Central States Water Resources

What Central States Water Resources does

Central States Water Resources (CSWR) is a privately held, investor-owned regulated water and wastewater utility company headquartered in Des Peres (St. Louis), Missouri. Founded in 2013, the company acquires struggling, aging, and non-compliant water and wastewater systems from municipalities and small utilities—predominantly in underserved communities where property values have eroded due to inadequate infrastructure—and transforms them to meet EPA and state regulatory standards. CSWR operates through 16 wholly-owned utility operating companies across 11 U.S. states (Arizona, Arkansas, Florida, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas), serving more than 400,000 residential customers. The company states it is the 10th largest water and wastewater utility and the 4th largest operator of wastewater plants in the U.S., and was ranked the 11th largest investor-owned utility by Bluefield Research.

The company's core service offering is regulated monthly water and wastewater billing, with rates set by state Public Utilities Commissions through formal rate-case processes. Underlying technology consists of remote-monitoring systems, a Computerized Maintenance Management System (CMMS), and online customer account management via the AuthorityPay platform. Beyond core utility delivery, CSWR operates a portfolio of compliance and quality programs including a Lead Service Line Identification and Replacement Program (launched 2021 under EPA Lead and Copper Rule revisions, with utility-owned line replacements required by 2031), a Backflow Prevention Program (partnered with Backflow Solutions Inc.), Drought Management Services, and annual Consumer Confidence Reports. The company holds compliance with SASB reporting standards, TCPA, COPPA, and CCPA.

CSWR's go-to-market is a regulated M&A roll-up: the company originates acquisitions of failing or non-compliant small utilities and consolidates them under a shared operational and regulatory umbrella. The company has raised institutional infrastructure debt—most notably a $325 million facility from Brookfield in December 2024—to fund infrastructure upgrades and continued acquisition activity. Leadership includes founder and CEO Josiah Cox and CFO Marty Moore, supported by a senior team with dedicated functions across rates and regulatory, public policy, business development, and customer experience.

Name

Central States Water Resources

Legal name

Central States Water Resources

Website

https://www.centralstateswaterresources.com/

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Central States Water Resources is a private, investor-owned regulated water and wastewater utility that acquires and upgrades failing municipal systems in underserved communities, operating 16 subsidiaries across 11 U.S. states and serving over 400,000 residential customers.

Ownership category

akta.pro rank

Product category

Water and Wastewater Utility Services

NAICS

Sewage Treatment Facilities (22132), Water, Sewage and Other Systems (2213), Water Supply and Irrigation Systems (22131)

SIC

Water Supply (4941), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Decentralized/Package Wastewater Systems (Small/Remote) (EUANADAE)

akta.pro secondary industries

Capital Delivery, Asset Management & Renewal Programs (Pipes, Plants, Pumps) (EUANAAAK), Design & Engineering for Renewal/Expansion (Pipelines, Pump Stations, Treatment Plants) (EUANALAD), Regulatory Compliance Monitoring & Reporting (SDWA/CWA/NPDES, permits, audits) (EUANAJAA)

Keywords

• Water utility services
• Wastewater treatment
• Regulated water utility
• Utility infrastructure modernization
• EPA compliance solutions

Headquarters

HQ city

St Louis

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Others

Revenue model

1. Water and Wastewater Utility Services: Recurring monthly billing for water sourcing, treatment, and delivery services plus wastewater collection and treatment. Rates are regulated and set by state Public Utilities Commissions through a formal rate case process.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Central States Water Resources is a private, investor-owned regulated water and wastewater utility that acquires and transforms non-compliant, aging water and wastewater systems in underserved small communities. The company delivers safe drinking water and compliant wastewater treatment through 16 wholly-owned utility operating companies across 11 U.S. states, serving over 400,000 residential customers with regulated monthly billing.

Product overview

Central States Water Resources (CSWR) is a private, investor-owned, regulated water utility company operating across 11 states through 16 utility operating companies serving over 400,000 customers. The company operates through regional utility brands including Cactus State (Arizona), Eagle Ridge, Flushing Meadows, Hayden's Place, Oak Hill, Sebastian Lake, and St. Joseph's Glen (Arkansas), CSWR-Florida, Bluegrass Water (Kentucky), Magnolia Water (Louisiana), Great River (Mississippi), Confluence Rivers (Missouri), CSWR-South Carolina, Limestone Water (Tennessee), CSWR-Texas, and Red Bird (North Carolina). The company transforms outdated, non-compliant water and wastewater systems into compliant infrastructure meeting EPA and state standards. Core service features include water and wastewater treatment, backflow prevention programs, lead service line inventory and replacement, drought management, consumer confidence reporting, online account management, and operations & maintenance services. CSWR was ranked as the 10th largest water and wastewater utility and 4th largest operator of wastewater plants in the United States as of 2022.

Differentiator

Problem solved

Functional benefit

Products and services

• Cactus State Water and wastewater utility services for Arizona communities, serving multiple water systems across the state including Antelope, Carter Water, Christopher Creek Haven, Cibola, Citrus Park, and others.
• Eagle Ridge Wastewater utility services for Arkansas communities, providing safe and reliable wastewater treatment and collection.
• Flushing Meadows Water and wastewater utility services for Arkansas communities.
• Hayden's Place Water and wastewater utility services for Arkansas communities.
• Oak Hill Water and wastewater utility services for Arkansas communities.
• Sebastian Lake Water and wastewater utility services for Arkansas communities.
• St. Joseph's Glen Water and wastewater utility services for Arkansas communities.
• CSWR-Florida Water and wastewater utility services for Florida communities, operating systems including Rolling Oaks, Eleven Oaks, and others across the state.
• Bluegrass Water Water and wastewater utility services for Kentucky communities, operating systems including Center Ridge Water District and others.
• Magnolia Water Water and wastewater utility services for Louisiana communities, operating systems including TESI – Lexington Heights and TESI – Rigolets Estates.
• Great River Water and wastewater utility services for Mississippi communities, operating systems including Utility Services – White Cypress Lakes.
• Confluence Rivers Water and wastewater utility services for Missouri communities, operating systems including Spring Branch, M&M – MHP, and others.
• Red Bird Water and wastewater utility services for North Carolina communities, operating systems including TESI – Lake Royale.
• CSWR-South Carolina Water and wastewater utility services for South Carolina communities, operating systems including TESI – Fox Wood Hills.
• Limestone Water Water and wastewater utility services for Tennessee communities.
• CSWR-Texas Water and wastewater utility services for Texas communities, operating systems including Laguna Vista and others, with drought contingency planning requirements.
• Drought Management Services Water conservation and drought management services including staged response strategies, water supply monitoring, and local water management plans for affected states.
• Operations & Maintenance (O&M) Services Professional operations, maintenance, and construction services for water and wastewater treatment facilities, with training vouchers, CMMS monitoring, and 24/7 customer service.

Quantifiable outcome

• 89 systems returned to compliant status in 2022
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature2 records

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Utilities Inc. (Corix Infrastructure): Corix Infrastructure (parent of Utilities Inc.) is a private utility operator that acquires and operates small and mid-sized water, wastewater, and gas utilities across North America. It shares CSWR's strategy of acquiring under-resourced municipal and small systems and operating them as regulated utilities.
• Liberty Utilities: Liberty Utilities is a subsidiary of Algonquin Power & Utilities that owns and operates regulated water, wastewater, electric, and natural gas utilities, with a strong focus on small and mid-sized US communities. It is a direct comp in business model — acquiring and operating small regulated utilities — though it is larger and more diversified than CSWR.
• Inframark: Inframark provides operations, maintenance, and management services for water, wastewater, and public works infrastructure across hundreds of US communities. It serves the same small/mid-sized utility customer base as CSWR but is more focused on O&M services rather than regulated asset ownership.
• Artesian Resources: Artesian Resources is a publicly traded regulated water and wastewater utility serving communities in Delaware, Maryland, and Pennsylvania. It is comparable in scale (mid-cap water utility) and regulatory model to CSWR, though it does not focus specifically on distressed-system acquisitions.
• Middlesex Water Company: Middlesex Water is a small publicly traded regulated water and wastewater utility serving New Jersey and Delaware. Comparable as a regulated IOU at a similar size tier to CSWR's largest individual operating subsidiaries, though it is geographically and operationally more concentrated.

Broad incumbents

• American Water Works: American Water Works is the largest publicly traded US water and wastewater utility, serving ~14 million people across 14 states. It is comparable as a regulated multi-state IOU but is orders of magnitude larger and publicly traded, providing a public-market benchmark for CSWR's eventual exit.
• Essential Utilities (Aqua America): Essential Utilities (formerly Aqua America) is a large publicly traded multi-state water, wastewater, and natural gas utility serving ~5 million people across 10 states. It shares CSWR's regulated IOU structure and multi-state operating model but operates at much greater scale and is publicly listed.
• SJW Group: SJW Group is a publicly traded holding company for San Jose Water and Connecticut Water, operating regulated water utilities across multiple states. Comparable as a multi-state regulated water utility, though its focus is on larger municipal franchises rather than distressed-system roll-ups.
• California Water Service Group: Cal Water is a publicly traded regulated water utility serving ~2 million people across California, Washington, New Mexico, Hawaii, and Texas. It is comparable as a regulated water utility operator with multi-state presence, though geographically and operationally distinct from CSWR's small-community focus.
• Veolia North America: Veolia operates water and wastewater systems for municipalities and industrial clients across the US, including regulated utility operations and O&M contracts. Comparable as a large-scale operator of community water and wastewater systems, though most of its US presence is via municipal contracts rather than asset ownership.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cswrgroup
• Facebookfacebook.com/people/Cactus-State-UOC/100076685614010

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries16 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Central States Water Resources