B.C. infrastructure giant makes acquisition
B.C.’s 25th largest private company, Corix Group of Companies, announced December 18 that it is expanding by buying Hydro Star LLC, one of the largest privately owned U.S. water and wastewater companies.
The acquisition was made by the Vancouver-based infrastructure giant’s utilities subsidiary, Corix Utilities. That entity acquired all of the membership interests of Hydro Star from Highstar Capital Fund II, L.P. and other investors.
Hydro Star is the sole shareholder of Utilities Inc. The deal is significant because Utilities Inc. serves more than 290,000 customers, has five regional offices and employs 435 staff in 75 subsidiaries in 15 states.
“Corix’s vision is to be the leading North American multi-utility infrastructure provider and this acquisition continues the successful execution of our growth strategy,” said Corix president and CEO Brett Hodson.
Corix has grown significantly since it was spun off by Terasen Inc. following Kinder Morgan’s purchase of Terasen in 2005.
Many B.C. residents, however, likely know Corix best for its $73 million contract last year to install 1.8 million smart meters throughout BC Hydro’s service area.
Corix has more than 2,000 employees in 60 locations across North America. It also generated $525.6 million in 2011 revenue, according to figures the company gave Business in Vancouver earlier this year.
British Columbia Investment Management Corporation (BCIMC), which has a globally diversified portfolio of $92.1 billion, is the company’s principal shareholder.