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Transactions / M•••••••••

B••••••• Capital-Backed D•••• U•••••••• to Expand M••••••••• Footprint through Acquisition of Spire Inc.'s Natural Gas Business

Add-on acquisitionannouncedadd-onannounced Apr 22, 2026Fact
What happened
Platform
D•••• U••••••••add-on basis: D•••• U••••••••, a natural gas utility and B••••••• Capital Partners (“B•••••••”) portfolio company, today announced that it has entered into an agreement with a subsidiary of Spire Inc. (NYSE: SR) to acquire its M••••••••• local natural gas distribution company (“Spire M•••••••••”) that serves approximately 18,000 residential, commercial, and industrial customers across south central M•••••••••. | D•••• U•••••••• is held by B••••••• Capital Partners on its portfolio page; published on B••••••• Capital Partners's own news page
Control
Control
Share acquired
unknown
Industry
energy / gas, utilities
Target location
unknown
Seller kind
unknown
Rollover
unknown
Values, only where disclosed
Enterprise value
Not disclosed
Purchase price
Not disclosed
Equity value
Not disclosed
Target revenue
Not disclosed
Target EBITDA
Not disclosed
Multiple
Not disclosed
Parties and roles
4 named
Buy side
  • J••• J••••••Deal partnerconfirmed
    “We see this as a disciplined, strategic approach to growing D•••• U••••••••—bringing together high-quality assets that are complementary to our existing footprint to strengthen operations and deliver long-term value,” said J••• J••••••, Founder and Partner at B•••••••.
  • D•••• U••••••••, a natural gas utility and B••••••• Capital Partners (“B•••••••”) portfolio company, today announced that it has entered into an agreement with a subsidiary of Spire Inc. (NYSE: SR) to acquire its M••••••••• local natural gas distribution company (“Spire M•••••••••”) that serves appr
  • D•••• U••••••••, a natural gas utility and B••••••• Capital Partners (“B•••••••”) portfolio company, today announced that it has entered into an agreement with a subsidiary of Spire Inc. (NYSE: SR) to acquire its M••••••••• local natural gas distribution company (“Spire M•••••••••”) that serves appr
Side not stated
  • D•••• U••••••••, a natural gas utility and B••••••• Capital Partners (“B•••••••”) portfolio company, today announced that it has entered into an agreement with a subsidiary of Spire Inc. (NYSE: SR) to acquire its M••••••••• local natural gas distribution company (“Spire M•••••••••”) that serves appr
Evidence
D•••• U••••••••, a natural gas utility and B••••••• Capital Partners (“B•••••••”) portfolio company, today announced that it has entered into an agreement with a subsidiary of Spire Inc. (NYSE: SR) to acquire its M••••••••• local natural gas distribution company (“Spire M•••••••••”) that serves approximately 18,000 residential, commercial, and industrial customers across south central M•••••••••.
B••••••• Capital-Backed D•••• U•••••••• to Expand M••••••••• Footprint through Acquisition | Private Equity Intelligence | DFX