Brownstein Hyatt Farber Schreck is pleased to announce that the acquisition of SouthWest Water Company by Brownstein clients Water Asset Management and JP Morgan Asset Management was lauded as Highly Commended at this year’s Global Water Awards held in Berlin as part of the 2011 Global Water Summit. The acquisition was a finalist for Water Deal of the Year by Global Water Intelligence (GWI). Scott S. Slater and C. Wesley Strickland, shareholders in Brownstein’s Santa Barbara office, led attorneys on the transaction.
GWI shortlists Water Deal of the Year candidates for their contributions to the advancement of public-private partnerships in the international water sector. The $427 million takeover and delisting of investor-owned water utility SouthWest Water was announced in March 2010. Brownstein advised the asset management team responsible for taking the company private, helping execute the first successful public-to-private deal for a U.S. investor-owned water utility in 10 years, and establishing a beachhead for regulated and non-regulated growth in the southwestern U.S.
Specifically, the Brownstein team’s role in this deal included offering strategic advice, performing due diligence, assisting with the merger and acquisition, and acquiring regulatory approvals for the transaction from state public utility commissions. The deal required approval from no fewer than five public utility commissions and was closed within six months, highlighting the experience and dedication Brownstein contributed with its advisory role.
“We applaud Scott, Wes and the team for their Highly Commended designation, a testament to their talents in water- and utility-specific arenas,” said Robert Saperstein, managing shareholder for the California offices of Brownstein Hyatt Farber Schreck. “They were in the company of several other impressive deals, and we’re honored to be included in that premier class of international attorneys and clients.”
For more information about the Global Water Awards 2011 results, visit www.globalwaterawards.com.