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Carlyle Buys Water Company
The Carlyle Group has acquired Park Water Co., a California-based investor-owned water utility company, from the Wheeler family. Financial terms were not disclosed. The deal marks the firm’s first investment in the U.S. water sector and the fifth overall for its $1.15 billion fund. Park Water is based in Downey, Calif., and provides water to southeast Los Angeles County. Park Water also owns two other water utilities — Apple Valley Ranchos Water Co. in California and Mountain Water Co. in Montana.