Acquisition of PERC
10-K - Mar 31, 2021
On October 24, 2019, the Company, through its wholly-owned subsidiary, CW-Holdings, entered into a stock purchase agreement (the “Purchase Agreement”) with PERC and its various shareholders (collec...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Consolidated Water Co. Ltd.
CWCOActiveCIK 928340 · Water Utilities
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, CWCO filings, SEC EDGAR
$527
Market cap ($MM)
$406
Enterprise value ($MM)
$132
Revenue · LTM ($MM)
$26
EBITDA · LTM ($MM)
20%
EBITDA margin
3.1x
EV / revenue
15.7x
EV / EBITDA
-4.9x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01CWCO is a scaled public consolidator in Water Utilities, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is AWK, PCYO, WTRG, CDZI, ARTNA, MSEX.
Balance sheet & capacity
Indicative capacity read: -4.9x net debt / EBITDA with EBITDA of $25.9MM.
$126
Cash & equiv. ($MM)
$0
Total debt ($MM)
($126)
Net debt ($MM)
-4.9x
Net debt / EBITDA
Valuation
Where it trades against its peer set
CWCO versus the scaled public Water Utilities comparables.
Indexed share-price performance
CWCO versus available Water Utilities peers and SPY.
+145%
CWCO
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Consolidated Water Co. Ltd. | CWCO | $132 | $26 | 20% | $527 | $406 | 3.1x | 15.7x | -4.9x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
CWCO's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
45
Active years
2
Named deals
1
Avg / active year
22.5
Acq. cash outflow ($MM)
N/A
Banker read
- 01CWCO reads as a programmatic acquirer: 45 disclosed acquisitions across 2 active years, or 22.5 per active year. The chart shows activity in 2 of the last 2 visible years.
- 02In the last three years, the file shows 2 acquisitions versus 0 in the prior three; recent activity is the visible baseline.
- 03Spend changes the read: $7.7MM of disclosed spend is concentrated in lumpy years, with FY16 the largest year at $7.7MM. Recent spend is the visible baseline.
Annual acquisitions + disclosed spend
count spend named deal
CWCO count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
2 / 0
Last three years sets the visible baseline vs prior three.
Peak count year
FY10
1 disclosed acquisitions in the peak visible year.
Recent spend
$7.7MM
sets the visible baseline vs prior three; peak FY16 at $7.7MM.
Named evidence
1 rows
2.2% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Oct 24, 2019 | PERC | Water utilities | $3 | On October 24, 2019, the Company, through its wholly-owned subsidiary, CW-Holdings, entered into a stock purchase agreement (the “Purchase Agreement”) with PERC and its various... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 2 SEC-backed facts across 1 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
22
Named deal filings
1
Recent SEC filings
0
Evidence clips
1
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.22 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Mar 16, 2026 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2024 | Mar 17, 2025 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2023 | Mar 27, 2024 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 2 | $3.4MM | N/A | SEC filing |
| FY2022 | Mar 30, 2023 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2021 | Mar 29, 2022 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2020 | Mar 31, 2021 | Annual M&A 10-K | warning (1 warn) | 2 | $9.4MM | N/A | SEC filing |
| FY2019 | Mar 16, 2020 | Annual M&A 10-K | accepted | 1 | $3.1B | $3.1B | SEC filing |
| FY2018 | Mar 18, 2019 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2017 | Mar 16, 2018 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2016 | Mar 16, 2017 | Annual M&A 10-K | warning (1 warn) | 1 | $7.7MM | N/A | SEC filing |
| FY2015 | Mar 15, 2016 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2014 | Mar 13, 2015 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2013 | Mar 17, 2014 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2012 | Mar 13, 2013 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2011 | Mar 15, 2012 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2010 | Mar 16, 2011 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2009 | Mar 16, 2010 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2008 | Mar 17, 2009 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2007 | Mar 17, 2008 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2006 | Mar 16, 2007 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2005 | Apr 26, 2005 | Annual M&A 10-K | accepted | N/A | N/A | $36.6MM | SEC filing |
| FY2004 | Apr 14, 2004 | Annual M&A 10-K | accepted | 2 | $33.6MM | $36.6MM | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.1 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Mar 31, 2021 | 10-K | PERC | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.1 rows+-
Medium
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.