Utilities Acquisitions in 2025

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.

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.

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.

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.

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.

California American Water has completed the acquisition of the Bass Lake Water Company system, which serves approximately 1,000 customers in Bass Lake, California. The transaction, approved earlier by the California Public Utilities Commission, will transfer operations to California American Water on August 19, 2025 and is intended to strengthen local water infrastructure and service.

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.

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.

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.

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.

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.

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.

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.

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%).

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.

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.

Northwest Natural Holding Company (NYSE: NWN) has acquired an 80% interest in SiEnergy from Ridgewood Infrastructure. SiEnergy is a regulated natural gas distribution utility serving residential and commercial customers in the greater Houston, Dallas and Austin metropolitan areas; under Ridgewood's ownership the customer base grew from ~20,000 to over 70,000.