BUYER POOL ANALYSIS
Selling a Electrical Utility to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 12.18x across 14 disclosed deals (P25: 9.57x, P75: 14.09x). Median EV/Revenue 3.74x across 15 deals. Median deal value: $2513.92M.
- How many disclosed transactions?
- 16 deals total (16 from 2018+), filtered to Strategic / Industry acquirers of electrical utility businesses.
- Most active buyers
- Brookfield Corporation (2) · Willdan Energy Solutions, Inc. (1) · Iberdrola, S.A. (1) · La Caisse de dépôt et placement du Québec (1) · NuRetailco LLC (1) · EPSOM Investment Pte. Ltd. (1)
Recent disclosed deals
Strategic / Industry acquisitions of electrical utility businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Alternative Power Generation, Inc. | Willdan Energy Solutions, Inc. | $43.3M | — | 1.17x |
| 2025 | Duke Energy Florida, LLC | Brookfield Corporation | $6000.0M | 11.8x | 6.43x |
| 2024 | Avangrid, Inc. | Iberdrola, S.A. | $2553.9M | 12.0x | 3.38x |
| 2024 | The Dayton Power and Light Company | La Caisse de dépôt et placement du Québec | $546.0M | 14.3x | 3.48x |
| 2024 | Via Renewables, Inc. | NuRetailco LLC | $28.3M | 2.7x | 0.31x |
| 2023 | FirstEnergy Transmission, LLC | Brookfield Corporation | $3500.0M | 20.4x | 12.38x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to electrical utility businesses acquired by strategic / industry 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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