On 21 November 2024, CVC DIF, the infrastructure fund of private equity (PE) firm CVC Capital Partners, announced the acquisitions of Arizona-based JW Water Holdings (JW Water) and select water and wastewater systems from Robson Companies. Collectively, the deals will bring 18 utilities and approximately 49,500 utility service connections under CVC’s newly acquired JW Water banner.
Headquartered in Prescott, Arizona, JW Water serves over 8,500 drinking water and wastewater customers. The company was founded in 2013 and owns four drinking water, five wastewater, and two combined drinking water and wastewater utilities. In quick succession, CVC DIF acquired the eight water and wastewater utilities serving approximately 41,000 connections in the Robson master-planned communities.
The Netherlands-based CVC DIF holds €19 billion (~US$20 billion) in assets under management. This acquisition underscores a broader trend among PE firms targeting both direct and indirect water positions for their portfolios; it also marks the fourth PE firm to secure a regulated position in the U.S.
