Aqua America (NYSE:WTR) announced today that its subsidiaries in
Virginia, Texas, Pennsylvania, North Carolina and Illinois have
completed the acquisitions of water and wastewater systems in their
states.
Aqua Virginia acquired the assets of Wintergreen Valley Utility Company,
L.P., owner of the Wintergreen Stoney Creek public water and sewer
systems, which serve water to approximately 1,200 residents and provide
wastewater service to approximately 475 residents in Nelson County,
Virginia. The water and wastewater systems were purchased for $537,950
and $113,250, respectively. The company also acquired the assets of the
Venter Heights public water system, which serves approximately 400
people in King William County, Virginia, for $85,000.
Aqua Texas acquired the assets of Union Hill Water Supply Corporation,
which serves approximately 500 people in Henderson County, Texas, for
$356,000.
Aqua Pennsylvania purchased the assets of the Bunker Hill Wastewater
Company and the Factoryville Bunker Hill Water Company, each of which
serves approximately 180 residents in Factoryville Borough, Wyoming
County, for $135,000.
Aqua North Carolina acquired the assets of the Water Works of Alamance
County, which serves approximately 300 residents in Cary, for $43,000.
In addition, Aqua North Carolina invested $5,200 to acquire the assets
of the Mountain Ridge Estates water system, a utility that serves 100
residents in Watauga County.
Aqua Illinois acquired of the water utility assets of Summerdale from
the Village of Norridge in Cook County for $5,000. This system serves
approximately 180 residents in unincorporated Norwood Township, near
Aqua’s recently acquired North Maine Utility.
“Each of these acquisitions represents our ability to fill in our
footprint and take advantage of economies of scale in areas where we
currently do business,” explained Aqua America President and CEO
Christopher Franklin. “While we will continue to add acquisitions like
these to our portfolio where they make sense, we are concentrating our
growth efforts on larger municipal acquisitions, similar to the North
Maine Utilities acquisition we completed in April. With our 2015
completed acquisitions to date, we are in the position to exceed our
2014 performance in customer growth, the number of total acquisitions
and the number of municipal acquisitions for the year.”
Aqua America is one of the largest U.S.-based, publicly traded water
utilities and serves nearly 3 million people in Pennsylvania, Ohio,
North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua
America is listed on the New York Stock Exchange under the ticker symbol
WTR. Visit AquaAmerica.com
for more information.
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including, among
others: the company’s ability to exceed 2014 performance in customer
growth. There are important factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements including: general economic business
conditions, the successful integration of the customers and the
facility, the ability to close the additional acquisitions on a timely
basis, and other factors discussed in our Annual Report on Form 10-K,
which is on file with the Securities and Exchange Commission. For more
information regarding risks and uncertainties associated with Aqua
America’s business, please refer to Aqua America’s annual, quarterly and
other SEC filings. Aqua America is not under any obligation — and
expressly disclaims any such obligation — to update or alter its
forward-looking statements whether as a result of new information,
future events or otherwise.
WTRF
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