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. (January 4, 2022) – Ullico Inc.’s infrastructure business announced on December 28, 2021 the closing of its investment in the Arizona operations of Triton Utilities, Inc. (“Triton”), which owns and operates 14 water and wastewater utilities across the state.
“We are very pleased with the closing of Triton and the expansion of our presence in the regulated utility space,” said Rohit Syal, head of acquisitions for Ullico Infrastructure Fund (or UIF as defined below). “Our investment in Triton represents another milestone towards building a regulated utility platform across the United States that can provide stable long-term cash flows along with organic and inorganic growth opportunities.”
“We are proud to invest in a critical infrastructure sub-sector providing sustainable jobs and partnering with communities we serve,” said Edward M. Smith, President and CEO of Ullico Inc. (“Ullico”).
“Ullico’s vision is to expand UIF’s regulated utility platform across asset classes in a manner that brings integrated leadership, promotes operating efficiencies, and allows the formation of a long-term vision for the companies. We are confident that we have the people and resources to bring value to these companies and contribute to the success of the communities that they serve,” said Sonia Axter, head of asset management for UIF.
Paul Kauffman, President of Triton, commented, “Triton is excited to be joining the UIF portfolio and integrating into its regulated utility platform. Ullico’s mission to bring a long-term focus and exceptional community engagement are a perfect fit for the current and future customers of Triton.”
Founded in 2014, Triton is comprised of 14 regulated utilities providing water and wastewater services to over 10,000 residential, commercial, and industrial customer equivalents across Arizona. The Triton portfolio offers a unique opportunity to acquire a regulated water utility platform with a demonstrated track record of operational improvements and expansion within its high-growth service territories.
The transaction is also expected to include two additional water utilities based in Texas that will be acquired separately after securing regulatory approval from the Public Utility Commission of Texas.
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 and RBC Capital Markets and Haynes and Boone, LLP acted as Triton’s financial advisor and legal counsel, respectively.
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.