Water Mergers & Acquisitions: Trends and Deal Flow, Q1 2024

19 Mar 2024
Available with corporate subscription

The 2023 year ended with a total of 372 transactions tracked by Bluefield. With deal flow falling just below the 387 transactions recorded in 2022, it once again highlights that the 534 deals recorded in 2021 were an anomaly. If anything, the deal flow shows that the market activity is in line with the preceding five-year average of 375. Bluefield has tracked 54 total water deals so far this year. There is optimism that 2024 will be a strong year for consolidation, driven by pent-up investor demand, stabilizing cost of capital, and improved macroeconomic conditions.

This Quarterly Review highlights key trends, notable transaction details, and shifts impacting the competitive landscape. Included in this quarterly report is a brief overview of select companies and their current and projected positioning within the industry.

In this Quarterly Review:

  • Water sector M&A picks up after moderated 2023 results
  • Rare water utility platform opportunity emerges in New England
  • O&M services in spotlight with Municipal District Services and USA Water Holdings acquisitions
  • Strategics show renewed focus via acquisitions

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