Tracked deals
11
11 tracked deals across 2023.
Utilities Acquisitions in 2023
Buyer mix
Strategic-led
14 strategic · 3 pe
Top trend
Volume peaked in 2025
18 tracked deals announced in 2025.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Indiana American Water | 2 | State subsidiary of American Water providing regulated wa... | Strategic |
| Pennsylvania American Water | 2 | Regulated water and wastewater utility (subsidiary of Ame... | Strategic |
| American Water (AWK) | 1 | Largest regulated water and wastewater utility in the U.S... | Strategic |
| Aqua Pennsylvania | 1 | Pennsylvania-regulated water utility subsidiary of Essent... | Strategic |
| California Water Service Group | 1 | Publicly traded regulated water utility holding company o... | Strategic |
| Essential Utilities, Inc. | 1 | Publicly traded regulated utility delivering water, waste... | Strategic |
| Gainline Capital Partners | 1 | Private equity firm investing in U.S. middle-market compa... | PE |
| Illinois American Water | 1 | Investor-owned regulated water and wastewater utility ope... | Strategic |
| Infracapital | 1 | Infrastructure equity investment arm of M&G Plc, investin... | PE |
| Macquarie Asset Management (Macquarie European Infrastructure Fund 7) | 1 | Global asset manager investing across infrastructure, rea... | PE |
Acquisition Volume in Utilities in 2023 by Year
Last 10 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
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.
-
- 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.
-
- 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."
-
- Buyer
- Indiana American Water
- Target
- Claypool water system
- Seller
- Town of Claypool
- Industry
- Utilities
- Location
- Indiana, United States
- Type
- Divestiture
Indiana American Water, a subsidiary of American Water, acquired the Claypool water system from the Town of Claypool for $700,000. The transaction, approved by the Indiana Utility Regulatory Commission on February 22, 2023 and closed March 28, 2023, adds about 150 water customers (serving ~400 residents) and gives the system access to Indiana American Water’s operational and capital resources.
-
- Buyer
- Washington Water Service, California Water Service Group
- Target
- Bethel Greenacres Water Association
- Seller
- Bethel Greenacres Water Association
- Industry
- Utilities
- Location
- Washington, United States
- Type
- Divestiture
Washington Water Service, a subsidiary of California Water Service Group, has closed the acquisition of Bethel Greenacres Water Association's water system assets following WUTC approval. The transaction transfers a system serving ~200 residential connections in Graham, Washington (adjacent to Washington Water's East Pierce system); Washington Water has been operating the system under an O&M agreement since September 2022 and plans ongoing investments to support reliable water service.
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