ALLETE Eyes Future Opportunities through U.S. Water
By Mike Henley
What does the Water-Energy Nexus have to do with a multi-million dollar business transaction? For ALLETE Inc., that nexus, or connection, looked like a good opportunity to diversify its energy focused business. So earlier this year, the Duluth, MN-based regulated utility company moved into the industrial water space when it bought 87% of U.S. Water Services Inc., based in St. Michael, MN, for $168 million cash. For Bob Adams, vice president of Energy Centric Businesses at ALLETE, the purchase was like a gift, since it was completed on his actual birthday (Feb. 10). The deal has several Minnesota connections. Both ALLETE and U.S. Water are based in Minnesota, and the company responsible for introducing the two, Piper Jaffray Cos., is based in Minneapolis.
Log in or Subscribe to Access the Full Article
To read or download full-length articles you need a subscription to Ultrapure. Please log in or subscribe below.