All sectors
Utilities
Who acquires Utilities companies
79 distinct acquirers across 106 recorded transactions, 2014 to 2026. Every buyer below has completed at least one acquisition in this sector.
106
Transactions
2014 to 2026
79
Named acquirers
distinct buyers
9.2x
Median EV/EBITDA
from 5 disclosed
$103m
Median deal size
enterprise value
Most active acquirers
Ranked by number of acquisitions recorded in this sector. A buyer that has done this more than once has a thesis, and a thesis is what makes an approach worth making.
- Pennsylvania American Water Co.6 deals
- California American Water Co.6 deals
- Illinois American Water Co.5 deals
- New Jersey American Water Co.3 deals
- Indiana American Water Co.3 deals
- Hydro One3 deals
- Talen Energy Corporation2 deals
- American Water2 deals
Recorded transactions
| Target | Acquirer | Date | Value | EV/EBITDA | EV/Revenue |
|---|---|---|---|---|---|
| Quadvest water and sewer utility businesses | H2O America | 2026-10-01 | $540m | 0.0x | 0.0x |
| Vectren Energy Delivery of Ohio | National Fuel Gas Company | 2026-10-01 | $2.6bn | 0.0x | 0.0x |
| Lawrenceburg | Talen Energy Corporation | 2026-06-15 | $3.5bn | 0.0x | 0.0x |
| Piedmont Natural Gas Tennessee local distribution business | Spire Inc. | 2026-03-31 | $2.5bn | 0.0x | 0.0x |
| BKV-BPP Power | BKV Corporation | 2026-01-30 | $0k | 0.0x | 0.0x |
| LS Power generation portfolio and CPower | NRG Energy | 2026-01-30 | $0k | 0.0x | 0.0x |
| Calpine Corporation | Constellation Energy Corporation | 2026-01-07 | $0k | 0.0x | 0.0x |
| ALLETE | Canada Pension Plan Investment Board and Global Infrastructure Partners | 2025-12-15 | $0k | 0.0x | 0.0x |
| Freedom Generating Station and Guernsey Power Station | Talen Energy Corporation | 2025-11-25 | $3.8bn | 0.0x | 0.0x |
| Lotus Infrastructure Partners natural gas generation portfolio | Vistra Corp. | 2025-10-22 | $1.9bn | 0.0x | 0.0x |
| Entergy natural gas distribution business | Delta Utilities | 2025-07-01 | $0k | 0.0x | 0.0x |
| CenterPoint Energy Louisiana and Mississippi natural gas distribution businesses | Bernhard Capital Partners | 2025-03-31 | $1.2bn | 0.0x | 0.0x |
| Long Ridge Energy & Power LLC | FTAI Infrastructure Inc. | 2025-02-26 | $0k | 0.0x | 0.0x |
| SiEnergy | NW Natural | 2024-11-18 | $273m | 0.0x | 0.0x |
| Metro East Sanitary District - Eagle Park and Lansdowne wastewater systems | Illinois American Water Co. | 2024-11-13 | $8m | 0.0x | 0.0x |
| Manville Wastewater Collection System | New Jersey American Water Co. | 2024-11-01 | $7m | 0.0x | 0.0x |
| Silver Creek Water | Indiana American Water Co. | 2024-09-05 | $45m | 0.0x | 0.0x |
| Bangor Natural Gas | Unitil | 2024-07-09 | $71m | 0.0x | 0.0x |
| AEP OnSite Partners | Basalt Infrastructure Partners (PE) | 2024-05-13 | $315m | 0.0x | 0.0x |
| Heartland Generation | TransAlta | 2023-11-02 | $658m | 0.0x | 0.0x |
| Intesa | Verene Energia | 2023-11-01 | $82m | 0.0x | 0.0x |
| Jefferson Utilities | American Water | 2023-10-02 | $27m | 0.0x | 0.0x |
| Florida City Gas | Chesapeake | 2023-09-26 | $923m | 0.0x | 0.0x |
| Audubon Water Company | Pennsylvania American Water Co. | 2023-09-21 | $8m | 0.0x | 0.0x |
| Shenandoah Water System | Aqua Pennsylvania | 2023-07-27 | $12m | 0.0x | 0.0x |
| Village of Tolono Water and Wastewater Systems | Illinois American Water Co. | 2023-06-20 | $9m | 0.0x | 0.0x |
| Omega Pipeline | Spire | 2023-05-25 | $175m | 0.0x | 0.0x |
| Argo Blockchain's Helios Facility | Galaxy Digital | 2022-12-28 | $65m | 0.0x | 0.0x |
| Warring Water Services | California American Water Co. | 2022-09-16 | $5m | 0.0x | 0.0x |
| Vidler | D.R. Horton | 2022-04-14 | $291m | 20.5x | 10.0x |
| Hope Gas | Ullico | 2022-02-11 | $690m | 0.0x | 0.0x |
| City of Mt. Pulaski Water and Wastewater Systems | Illinois American Water Co. | 2021-12-17 | $5m | 0.0x | 0.0x |
| Flame King | Main Street Capital (PE) | 2021-11-04 | $32m | 0.0x | 0.0x |
| i2O Water | Mueller Water Products | 2021-06-14 | $20m | 0.0x | 0.0x |
| Freeman Gas | Superior Plus | 2021-04-22 | $170m | 0.0x | 0.0x |
| Atlantic Power | I Squared Capital (PE) | 2021-01-14 | $961m | 0.0x | 3.4x |
| Heritage Hills Water & Sewer Systems | Suez | 2021-01-08 | $8m | 0.0x | 0.0x |
| Mountaineer Gas Co. | UGI | 2020-12-30 | $540m | 0.0x | 0.0x |
| Long Hill Township Sewer System | New Jersey American Water Co. | 2020-10-22 | $13m | 0.0x | 0.0x |
| TransAlta Corp. - Pioneer Pipeline | ATCO | 2020-10-01 | $194m | 0.0x | 0.0x |
| Gulf Utility Service | H2O Innovation | 2020-07-02 | $3m | 4.6x | 0.6x |
| Village of Sidney Water System | Illinois American Water Co. | 2020-04-17 | $2m | 0.0x | 0.0x |
| Fruitridge Vista Water Co. | California American Water Co. | 2019-12-19 | $21m | 0.0x | 0.0x |
| American Water Works Co. | Liberty Utilities Co. | 2019-11-20 | $608m | 0.0x | 0.0x |
| City of Lake Station | Indiana American Water Co. | 2019-10-22 | $21m | 0.0x | 0.0x |
| SSE plc - SSE Energy Services Business | OVO Energy | 2019-09-13 | $770m | 0.0x | 0.0x |
| Leaf River Energy Center LLC | New Jersey Resources | 2019-09-05 | $368m | 0.0x | 0.0x |
| ERM Power Ltd. | Shell Australia Pty Ltd. | 2019-08-22 | $439m | 0.0x | 0.0x |
| Ambit Energy LP | Vistra | 2019-08-20 | $475m | 0.0x | 0.0x |
| Vicinity Energy | Antin Infrastructure Partners (PE) | 2019-07-31 | $125m | 0.0x | 0.0x |
| SmartWatt | Centrica | 2019-06-19 | $37m | 0.0x | 0.0x |
| Clearwater | Marlowe | 2019-05-21 | $17m | 0.0x | 0.4x |
| Mesquite Disposals Unlimited LLC | NGL | 2019-05-14 | $893m | 0.0x | 0.0x |
| Joulz | 3i Infrastructure (PE), 11-15 Seaton Place | 2019-03-13 | $248m | 0.0x | 0.0x |
| Charlestown Water | Indiana American Water Co. | 2019-03-07 | $13m | 0.0x | 0.0x |
| Borough of Mount Ephraim - Wastewater Assets | New Jersey American Water Co. | 2019-01-16 | $1m | 0.0x | 0.0x |
| Compañía Transmisora del Norte Grande S.A. | Chilquinta Energia SA | 2018-12-20 | $226m | 0.0x | 0.0x |
| LineTec Services LLC | Centuri Construction Group | 2018-11-26 | $336m | 0.0x | 0.0x |
| Steelton Borough Authority Water System | Pennsylvania American Water Co. | 2018-11-15 | $23m | 0.0x | 0.0x |
| Mankato Energy Center LLC | Xcel Energy | 2018-11-06 | $650m | 0.0x | 0.0x |
| Companhia Energética de São Paulo | The Votorantim Group | 2018-10-19 | $26m | 0.0x | 0.0x |
| Peterborough Distribution | Hydro One | 2018-08-01 | $105m | 0.0x | 0.0x |
| UK Power Reserve Ltd. | Sembcorp Industries | 2018-05-31 | $333m | 0.0x | 0.0x |
| Village of Fisher | Illinois American Water Co. | 2018-03-28 | $3m | 0.0x | 0.0x |
| Connecticut Water | SJW Group | 2018-03-15 | $740m | 0.0x | 0.0x |
| Hunterstown Power | Platinum Equity (PE) | 2018-02-27 | $520m | 0.0x | 0.0x |
| U.S. Geothermal | Ormat Technologies | 2018-01-24 | $110m | 9.2x | 3.4x |
| Electricidad del Golfo | ATCO | 2017-12-21 | $90m | 0.0x | 0.0x |
| Eversource Energy - Nine Hydroelectric Facilities | Hull Street Energy (PE) | 2017-10-12 | $83m | 0.0x | 0.0x |
| Kerta Bumni Teknindo | Aggreko | 2017-06-14 | $33m | 0.0x | 0.0x |
| Comverge | Itron | 2017-06-01 | $100m | 0.0x | 0.0x |
| FirstEnergy Corp. - 4 Natural Gas Generating Plants | LS Power Development LLC | 2017-01-19 | $925m | 0.0x | 0.0x |
| Intesa | Equatorial Energia | 2017-01-01 | $277m | 0.0x | 0.0x |
| Unipower AB | Sdiptech | 2016-12-09 | $15m | 0.0x | 0.1x |
| Opus Energy Group Ltd. | Drax Group | 2016-12-06 | $523m | 0.0x | 0.6x |
| Meadowbrook Water Co. | California American Water Co. | 2016-12-01 | $4m | 0.0x | 0.0x |
| Dee Valley Group Plc | Severn Trent | 2016-11-16 | $121m | 0.1x | 0.0x |
| Geyserville Water Works | California American Water Co. | 2016-11-10 | $2m | 0.0x | 0.0x |
| Energy West Montana | First Reserve (PE) | 2016-10-10 | $196m | 21.8x | 2.0x |
| McKeesport Wastewater System | Pennsylvania American Water Co. | 2016-09-09 | $156m | 0.0x | 0.0x |
| Orillia Power Distribution Corp. | Hydro One | 2016-08-15 | $41m | 0.0x | 0.0x |
| VENI Energy Group | Norvestor Equity AS (PE) | 2016-07-04 | $91m | 0.0x | 0.0x |
| Eléctrica del Ebro S.A. | Endesa SA | 2016-06-22 | $38m | 0.0x | 0.0x |
| Caledon Propane | Superior Plus | 2016-06-17 | $8m | 0.0x | 0.0x |
| ENER-G Cogen International Ltd. | Centrica | 2016-05-16 | $223m | 0.0x | 0.0x |
| New Cumberland Wastewater System | Pennsylvania American Water Co. | 2016-05-05 | $23m | 0.0x | 0.0x |
| Scranton Sewer System Wastewater Assets | Pennsylvania American Water Co. | 2016-03-30 | $195m | 0.0x | 0.0x |
| Adams Ranch Mutual Water Co. | California American Water Co. | 2016-03-10 | $2m | 0.0x | 0.0x |
| Repsol - Offshore Wind Power Business | SDIC Power Holding | 2016-02-25 | $268m | 0.0x | 0.0x |
| Brookfield Infrastructure - Great Lakes Power Electricity Transmission Business | Hydro One | 2016-01-29 | $222m | 0.0x | 0.0x |
| Dunnigan Water Works | California American Water Co. | 2015-12-31 | $2m | 0.0x | 0.0x |
| Wastewater System of Fairview Township | Pennsylvania American Water Co. | 2015-12-22 | $17m | 0.0x | 0.0x |
| Propane USA | Suburban Propane | 2015-12-15 | $45m | 0.0x | 0.0x |
| Mountain Ridge Estates Water System | Aqua North Carolina | 2015-09-18 | $52m | 0.0x | 0.0x |
| Water Works of Alamance County | Aqua North Carolina | 2015-09-18 | $43m | 0.0x | 0.0x |
| Keystone Clearwater Solutions LLC | American Water | 2015-06-18 | $130m | 0.0x | 0.0x |
| Just Water Australia Pty Ltd. | Waterlogic | 2015-04-16 | $8m | 0.0x | 0.0x |
| Sembcorp Bournemouth Water Investment Ltd. | Pennon Group | 2015-04-16 | $154m | 0.0x | 0.0x |
| Magnum NGLs LLC | NGL | 2015-02-09 | $280m | 0.0x | 0.0x |
| Waterlogic | Castik Capital (PE) | 2015-01-08 | $189m | 0.0x | 0.0x |
| MGTC - Northeastern Wyoming Gas Utility Assets | Black Hills | 2014-11-25 | $6m | 0.0x | 0.0x |
| MoGas Energy LLC | CorEnergy | 2014-11-25 | $125m | 0.0x | 0.0x |
| Spartan Village Water and Wastewater Systems | Aqua New Jersey | 2014-10-09 | $1m | 0.0x | 0.0x |
| Texas H2O | Aqua Texas | 2014-10-01 | $3m | 0.0x | 0.0x |
| Caroline Water Co. | Aqua Virginia | 2014-09-08 | $1m | 0.0x | 0.0x |
| New Mexico Gas Co. | TECO Energy | 2014-09-03 | $950m | 0.0x | 0.0x |
n/d means not disclosed. Most transactions close without a published multiple, which is why the disclosed count matters more than the median.
Who owns Energy & Utilities companies
On PEStore, Utilities sits within Energy & Utilities. PEStore profiles the private equity firms and serial acquirers active there: what they own, how long they have held it, and every deal on record. Underlined acquirers above link to their profiles.
Energy & Utilities investors and acquirers on PEStoreMultiples across every sector
What is your Utilities business worth?
Run the free valuation against the current multiple band for your sector. It takes about a minute and shows the range and the method behind it.
Run a valuation