Macquarie Buys AWHR

Macquarie Group has acquired St Louis-based America's Water Heater Rentals LLC from Angelo Gordon & Co. and FTR Capital Partners for $95 million. AWHR is the largest home water heater rental business in the United States with a portfolio of 125,000 rented appliances. It was formed by Angelo Gordon and FTL in 2003, following the buyout of American Electric Power Co.'s water heater rental business unit.