Business and Transaction Advisory Services

Walden supports the business of Water, Wastewater and other utilities’ assets. Walden’s Business and Transaction Advisory Services Team (“The M&A Team”) is staffed with engineers, finance, valuation, due diligence and mergers & acquisitions professionals who can work effectively with utilities, investors and their advisors to accomplish your business, mergers & acquisitions, financial goals and taxation challenges.

Walden’s Business and Transaction Advisory Services are listed below:

  • Property Tax Assessment Issues
  • Utility Valuations & Fairness Opinions
  • Due Diligence (Asset Inventory, Earnings, etc.)
  • Public-Private Partnerships Formation
  • Integration Feasibility Studies
  • Mergers & Acquisitions
  • Investor Agreements, PPPs
  • Rate Studies
  • Capital Improvement Plans
  • Remaining Capacity Studies

Walden Transaction Advisory Services Lifecycle

Relevant Transactions:

Projects:

City of Beech Grove, Indiana Issues RFP for the sale of their Sanitary Sewer Assets (2019)

The City of Beech Grove, Indiana has issued a Request for Proposals to potentially sell the sanitary sewer utility to the private sector.  Several possible suitors have expressed interest in the sewer assets that currently serve 4,500 customers including American Water, Aqua America, and Citizens Energy (an Indiana Company).  Walden has prepared the valuation of the sewer assets as an advisor to the City of Beech Grove setting the valuation at approximately $12M using a Replacement Cost New Less Depreciation process that is suitable for inclusion and review by regulatory agencies should the City of Beech Grove choose to close the sale. 

American Water Purchases the Town of Sheridan Water and Sewer Assets (2017). 

The Town of Sheridan, through a competitive RFP process, negotiated the sale of their water and sewer utilities to American Water Works Company, Inc. for $11M and certain customer rate commitments.  The Town’s 2000 customers (of each utility) are now seeing significant investments from their new providers.  Walden prepared an initial Feasibility Study and presented the results to the Town Council.  Then, Walden prepared the valuation of the sewer and water assets as an advisor to the Town setting the valuation at approximately $12M.  Walden’s work was included in the due diligence and utility regulatory agency review and was approved without challenge or questions by the agencies. 

City of Fort Wayne, Indiana Acquires Water Assets from Aqua Indiana (2015). 

The City of Fort Wayne, Indiana negotiated the purchase of all water assets in Allen County from Aqua America avoiding a protracted legal battle.  The $67M purchase included all of the remaining Aqua Indiana water assets serving more than 13,000 customers.  To date, these same water customers (now served by the City of Fort Wayne) have saved more than $500 on their utility bills (more than $5M collectively for the community).  Walden conducted feasibility studies, Asset Integration Plans, Staffing and Operations Transfers, Rate Impact Studies and served as the lead technical negotiator and lead engineer for the transition of the assets, customer accounts, staff and public outreach.