Combines Two Strong Water and Wastewater Utilities with Shared Commitment to Safety, Reliability and Sustainability
VANCOUVER, British Columbia and SUGAR LAND, Texas – August 29, 2022 – Corix Infrastructure, Inc. (“Corix”) and SouthWest Water Company (“SouthWest Water”) today announced they have entered into a definitive agreement under which SouthWest Water and Corix’s water and wastewater businesses will combine in a merger of equals to create a leading regulated water and wastewater utility.
The combined company will have more than 1,300 employees serving more than 1.3 million people across 20 U.S. states and two Canadian provinces. The increased scale and enhanced financial foundation of the combined company will facilitate long-term investments required to continue to grow and provide water and wastewater services in these communities. These investments, together with the leveraging of best practices and operating expertise of both companies, will support the safe, reliable and sustainable delivery of critical water and wastewater services and will enhance the customer experience.
Lisa Sparrow, President and Chief Executive Officer of Corix, said, “This combination brings together two complementary businesses to create a leading water and wastewater utility in an industry ripe for prudent investment. The new company will have the scale to make important infrastructure investments for the benefit of the customers and communities we serve. Corix and SouthWest Water share common values centered on safety, environmental stewardship, integrity, employee empowerment and excellence in how we deliver on our commitments.”
Rob MacLean, President and Chief Executive Officer of SouthWest Water, said, “As one company, SouthWest Water and Corix’s regulated utilities will have deeper resources and capabilities to invest in the sector for the long term. The infrastructure improvements we can make together as a combined company will ensure best-in-class service and high-quality water and wastewater services that are safe, reliable and sustainable. This is an exciting path forward as we build on our leadership in operating and investing in water and wastewater services, bringing long-term benefits for our customers, vital solutions to our communities and new career opportunities for our employees as part of a larger, stronger and more resilient organization.”
The transaction is expected to close by the end of 2023, subject to the satisfaction of all required regulatory approvals and customary closing conditions.
Upon closing of the transaction, Mr. MacLean will become President and Chief Executive Officer of the combined company. Other members of the combined company’s management team will be announced at a later time and are expected to reflect talent from both organizations.
Ms. Sparrow will continue to lead Corix through the closing of the transaction. Following the close, Corix’s District Energy business and joint ventures, which are not included in the transaction, will retain the Corix name, and Ms. Sparrow will continue in her role as President and Chief Executive Officer of Corix.
The combined company will be headquartered in Sugar Land, Texas, and Corix’s current office in Chicago, Illinois will serve as the hub of the combined company’s shared service operations. The combined company will maintain an operating presence in each of its service territories.
Corix’s District Energy business and joint ventures will remain headquartered in Vancouver, British Columbia.
About Corix
Corix Infrastructure, Inc. is a leading provider of sustainable water, wastewater, and district energy solutions, serving small-to-medium-sized communities across the U.S. and Canada. Corix develops, finances, constructs, owns, operates and maintains local utility infrastructure on behalf of municipal, residential, military and commercial customers, through regulated utility and contract (unregulated) utility business models. For more information, visit www.corix.com.
About SouthWest Water Company
SouthWest Water Company owns and operates regulated water and wastewater systems in seven states. More than 500,000 people depend on SouthWest Water for high-quality, reliable service. Additional information may be found on the Company’s website: www.swwc.com.
Contacts
Corix
SouthWest Water Company
