Downey-based water utility is sold

DOWNEY - Park Water Company announced last week the completion of the sale and transfer of ownership from the Wheeler family to Carlyle Infrastructure Partners, a $1.1 billion fund managed by The Carlyle Group.The change in ownership was finalized after the transaction received regulatory approvals from the California Public Utilities Commission as well as the Montana Public Utilities Commission earlier in the month. A final sale price was not disclosed. Headquartered in Downey, Park Water Company is a regulated public water utility which serves communities in southeast Los Angeles County. It also operates two wholly-owned subsidiaries in Apple Valley, Calif. and Missoula, Mont. "This transaction marks 75 years of ownership and effective stewardship of Park Water by Henry H. Wheeler Jr. and his family," Christopher Schilling, CEO of Park Water, said in a statement. "Mr. Wheeler has made tremendous positive contributions to the Company and, as a result, to our customers and our employees. We look forward to continuing in the same tradition and commitment to safety and service working with our new shareholder, The Carlyle Group." The Carlyle Group manages $148 billion of assets. It employs more than 1,200 people in 33 offices across six continents.

********** Published: December 29, 2011 - Volume 10 - Issue 37