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Bluefield’s quarterly tracking and analysis of investor-owned utility (IOU) M&A activity in the U.S. highlights strong growth for PE-backed Central States Water Resources (CSWR). Since 2016, the Missouri-based firm has rolled up more than 50,000 customer connections and an estimated 120,000 people served through its stream of acquisitions. The newly added systems are mostly small to very small-sized in Missouri, Mississippi, Texas, Tennessee, and Kentucky. The firm also owns assets in Arkansas.
Central States has topped private buyers in deal count from 2019 to 2021 (year-to-date). Although, other private buyers surpass CSWR in terms of customer connections added per deal.
In this Research Note:
- Central States rolls through south-eastern states
- Smaller, distressed systems central to CSWR growth
- Sciens Capital builds water portfolio
