
- Buyout
NextEra Energy, Inc. has entered into a definitive, all-stock agreement to combine with Dominion Energy, Inc. in a transaction valued at approximately $66.8 billion. Dominion shareholders will receive 0.8138 shares of NextEra Energy per Dominion share plus a one-time $360 million cash payment, with the combined company expected to serve about 10 million utility customer accounts across Florida, Virginia, North Carolina and South Carolina.
-
April 22, 2026
- Buyer
- Delta Utilities, Bernhard Capital Partners
- Target
- Spire Mississippi, Spire Inc.'s Mississippi local natural gas distribution company (Spire Mississippi)
- Seller
- A subsidiary of Spire Inc.
- Industry
- Utilities
- Location
- Mississippi, United States
- Type
- Buyout
Spire Inc. agreed to sell its Mississippi local natural gas distribution company, Spire Mississippi, to Delta Utilities for $75 million in cash. The deal will refine Spire’s geographic footprint, while Delta—backed by Bernhard Capital Partners—expands its Mississippi presence with expected operating efficiencies and enhanced emergency response capabilities.
-
April 15, 2026
- Buyer
- Kentucky American Water
- Target
- Livingston Municipal Water Works system
- Seller
- City of Livingston
- Industry
- Utilities
- Location
- Kentucky, United States
- Type
- Buyout
Kentucky American Water has completed the acquisition of the City of Livingston Municipal Water Works system in Rockcastle County. The purchase, approved by the Kentucky Public Service Commission, will be integrated into Kentucky American Water’s existing Rockcastle County operations and Kentucky American Water will begin providing service to Livingston customers on April 15, 2026.
-
February 19, 2026
- Buyer
- Portland General Electric Company, Manulife Investment Management (including Manulife Infrastructure Fund III, L.P. and affiliates such as John Hancock Life Insurance Company (USA))
- Target
- PacifiCorp select Washington state generation, transmission, and electric utility operations (Chehalis natural gas plant, Goodnoe Hills wind facility, Marengo I and II wind facilities; and associated transmission/distribution utility operations)
- Seller
- PacifiCorp
- Industry
- Utilities
- Location
- Oregon, United States
- Type
- Buyout
Portland General Electric (PGE) has agreed to acquire select Washington state generation, transmission, and electric utility operations from PacifiCorp for $1.9 billion. The deal adds approximately 140,000 Washington customers and includes three generation facilities plus about 4,500 miles of transmission and distribution lines, with regulatory reviews expected to complete about 12 months after filing.
-
February 9, 2026
- Buyer
- Kodiak Gas Services, Inc.
- Target
- Distributed Power Solutions, LLC
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
Kodiak Gas Services, Inc. completed its previously announced acquisition of Distributed Power Solutions, LLC (DPS) in a cash-and-stock transaction. DPS has been rebranded as Kodiak Power Solutions, a division of Kodiak Gas Services, expanding Kodiak into turnkey distributed and behind-the-meter power generation.
-
January 6, 2026
- Buyer
- East Coast Power, A&M Capital Partners
- Target
- United Powerline Solutions
- Industry
- Utilities
- Location
- Indiana, United States
- Type
- Addon
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.
-
December 9, 2025
- Buyer
- California American Water, American Water
- Target
- Yerba Buena Water Company
- Seller
- Yerba Buena Water Company
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
California American Water has completed the acquisition of the Yerba Buena Water Company water system, a regulated system serving approximately 250 customers after receiving CPUC approval. The acquisition will transfer service to California American Water immediately and is part of the company’s ongoing inorganic growth in California.
-
November 18, 2025
- Buyer
- Lime Rock New Energy
- Target
- Hawk Line Construction
- Industry
- Utilities
- Location
- Missouri, United States
- Type
- Growth capital
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.
-
- Buyer
- New Jersey American Water, American Water (parent company)
- Target
- South Orange Village water system
- Seller
- South Orange Village (municipality)
- Industry
- Utilities
- Location
- New Jersey, United States
- Type
- Buyout
New Jersey American Water completed the $19.7 million purchase of the South Orange Village water system, adding roughly 5,000 customer connections and obtaining municipal consent after a voter referendum. The utility plans up to $50 million in infrastructure investments over the next 10 years to modernize aging mains, remove lead and galvanized service lines, and improve service reliability.
-
September 10, 2025
- Buyer
- Italgas
- Target
- 2i Rete Gas
- Seller
- F2i (Fondi Italiani per le Infrastrutture), Finavias, APG Asset Management, Ardian
- Industry
- Utilities
- Location
- Italy
- Type
- Buyout
Italgas has completed the acquisition of 2i Rete Gas, consolidating its position as Europe's largest gas distribution system operator and expanding its network and customer base. The deal—purchased from infrastructure investors including F2i, Finavias, APG and Ardian—adds tens of thousands of kilometers of pipeline and millions of customers to Italgas's operations.
-
August 22, 2025
- Buyer
- Honeywell
- Target
- SparkMeter
- Seller
- SparkMeter
- Industry
- Utilities
- Location
- District of Columbia, United States
- Type
- Divestiture
Honeywell is acquiring three utility platforms — Praxis, GridScan and GridFin — from SparkMeter to expand its Smart Energy portfolio and enhance Honeywell Forge Performance+ for Utilities. The deal transfers key grid-management technologies and analytics to Honeywell to help utilities modernize their grids and improve planning, operations and financial performance.
-
August 19, 2025
- Buyer
- California American Water
- Target
- Bass Lake Water Company
- Seller
- Bass Lake Water Company
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
California American Water applied to the California Public Utilities Commission to purchase the potable water distribution system of Bass Lake Water Company in Madera County, California. The acquisition was later completed and California American Water began serving Bass Lake customers on August 19, 2025.
-
August 19, 2025
- Buyer
- E Source, Align Capital Partners
- Target
- Opinion Dynamics
- Industry
- Utilities
- Location
- Massachusetts, United States
- Type
- Addon
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.
-
- Buyer
- Brookfield
- Target
- Duke Energy Florida
- Seller
- Duke Energy
- Industry
- Utilities
- Location
- United States
- Type
- Growth capital
Duke Energy announced a definitive agreement for Brookfield to acquire a 19.7% indirect equity interest in Duke Energy Florida for $6 billion in cash. Duke Energy will retain 80.3% and continue to operate the utility, with the investment supporting Duke Energy Florida’s grid modernization, resiliency projects, and generation enhancements while also strengthening Duke Energy’s balance sheet.
-
July 29, 2025
- Buyer
- Spire Inc.
- Target
- Piedmont Natural Gas Tennessee local distribution company business (Tennessee Piedmont Natural Gas business)
- Seller
- Duke Energy
- Industry
- Utilities
- Location
- Tennessee, United States
- Type
- Buyout
Spire Inc. has agreed to acquire Piedmont Natural Gas’ Tennessee local distribution company business from Duke Energy for $2.48 billion. The transaction expands Spire’s regulated utility footprint in the Nashville area and is expected to close in the first quarter of 2026, subject to regulatory approvals. The deal has since closed effective March 31, 2026, with the Tennessee operations operating as Spire Tennessee.
-
July 22, 2025
- Buyer
- Aqua Pennsylvania, Essential Utilities, Inc.
- Target
- City of Beaver Falls Wastewater System
- Seller
- City of Beaver Falls
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Divestiture
Essential Utilities' subsidiary Aqua Pennsylvania has completed the $37.75 million purchase of the City of Beaver Falls wastewater system in Beaver County, Pennsylvania. The Pennsylvania Public Utility Commission approved the sale on June 18, 2025; Aqua Pennsylvania plans about $10 million in infrastructure investments over the next decade and will integrate roughly 3,200 customers (plus bulk transmission for ~3,800 EDUs) into its system.
-
July 1, 2025
- Buyer
- Macquarie Asset Management (consortium lead), MAM-managed funds and co-investors
- Target
- Southern Water
- Industry
- Utilities
- Location
- West Sussex, United Kingdom
- Type
- Recapitalization
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.
-
- Buyer
- Pennsylvania American Water
- Target
- Manwalamink Water and Sewer Company
- Seller
- Manwalamink Water and Sewer Company (owners)
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Divestiture
Pennsylvania American Water has completed the acquisition of the water and wastewater systems serving approximately 1,260 water and 1,260 wastewater connections from Manwalamink Water and Sewer Company in Middle Smithfield and Smithfield townships, Monroe County, Pennsylvania. The acquisition—approved by the Pennsylvania Public Utility Commission—transfers operations to Pennsylvania American Water, which plans more than $7 million in system improvements over the next five years to meet regulatory, safety and security standards.
-
- Buyer
- California American Water, American Water
- Target
- Mesa Del Sol water system
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
California American Water, a subsidiary of American Water, has acquired the Mesa Del Sol water system in the Corral de Tierra area of Salinas, adding 15 customer connections. The acquisition follows a physical interconnection with California American Water's Toro Park system to resolve water quality issues and will give new customers access to the company's bilingual customer service, online billing, conservation programs and affordability offerings.
-
April 1, 2025
- Buyer
- Delta Utilities, Bernhard Capital Partners
- Target
- CenterPoint Energy's natural gas distribution businesses in Louisiana and Mississippi
- Seller
- CenterPoint Energy
- Industry
- Utilities
- Location
- United States
- Type
- Addon
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.
-
- Buyer
- Hydro One Networks Inc., Hydro One Limited
- Target
- East‑West Tie Limited Partnership
- Industry
- Utilities
- Location
- Ontario, Canada
- Type
- Buyout
Hydro One Networks Inc., a wholly‑owned subsidiary of Hydro One Limited, completed the acquisition of an approximately 48% interest in the East‑West Tie Limited Partnership for roughly $261 million (inclusive of closing adjustments). The partnership owns the 450‑kilometre, 230‑kV East‑West Tie transmission line between Wawa and Thunder Bay, Ontario; remaining owners include the Bamkushwada Limited Partnership (approx. 3.5%) and affiliates of NextEra Energy Canada (approx. 48%).
-
January 31, 2025
- Buyer
- Badger Meter, Inc.
- Target
- SmartCover Systems
- Seller
- XPV Water Partners
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
Badger Meter, Inc. has acquired SmartCover Systems from XPV Water Partners, adding real-time sewer and lift station monitoring to its BlueEdge suite of water management solutions. The acquisition expands Badger Meter’s capabilities in collection system monitoring and brings SmartCover’s sensor- and data-driven remote monitoring technology and customer base into Badger Meter’s global smart water offering.
-
January 23, 2025
- Buyer
- Alvarez & Marsal Capital Partners (A&M Capital) / AMCP III
- Target
- East Coast Power
- Industry
- Utilities
- Location
- New York, United States
- Type
- Buyout
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.
-
- Buyer
- Northwest Natural Holding Company
- Target
- SiEnergy Operating, LLC
- Seller
- SiEnergy Capital Partners, LLC, Ridgewood Infrastructure (80% interest via SiEnergy Capital Partners affiliate)
- Industry
- Utilities
- Location
- United States
- Type
- Buyout
Northwest Natural Holding Company (NYSE: NWN) entered into an agreement to acquire SiEnergy Operating, LLC from SiEnergy Capital Partners, LLC for $273 million in cash plus the assumption of $152 million of debt. Ridgewood Infrastructure announced the successful sale of its 80% interest in SiEnergy to Northwest Natural.
-
November 21, 2024
- Buyer
- Pennsylvania American Water, American Water
- Target
- Farmington Township water and wastewater system, Corner Water Supply and Service Corporation
- Seller
- Farmington Township, Corner Water Supply and Service Corporation (owned/operated by the families of William G. Patterson and Woody Weaver; principal owner Tom Weaver)
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Buyout
Pennsylvania American Water, a subsidiary of American Water (NYSE: AWK), completed the acquisition of the Farmington Township water and wastewater systems in Clarion County, Pennsylvania and signed (and later completed) an agreement to acquire the Corner Water Supply and Service Corporation water system. Combined consideration was reported at roughly $5.8 million (Corner Water was later reported sold for $250,000), and Pennsylvania American Water plans multi‑million dollar investments to upgrade and regionalize the systems to improve reliability and meet regulatory standards.
-
- Buyer
- Illinois American Water, American Water
- Target
- Metro East Sanitary District (MESD) wastewater system
- Seller
- Metro East Sanitary District
- Industry
- Utilities
- Location
- Illinois, United States
- Type
- Divestiture
Illinois American Water completed its $8.4 million acquisition of the Metro East Sanitary District (MESD) wastewater system, adding roughly 5,600 customers to its Metro East footprint near St. Louis. The purchase (approved by the Illinois Commerce Commission) includes the Eagle Park and Lansdowne wastewater systems and positions Illinois American Water to invest in infrastructure and operational improvements across the MESD assets.
-
- Buyer
- New Jersey American Water, American Water
- Target
- Wastewater collection system of the Borough of Manville
- Seller
- Borough of Manville
- Industry
- Utilities
- Location
- New Jersey, United States
- Type
- Divestiture
New Jersey American Water, a subsidiary of American Water, completed the $6.5 million purchase of the Borough of Manville’s wastewater collection system, adding approximately 4,300 wastewater customers. The sale—approved by municipal referendum and state consent—transfers system ownership to the utility, which committed to invest a minimum of $10 million in wastewater improvements over the next ten years.
-
- Buyer
- Pennsylvania American Water, American Water
- Target
- Butler Area Sewer Authority
- Seller
- Butler Area Sewer Authority
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Buyout
Pennsylvania American Water, a subsidiary of American Water, completed the $230 million purchase of the Butler Area Sewer Authority (BASA) wastewater system in Butler County, Pennsylvania. The acquisition adds more than 15,000 customer connections and Pennsylvania American Water plans to invest over $75 million in system upgrades while BASA will use proceeds to eliminate approximately $49 million in debt.
-
October 1, 2024
- Buyer
- Enbridge Inc.
- Target
- Public Service Company of North Carolina, Incorporated (PSNC)
- Seller
- Dominion Energy, Inc.
- Industry
- Utilities
- Location
- North Carolina, United States
- Type
- Buyout
Enbridge Inc. has completed the acquisition of Public Service Company of North Carolina, Incorporated (PSNC) from Dominion Energy. PSNC — a regulated single-state natural gas utility serving over 600,000 customers with more than 13,000 miles of pipeline — will operate as Enbridge Gas North Carolina and join Enbridge's Gas Distribution and Storage business unit.
-
September 25, 2024
- Buyer
- LP First Capital, Graycliff Partners, Brookside Capital Partners
- Target
- REI Utility Services
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
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.
-
September 5, 2024
- Buyer
- Indiana American Water, American Water
- Target
- Silver Creek Water Corporation
- Seller
- Members of Silver Creek Water Corporation, Silver Creek Water Corporation board of directors
- Industry
- Utilities
- Location
- Indiana, United States
- Type
- Buyout
Indiana American Water (a subsidiary of American Water) received regulatory approval and completed the $45 million acquisition of Silver Creek Water Corporation, bringing roughly 8,000 customers into INAW's Southern Indiana operations. The member-owned utility's board and members approved the sale, and Silver Creek employees will join Indiana American Water following closing on November 6, 2024.
-
July 31, 2024
- Buyer
- Jones Capital
- Target
- Dark Horse Electric
- Industry
- Utilities
- Location
- Tennessee, United States
- Type
- Recapitalization
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.
-
- Buyer
- Urbint
- Target
- WRM Software
- Industry
- Utilities
- Location
- Connecticut, United States
- Type
- Buyout
Urbint has acquired WRM Software, a provider of utility incident management and storm response applications, making WRM a wholly owned subsidiary. The acquisition extends Urbint’s AI-driven risk platform to include storm response and incident management capabilities for utilities and critical infrastructure operators.
-
- Buyer
- AM Conservation, Franklin Energy
- Target
- Energy Federation, Inc. (EFI)
- Seller
- Energy Federation, Inc. (EFI)
- Industry
- Utilities
- Location
- Massachusetts, United States
- Type
- Buyout
AM Conservation, the products division of Franklin Energy, has agreed to purchase the assets of Energy Federation, Inc. (EFI) to combine product lines and marketplace capabilities and become a more comprehensive provider of products and marketplace solutions to the utility industry. Because EFI is a nonprofit, the closing is conditioned on final approval from the Massachusetts Attorney General and the Massachusetts Supreme Judicial Court.
-
- Buyer
- Undisclosed buyer
- Target
- GridTek Utility Services
- Seller
- First Reserve
- Industry
- Utilities
- Location
- Florida, United States
- Type
- Divestiture
GridTek Utility Services, a U.S.-based provider of repair, maintenance, installation and upgrade services for electric transmission and distribution infrastructure, has been sold by private equity firm First Reserve. Financial terms and the buyer were not disclosed; advisors on the transaction included Harris Williams (financial) and Simpson Thacher & Bartlett LLP (legal).
-
- Buyer
- Presque Isle Electric & Gas Co-op (PIE&G)
- Target
- Aurora Gas Co.
- Seller
- John and Helen Tierney family
- Industry
- Utilities
- Location
- Michigan, United States
- Type
- Buyout
Presque Isle Electric & Gas Co-op (PIE&G) has purchased all outstanding stock of Aurora Gas Co., bringing Aurora’s roughly 2,800 natural gas accounts into PIE&G’s membership. The acquisition expands PIE&G’s natural gas service footprint by about 28%, increases its membership base, and preserves the investment of the selling Tierney family in the Onaway, Michigan community.
-
- Buyer
- ČEZ Group
- Target
- Czech Grid Holdings
- Seller
- Macquarie Asset Management (on behalf of managed funds)
- Industry
- Utilities
- Location
- Czech Republic
- Type
- Divestiture
ČEZ Group has agreed to buy a 55.21% stake in Czech Grid Holdings (owner of GasNet and GasNet Služby) from Macquarie Asset Management for an enterprise value of approximately €4 billion. The transaction covers the Czech Republic's largest gas distribution network — roughly 65,000 km of pipelines serving 2.3 million connection points — and is expected to reach financial close in Q3 2024.
-
March 5, 2024
- Buyer
- Itron, Inc.
- Target
- Elpis Squared
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
Itron, Inc. has acquired Elpis Squared, a Newport Beach–based provider of software and services for utility grid operations, effective March 5, 2024. The deal expands Itron's Grid Edge Intelligence portfolio by adding Elpis Squared's RE|Grid Suite and expertise in distribution grid planning, operations and engineering to accelerate grid modeling, analytics and operational use of high-resolution grid edge data.
-
February 22, 2024
- Buyer
- Levine Leichtman Capital Partners
- Target
- USA Water
- Seller
- Warren Equity Partners
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
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.
-
December 20, 2023
- Buyer
- Macquarie Asset Management (Macquarie European Infrastructure Fund 7), Infracapital (M&G Plc) -- retained 50% stake
- Target
- Last Mile Infrastructure Group
- Seller
- Infracapital
- Industry
- Utilities
- Location
- Scotland, United Kingdom
- Type
- Recapitalization
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.
-
October 31, 2023
- Buyer
- Indiana American Water
- Target
- Sunset Village water system (Bushman's Lake)
- Seller
- Tina Beckort
- Industry
- Utilities
- Location
- Indiana, United States
- Type
- Divestiture
Indiana American Water purchased the Sunset Village water system (serving the Bushman's Lake community) from owner Tina Beckort, adding about 100 water customers and roughly 270 residents to its service area. The $150,000 transaction was approved by the Indiana Utility Regulatory Commission on August 2, 2023 and closed October 31, 2023, expanding Indiana American Water's presence in southeast Indiana and providing the small system access to the company's operations, capital and customer service resources.
-
October 2, 2023
- Buyer
- West Virginia American Water, American Water
- Target
- Jefferson Utilities, Valley Water and Sewer Services, Shenandoah Junction Public Sewer, East Jefferson Sewer Services
- Seller
- Lee Snyder
- Industry
- Utilities
- Location
- West Virginia, United States
- Type
- Buyout
West Virginia American Water, a subsidiary of American Water, completed the acquisition of Jefferson Utilities (including assets of Valley Water and Sewer Services, Shenandoah Junction Public Sewer and East Jefferson Sewer Services) for $27 million. The combined systems serve 3,978 customer connections across Jefferson, Berkeley and Morgan counties; the buyer plans infrastructure updates and will transition customers to West Virginia American Water service and PSC-established rates. The seller/owner, Lee Snyder, is retiring after building the systems over 25 years.
-
October 2, 2023
- Buyer
- NW Natural Water Company, LLC, Northwest Natural Holding Company
- Target
- Rose Valley Water Company
- Seller
- Gary Brasher (president and owner of Rose Valley Water)
- Industry
- Utilities
- Location
- Arizona, United States
- Type
- Buyout
NW Natural Water Company, a wholly-owned subsidiary of Northwest Natural Holding Company, completed the acquisition of Rose Valley Water Company, a family-owned water utility serving approximately 2,400 connections in Peoria, Arizona. The transaction closed on October 2, 2023, giving NW Natural Water an initial footprint in Maricopa County and positioning the company for further growth in Arizona.
-
September 28, 2023
- Buyer
- Pennsylvania American Water
- Target
- Appalachian Utilities, Inc.
- Seller
- Appalachian Utilities, Inc., Frank Sargent, Jr.
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Buyout
Pennsylvania American Water has acquired Appalachian Utilities, Inc., a small investor-owned water system serving ~1,450 customer connections in Clinton County, Pennsylvania. The regulated utility plans to invest more than $6.2–6.5 million to upgrade aging infrastructure and will adopt Appalachian's current rates pending regulatory approvals.
-
September 21, 2023
- Buyer
- Pennsylvania American Water, American Water (AWK)
- Target
- Audubon Water Company
- Seller
- Audubon Water Company (shareholders)
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Buyout
Pennsylvania American Water, a subsidiary of American Water (NYSE: AWK), has acquired Audubon Water Company, a private investor-owned water system serving approximately 2,900 customer connections in Lower Providence Township, Montgomery County, Pennsylvania. The transaction was valued at about $8 million and received PUC approval (completed Jan 23, 2025); Pennsylvania American Water plans to invest roughly $21.5 million over the next five years to upgrade and interconnect the system.
-
- Buyer
- Essential Utilities, Inc., Aqua Pennsylvania
- Target
- Municipal Authority of the Borough of Shenandoah (MABS) water system
- Seller
- Municipal Authority of the Borough of Shenandoah (MABS)
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Buyout
Essential Utilities, through its Aqua Pennsylvania subsidiary, acquired the Municipal Authority of the Borough of Shenandoah (MABS) water system for $12 million. The transaction transfers service for roughly 3,000 customers in Shenandoah, Pennsylvania to Aqua Pennsylvania, which plans more than $23 million in infrastructure investments over the next 10 years to improve reliability and water quality.
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- Buyer
- Illinois American Water
- Target
- Village of Tolono water and wastewater systems
- Seller
- Village of Tolono
- Industry
- Utilities
- Location
- Illinois, United States
- Type
- Divestiture
Illinois American Water, a subsidiary of American Water, purchased the Village of Tolono’s water and wastewater systems for $9.416 million, adding roughly 1,295 water and 1,254 wastewater customers to its eastern Illinois service area. The company plans to invest about $17 million over the first five years to upgrade meters, mains, hydrants, lift stations and to design and build a new wastewater treatment plant to support reliability and growth.
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- Buyer
- Gainline Capital Partners
- Target
- Flagship Power
- Seller
- Utility Rescue Holdings, Inc.
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
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."
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Frequently Asked Questions
What utility subsectors are represented in these acquisitions?
The listings cover regulated water and wastewater systems, local natural gas distribution, and electric utility operations including generation and transmission/distribution assets.
Which buyers appear most often?
Several deals feature American Water brands, including New Jersey American Water, Pennsylvania American Water, Indiana American Water, and California American Water.
Are these acquisitions limited to the United States?
No. Most transactions are U.S.-based, and there is also at least one Europe deal, including Italgas’ acquisition of 2i Rete Gas in Italy.
What kinds of deal purposes show up repeatedly?
Common stated purposes include expanding customer connections and service footprints, and planning infrastructure investments to modernize assets and improve reliability (including lead/service line and PFAS mitigation where disclosed).
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