BUYER POOL ANALYSIS
Selling a Electrical Utility to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 13.15x across 6 disclosed deals (P25: 10x, P75: 13.71x). Median EV/Revenue 4.7x across 10 deals. Median deal value: $973.63M.
- How many disclosed transactions?
- 10 deals total (6 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of electrical utility businesses.
- Most active buyers
- Kodiak Gas Services, LLC (1) · Blackstone Inc. (1) · Canada Pension Plan Investment Board (1) · Vistra Corp. (1) · Algonquin Power & Utilities Corp. (1) · NextEra Energy Transmission, LLC (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of electrical utility businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2026 | Distributed Power Solutions, Inc. | Kodiak Gas Services, LLC | $727.0M | — | 7.41x |
| 2025 | TXNM Energy, Inc. | Blackstone Inc. | $11941.0M | 13.1x | 5.92x |
| 2024 | ALLETE, Inc. | Canada Pension Plan Investment Board | $6553.4M | 13.2x | 3.64x |
| 2023 | Energy Harbor Corp. | Vistra Corp. | $5026.0M | — | 1.65x |
| 2019 | Ascendant Group Limited | Algonquin Power & Utilities Corp. | $493.7M | 14.7x | 1.86x |
| 2018 | Trans Bay Cable LLC | NextEra Energy Transmission, LLC | $1091.0M | — | 8.01x |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same electrical utility can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to electrical utility businesses acquired by private equity / pe-backed roll-up buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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