Ullico Infrastructure Fund is expanding its long-standing partnership with D. E. Shaw Renewable Investments with a $250 million long-term financing facility. This investment will fund development and construction of utility scale, union-built renewable energy projects.
Washington D.C. (February 4, 2022) – Ullico Inc.’s infrastructure business, through its portfolio company, Triton Utilities, Inc. (“Triton”), announced today the closing of its investment in Michigan American Water Company which owns, operates and maintains a water production and distribution system located in Michigan’s upper peninsula. Concurrent with the closing of the transaction, the company was renamed as Upper Michigan Water Co. (“Upper Michigan Water”). Triton acquired the utility from American Water Works Company, Inc. (“American Water”).
“Upper Michigan Water is an attractive business that allows us to expand the footprint of our existing water utility platform” said Rohit Syal, head of acquisitions for Ullico Infrastructure Fund (or UIF as defined below). “As a mature utility, Upper Michigan Water can provide stable long-term cash flows as well opportunities for inorganic growth in a new service territory.”
“We are proud to grow our investment in the critical water sector providing sustainable long-term jobs and engaging with the communities we serve,” said Edward M. Smith, President and CEO of Ullico Inc. (“Ullico”).
“With an established local leadership team in place, our vision is to integrate Upper Michigan Water with our broader utility platform and provide them with the necessary resources to continue to serve our customers and contribute to the success of the communities that they serve,” said Sonia Axter, Head of Asset Management for UIF.
Upper Michigan Water directly serves over 5,000 metered connections and a population of approximately 12,000 across five townships in northern Houghton County, Michigan. The acquisition represents the continued execution of Ullico’s strategy to continue the growth of its utility platform in order to bring best-in-class service and the benefits associated with economies of scale to all the customers it serves.
UIF currently has investments in the water, wastewater, telecommunications, electricity transmission, power generation, district energy, transportation, gas transmission and gas distribution sectors and is exploring opportunities in all core sectors.
Pillsbury Winthrop Shaw Pittman LLP acted as UIF’s legal counsel.
For more than 90 years, Ullico has been a proud member of the labor movement, keeping union families safe and secure. In 2010, UIF was established to assist in the construction, maintenance and refurbishment of America’s infrastructure. UIF currently has over $4 billion in investor commitments on behalf of over 200 investors, with 21 portfolio investments across water, wastewater, telecommunications, electricity transmission, power generation, transportation and gas transmission sub-sectors and is exploring opportunities in all infrastructure related sub-sectors.
From insurance products that protect union members, leaders and employers, to investments in building and infrastructure projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. Family of Companies includes: The Union Labor Life Insurance Company; Ullico Casualty Group, LLC; Ullico Investment Company, LLC (Member FINRA/SIPC); and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.
Ullico Infrastructure Tax-Exempt Fund, LP and Ullico Infrastructure Taxable Fund, LP:
The Ullico Infrastructure Tax-Exempt Fund, LP and the Ullico Infrastructure Taxable Fund, LP (together “Ullico Infrastructure Fund” or “UIF”) are Delaware limited partnerships designed to permit qualified institutional purchasers to invest in core infrastructure investments located in the United States and Canada. UIF and the units issued will not be registered under the Securities Act of 1933, as amended, the Investment Company Act of 1940, as amended, or under state securities laws. UIF is being offered and sold in reliance on the exemption from the securities registration requirements of the Securities Act set forth in Regulation D (the “Rule”). UIF will only be sold to “accredited investors” as that term is defined under the Rule. The portfolio consists primarily of private equity and debt investments in infrastructure companies located in the United States and Canada. UIF does not have a meaningful comparison because there is no benchmark available for private infrastructure investments. UIF was incepted in November 2012.
Ullico Investment Advisors, Inc. (“UIA”) is a registered investment adviser with the United States Securities and Exchange Commission (“SEC”) in accordance with the Investment Advisers Act of 1940, as amended. Ullico Investment Advisors, Inc. has two majority owned subsidiaries: Ullico Infrastructure Management Company, LLC and UIA Investment Management, LLC. Both are Relying Advisers in reliance upon the SEC staff’s no-action letter to the American Bar Association dated January 18, 2012. The firm’s full list of composite and pooled fund descriptions is available upon request.