Tracked deals
7
7 tracked deals across 2021-2025.
Utilities Buyers & Acquisitions in California
Buyer mix
Strategic-led
10 strategic
Top trend
Volume peaked in 2025
4 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 |
|---|---|---|---|
| California American Water | 4 | Regulated water and wastewater utility (subsidiary of Ame... | Strategic |
| American Water | 2 | Largest regulated water and wastewater utility company in... | Strategic |
| Badger Meter, Inc. | 1 | Global provider of smart water solutions including flow m... | Strategic |
| CrescoNet | 1 | Provider of LTE/5G-based advanced metering infrastructure... | Strategic |
| Itron, Inc. | 1 | Global provider of smart meters, software, services and I... | Strategic |
Acquisition Volume in Utilities in California by Year
Last 4 years
Supporting Data
Recent Transactions
-
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.
-
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.
-
- 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.
-
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.
-
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.
-
September 16, 2022
- Buyer
- California American Water, American Water
- Target
- Warring Water Services, Inc.
- Seller
- Glen Pace (President, Warring Water Company, Inc.)
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
California American Water, a subsidiary of American Water, acquired privately owned Warring Water Services, Inc., a small water utility serving the community of Piru, California. The California Public Utilities Commission approved the $4.6 million transaction, which brings about 634 customer connections into California American Water’s Ventura County district and expands its local service footprint.
-
July 13, 2021
- Buyer
- CrescoNet
- Target
- Smart Earth Technologies
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
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.
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