Utilities Acquisitions in 2021

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.

SJW Group’s Texas subsidiary SJWTX Inc. (dba Canyon Lake Water Service Company) has closed the acquisition of the Kendall West and Bandera East water/wastewater utilities in Kendall, Bandera and Medina counties, Texas. The two utilities add more than 1,600 service connections (serving ~4,000 people) and expand SJWTX's footprint in a rapidly growing region as part of continued scale and infrastructure investment in its Texas operations.

Qualus, LLC, a provider of engineering and technical field services to utilities, acquired Phoenix Engineering Services, Inc., an Atlanta-area engineering and testing firm. The acquisition expands Qualus’s service offerings—adding relay and substation testing, NERC PRC studies, panel building and utility software development—to strengthen capabilities for utility, municipal, commercial and renewable clients.

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.

CrescoNet has acquired Smart Earth Technologies (SET) to expand its LTE/5G-based AMI and meter-to-cash solutions for water utilities. The deal brings SET's cellular endpoints, valves, LTE network infrastructure and cloud software (HES, MDM, CIS) — deployed at 100+ water utilities — into CrescoNet to accelerate product development, grow market reach and provide additional working capital and utility industry talent.

Mueller Water Products acquired i2O Water Ltd for approximately $20 million in cash. The purchase brings i2O's pressure management, network analytics and iNet software into Mueller's Technologies segment to accelerate its software and analytics offerings and enable introduction of i2O products in North America.

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.

NW Natural Water Company, a subsidiary of Northwest Natural Holding Company, completed acquisitions of Morning View Water Company and Del Bay Association and signed agreements to acquire Troy Hoffman Water Corporation, Belle Oaks Water & Sewer Co., and Pelican Point Water Co. These tuck-in deals expand NW Natural Water’s footprint across Idaho, Washington and Texas and will increase its total served population and connections as part of a disciplined inorganic growth strategy.

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.

SUEZ has completed the acquisition of Heritage Hills Water Works Corporation and Heritage Hills Sewage Works Corporation in Somers, Westchester County, New York for approximately €7.3 million. The deal brings about 2,700 water customers and 2,900 sewer customers into SUEZ's North American portfolio; the Group plans nearly €1.2 million in infrastructure investments and will keep rates unchanged for Heritage Hills customers for three years.