Amber Infrastructure Group and Hunt Companies have bought a majority stake in a US utility systems owner.
The companies have paid an undisclosed amount to buy the stake in City Light & Power (CLP) from existing shareholders and the management team who continue to own a minority interest.
In a joint statement, Amber and Hunt said they funded the investment with their combined cash reserves.
CLP currently owns nine utility systems as well as two municipal public-private partnership contracts for the cities of Long Beach and Lakewood, California.
Gavin Tait, CEO of Amber Infrastructure, said: βWe are delighted to announce this strategically significant transaction, which evidences Amberβs enhanced focus on North America.
βAmber continues to grow its presence in the region and looks forward to the additional attractive investment opportunities that our partnership with CLP will provide.β
Tom Simmons, co-president of City Light & Power, said: βWe are extremely excited to begin this partnership with Hunt/Amber.
βThey are very much aligned with how we at CLP operate as a family/team effort on all fronts to take care of our customers.β
