Corix Infrastructure, Inc. to Enter into Exclusive Negotiations with LCRA to Acquire Remaining 18 Water and Wastewater Systems
Corix looks forward to expanding its high-quality utility services in Austin area
Monday, November 21, 2011
Corix Infrastructure, Inc. today announced that the Board of Directors for the Lower Colorado River Authority (LCRA) has authorized its staff to enter into exclusive negotiations with Corix to purchase the remaining 18 water and wastewater utility systems in the Greater Austin area.
“We are pleased that the LCRA Board has named Corix as the preferred bidder for these systems in the Hill Country and in the South East Region, and we look forward to working closely with LCRA, public agencies and community leaders to develop a positive framework related to these utilities that ensures a smooth operational transition and maintains the excellent water and service quality that the communities have come to expect,” said Kevin Meagher, Vice President and Chief Operating Officer of Corix Utilities (US) Inc., a wholly-owned subsidiary of Corix Infrastructure, Inc.
The LCRA Board evaluated potential buyers on four criteria – experience, financial strength, ability to meet regulatory requirements and fair compensation to LCRA – and determined that Corix offered the best overall proposal to meet the community’s needs. Building on its experience in successfully transferring utilities from public to private ownership, Corix will work closely with LCRA to ensure a seamless transition and uninterrupted, quality service to customers.
“For nearly a decade, Corix’s 70 Austin employees have provided quality utility services to the City of Austin through a partnership with Austin Energy,” continued Meagher. “Now, we look forward to further strengthening our presence in the community and providing high-quality water utility services.”
A highly experienced and successful multi-utility company, Corix has more than 2,000 employees in 60 locations in the United States and Canada and owns and/or operates more than 220 water and wastewater utilities serving more than 600,000 people. It has the operating skills to operate and maintain the LCRA utility systems and the financial strength to continue to invest in the needed water and wastewater infrastructure in the region. Corix has a proven track record of owning utility assets and of public-private partnerships with local communities, state and federal government agencies to ensure water and wastewater systems provide quality, reliable water and wastewater service at a fair price.
The proposed transaction is subject to final approvals of the Corix Board of Directors, as well as regulatory approval from the Texas Commission on Environmental Quality (TCEQ).
In November 2010, LCRA announced that it would sell its water and wastewater utilities enabling the organization to focus on providing adequate raw water for this growing region. Today’s announcement is the next step in LCRA’s sale of these water and wastewater systems. For the full list of the water and wastewater systems that are part of this negotiation, visit
About the LCRA:
The mission of the LCRA is to provide reliable, low-cost utility and public services in partnership with our customers and communities and to use our leadership and environmental authority to ensure the protection and constructive use of the area's natural resources. LCRA is a Texas conservation and reclamation district operating with no taxing authority. Please visit www.lcra.org for more information.
The Corix Group of Companies, with corporate offices located in Wauwatosa, Wisconsin, and Vancouver, British Columbia, specializes in products and utility solutions for sustainable infrastructure in the water, wastewater and energy sectors and provides utility operations, services and products for clients across North America. Corix is a private company whose primary owners are BC Investment Management Corporation and CAI Capital Management Inc., two large and stable members of the North American investment community. Please visit www.corix.com for more information.