Investment bankers and other major financial players are increasingly interested in taking control of water and sewer services across the United States. Private equity vehicles are armed with more than $100 billion for infrastructure worldwide. Although most deals in the U.S. water utility market have involved existing private sector companies, a number of fund managers anticipate that the ongoing fiscal crisis will drive some governments to privatize their water infrastructure. To make that prediction a reality, major financial interests are backing various government proposals that facilitate privatization and private investment bankers and other major financial players are increasingly interested in taking control of water and sewer services across the United States. Private equity vehicles are armed with more than $100 billion for infrastructure worldwide. Although most deals in the U.S. water utility market have involved existing private sector companies, a number of fund managers anticipate that the ongoing fiscal crisis will drive some governments to privatize their water infrastructure. To make that prediction a reality, major financial interests are backing various government proposals that facilitate privatization and private financing of public infrastructure.
Investment bankers and other major financial players are increasingly interested in taking control of water and sewer services across the United States. Private equity vehicles are armed with more than $100 billion for infrastructure worldwide. Although most deals in the U.S. water utility market have involved existing private sector companies, a number of fund managers anticipate that the ongoing fiscal crisis will drive some governments to privatize their water infrastructure. To make that prediction a reality, major financial interests are backing various government proposals that facilitate privatization and private investment bankers and other major financial players are increasingly interested in taking control of water and sewer services across the United States. Private equity vehicles are armed with more than $100 billion for infrastructure worldwide. Although most deals in the U.S. water utility market have involved existing private sector companies, a number of fund managers anticipate that the ongoing fiscal crisis will drive some governments to privatize their water infrastructure. To make that prediction a reality, major financial interests are backing various government proposals that facilitate privatization and private financing of public infrastructure.
Investment bankers and other major financial players are increasingly interested in taking control of water and sewer services across the United States. Private equity vehicles are armed with more than $100 billion for infrastructure worldwide. Although most deals in the U.S. water utility market have involved existing private sector companies, a number of fund managers anticipate that the ongoing fiscal crisis will drive some governments to privatize their water infrastructure. To make that prediction a reality, major financial interests are backing various government proposals that facilitate privatization and private investment bankers and other major financial players are increasingly interested in taking control of water and sewer services across the United States. Private equity vehicles are armed with more than $100 billion for infrastructure worldwide. Although most deals in the U.S. water utility market have involved existing private sector companies, a number of fund managers anticipate that the ongoing fiscal crisis will drive some governments to privatize their water infrastructure. To make that prediction a reality, major financial interests are backing various government proposals that facilitate privatization and private financing of public infrastructure.
The Public Cost of Private Equity Takeovers of U.S. Water Infrastructure
Fact Sheet August 2012 I nvestment bankers and other Wall Street players want to take over public water services to vrng quck prot rom communtes thut ure oten ureudy strupped or cush. 1 By 2012, nuncu behemoths ncudng }lMorgun Chuse und the Curye Croup munuged nvestment unds thut ovned vuter und sever systems ucross the Lnted Stutes |see tube on puge 2). 1hs s purt o u urger trend: lrvute equty puyers, urmed vth more thun Sl85 bon, 2 are uggressvey turgetng nrustructure vordvde. 3
Growing Private Equity Appetite for Water Snce the md-2000s, vhen the prvute equty cruze or nrustructure took o, 4 there huve been hu u dozen urge prvute equty tukeovers n the L.S. vuter sector |see tube on puge 2). As u resut o these deus, nvestment bunks und prvute equty rms munuge the compunes thut provde vuter und sever servces to mons o peope ucross the country, und ther reuch s grovng. At eust our szeube deals, including three privatizations, were on the horizon or 20l2 und 20l3. lrvute equty puyers untcpute thut ongong scu dcutes v drve muny other ocu gov- ernments to prvutze ther vuter servces. 5 Pushing Privatization 1he nunce ndustry s promotng vuter prvutzuton us u vuy to hep ocu governments puy or budget shortus und mprovement proects. 1hey udvse ocu ocus to enter nto urge, compex deus thut trunser contro o pub- c servces to nuncers n exchunge or un upront puy- ment. 6 ln essence, these upront puyments ure hgh-nterest loans that residents and businesses must repay through ther vuter bs. lt s tuxng through the tup und u costy und necent vuy to ruse cuptu. 7
Key Problems With Private Equity Takeovers Squeezing Dry: lrvute equty puyers seek hgh prots. ln- rustructure unds generuy huve turgeted returns o ut eust l2 to l5 percent u yeur, 8 und they oten muke even more money vhen they rese ussets to other nvestors. ln the Lnted lngdom, or exumpe, prvute equty nvestors typ- cuy mude unnuuzed returns o l5 to 30 percent vhen they sod ther stukes n prvutzuton proects. 9 Driving Up Public Costs: lrvute equty puyers use u vu- rety o tuctcs to meet ther prot gous. ln prvutzuton deals, they may use sneaky contract provisions and con- truct renegotutons to sht rsks und costs to the pubc. 10
\hen they ovn vuter uttes, they coud overbud nru- structure projects or buy other systems to drive up water prces und nute ther eurnngs. 11
Excessive Borrowing: lrvute equty puyers usuuy borrov u ot o money to puy or u deu. 1hs pructce, knovn us everugng, ncreuses u rm's protubty und reduces ts COMMON RESOURCES ncome tux responsbty. 12 Loans and other debt typically cover 60 to 90 percent o u prvute equty tukeover. 13 Such hghy everuged deus ure rsky und costy. 1he nterest rute on bonds und other ouns usuuy ncreuses, und the company goes bankrupt, governments may have to step in und bu out the vuter utty. 14 Avoiding Taxes: lrvute equty puyers ure notorous n- come tux uvoders und evuders. l5 For example, in the last ve yeurs, the Curye Croup mude more thun S4 bon n prot but pud un eectve ncome tux rute o ony 2 per- cent. 16 Cutting and Running: lrvute equty puyers usuuy p ussets vthn u decude, und they oten se ther stuke n u prvutzuton deu beore the contruct ends. 17 Hghstur Cup- tu decded to se Lttes, lnc., u L.S. vuter compuny, ess thun sx yeurs uter ucqurng t, l8 und n 20ll, the Cur- ye Croup's nrustructure und took over lurk \uter Com- puny vth the ntenton o reseng t vthn ve yeurs. 19 Hiding Behind Closed Doors: lrvute equty tukeovers re- strct trunspurency und uccountubty. 1hey usuuy huve inordinately complex ownership structures that can involve u seres o hodng compunes or specu corporute enttes. 1hs mukes t dcut to dscern vho s utmutey mukng the bg decsons. 20 lrvutey hed busnesses uso do not huve to compy vth muny ederu nuncu dscosure re- quirements, and private contractors are not subject to state sunshine laws requiring open meetings and public access to certun normuton ubout pubc servces. 21 Conclusion lrvute equty tukeovers o vuter ure un uurmng deveop- ment. 1hese nuncu puyers ocus on short-term prots und muy seek to p ussets uter drvng dovn servce quu- ty und drvng up prces. Househods und ocu busnesses coud end up puyng much more vhe servces deterorute. Cven these rsks und costs, governments shoud not uuc- ton o contro o ther vuter und sever servces to bunkers Ten Major Private Equity Takeovers of U.S. Water and Sewer Services YEAR PRIVATE EQUITY PLAYER VALUE TARGET 2006 AIG Highstar Capital II, LP (via Hydro Star, LLC) $192.5 million (purchase price) Utilities Inc., a private water company serving more than 300,000 water and sewer customers in 17 states 25 2006 BC Investment Management Corp. and CAI Capital Management (via 0745848 B.C. Ltd.) $111 million (purchase price) Terasen Water and Utility Services including 50% of Fairbanks Sewer & Water, Inc., a private water company serving Fairbanks, Alaska 26 2007 Macquarie Bank (via Macquarie Utilities, Inc.) $578 million (purchase price) Aquarion Water Company, a private water company serving about 200,000 customers in Conn., Mass. and N.H. 27 2008 Alinda Capital Partners with PERC Water Corp. (via Santa Paula Water, LLC) $62 million (est. capital investment) Santa Paula, Calif., water recycling facility, privatization through a 30-year design- EXLOGRSHUDWHQDQFHFRQWUDFW 28 2010 JPMorgan Investment Management and Water Asset Management investment funds (via SW Merger Acquisition Corp.) $275 million (purchase price) Southwest Water Company, a publicly traded water company serving more than a million people in nine states 29 2011 Carlyle Infrastructure Partners (via Western Water Holdings) $102 million (purchase price) Park Water Company, a privately held water company serving more than 225,000 people in Mont. and Calif. 30 Pending* Table Rock Capital (via Rialto Water Services) $170 million (capital investment) Rialto, Calif., water and sewer systems, privatization through a 30-year concession 31 Pending* BC Investment Management Corp. and CAI Capital Management (via Corix) Undisclosed Utilities, Inc., a private water company serving more than 290,000 customers in 15 states 32 Pending* KKR with United Water (via Bayonne Water Joint Venture, LLC) $150 million (upfront payment) Bayonne Municipal Utilities Authority, N.J., water and sewer systems, privatization through a 40-year concession 33 Pending* BC Investment Management Corp. and CAI Capital Management (via Corix) $20 million (est. transaction value) Lower Colorado River Authority, Texas, 18 to 20 water and sewer systems, privatiza- tion through a sale 34 * Pending as of August 2012 or other prvute nuncu nterests. lt s un rresponsbe und scuy unsound vuy to meet budgetury needs. Better Solutions Public-Public Partnerships: Cush-strupped communtes can instead explore public-public partnerships to reduce the cost und enhunce the perormunce o ther pubc vu- ter und sever servces. 1vo or more pubc sector vuter uttes cun on orces on u not-or-prot buss und ever- uge ther shured cupuctes. 1he pubc sector purtners pool resources, buying power and technical expertise to mprove servce und reduce costs. 22 Compured to pubc- private partnerships, these public sector partnerships are more ecent, eectve und equtube. 23 Public Funding: 1he ederu government cun support pub- c sector uttes by provdng u dedcuted source o und- ng or the Drnkng \uter und Ceun \uter Stute Revov- ng lunds und by reuuthorzng the ud Amercu onds progrum. ud Amercu onds ure un ecent vuy to lower local government borrowing costs and to appeal to a brouder runge o nvestors, ncudng penson unds. 24 A reneved ederu commtment und responsbe pubc munugement o our nuton's vuter und sever systems ure the best vuys to ensure sue und uordube vuter servce or u. 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Appcuton or Authorzuton to Acqure un lnd- rect lty lercent lnterest ln lurbunks Sever & \uter, lnc. Reguutory Commsson o Ausku. |Docket No. L-06-009). lebruury l, 2006 ut l to 3, lnder Morgun ses vuter unt or SlllM. The Associated Press. Muy 22, 2006. 27 Aquuron. lress Reeuse. Mucquure unk to Acqure Aquuron \uter Compuny. lebruury 24, 2006, Dscepoo, Lndu. Aquuron \uter Compuny o Connectcut. }ont Appcuton o ledu Croup lnc. und Mucquure Lttes lnc. or Approvu o u Chunge o Contro Response to Crder No. l. Connectcut Depurtment o lubc Lt- ty Contro. |Docket 06-06-l8). }une l, 2007 ut 4, Mucquure. lress Reeuse. Mucquure unk-ed consortum to ucqure LS vuter ut- ty, Aquuron Compuny. lebruury 24, 2006, Mucquure Lttes lnc. Amendment No. l to Stock lurchuse Agreement. lebruury 8, 2007 ut l, Nev York lubc Servce Commsson. Crder Approvng Corpo- rute Restructurng und 1runsers Subect to Condtons. |Cuse 06-\- 0760). Apr l9, 2007 ut 2 to 3. 28 Suntu luuu \uter, LLC. rochure. Suntu luuu \uter Recycng lucty: lubc lrvute lurtnershp Cvervev. 20l0 ut 2 to 3, Schebe, }ohn. Suntu luuu nuy dedcutes vuter punt. Ventura County Star. }une 2, 20ll. 29 Cuornu lubc Lttes Commsson. Decson Adoptng Sette- ment und Approvng 1runser o lndrect Contro lursuunt to lubc Lttes Code Secton 854. |Decson l0-09-0l2, Appcuton l0- 04-009). September 2, 20l0 ut 2 to 4, South\est \uter Compuny. lress Reeuse. South\est \uter unnounces competon o merger. September l3, 20l0, South\est \uter Compuny. L.S. Securtes und Lxchunge Commsson. lorm 8l. September l3, 20l0 ut l to 4. 30 lubc Servce Commsson o the Stute o Montunu. luct Sheet. Docket D20ll.l.8, Mountun \uter/Curye Appcuton or Approvu o Sue und 1runser o Stock n lurk \uter Co. September l9, 20ll ut l to 3, 1he Curye Croup. lress Reeuse. lurk \uter Compuny competes chunge n ovnershp to 1he Curye Croup. December 20, 20ll. 31 Stee, Robb R. et u. Cty o Ruto |Cuornu). Memorundum. Agen- du Report or the Cty Counc/RLA Meetng o Murch 27, 20l2. Murch 22, 20l2 ut l, 2, 9 und l4, Stenberg, }m. Nev uunce muy run Ruto's vuter system. San Bernardino County Sun. }uy ll, 20l2. 32 Corx, lebruury 20, 20l2. 33 Rogozu, Ruu. uyonne MLA commssoners breed on proposed Lnted \uter deu, unnuu rute hkes uter ntu hke und 4-yeur reeze. The Jersey Journal. }uy 25, 20l2, \uter Cptmsm. Public Works Financing, vo. 269. Murch 20l2 ut 3. 34 Corx. lress Reeuse. Corx lnrustructure, lnc. to enter nto excu- sve negotutons vth LCRA to ucqure remunng l8 vuter und vuste- vuter systems. November ll, 20ll, Corx. lress Reeuse. LCRA und Corx come to ugreements on 20 vuter systems. Apr 5, 20l2, Lover Coorudo Rver Authorty. lress Reeuse. Corx to tuke over vuter und vustevuter utty operutons. }une 26, 20l2, RRLLl lnru- structure, 20l2 ut ll. For more information: web: vvv.oodundvutervutch.org email: novvutch.org phone: |202) 683-2500 |DC) - |4l5) 293-9900 |CA) Copyright August 2012 Food & Water Watch