Aqua America Announces Acquisitions in Pennsylvania, New Jersey and Virginia
May 05 2015 - 2:25PM
Business Wire
Aqua America (NYSE:WTR) announced today that its subsidiaries in
Pennsylvania, New Jersey and Virginia have completed the
acquisition of water systems in their states.
Aqua Pennsylvania purchased the assets of the Mt. Jewett Borough
water system, which serves approximately 1,500 people in Hamlin
Township, Pennsylvania, for $1.13 million, marking its entry into
McKean County. The majority of the service area includes
residential homes, along with some commercial and business
accounts.
Aqua New Jersey purchased the assets of the Seaview Harbor water
system in Egg Harbor Township for $225,000, marking its entry into
Atlantic County. The system serves approximately 300 residents.
Aqua Virginia acquired the assets of the Venter Heights public
water system for $85,000. The system serves 105 homes and 32
apartments in King William County, Virginia.
Last week, Aqua America’s Illinois subsidiary announced the
purchase of the municipally owned North Maine Utilities (NMU) water
and wastewater system from the Village of Glenview, Illinois for
$22 million. The system serves more than 44,000 people through
4,700 metered water connections and nearly 2,500 wastewater
connections.
“We are excited about our latest results of our
growth-through-acquisition strategy,” said Aqua America Chairman
and CEO Nicholas DeBenedictis. “With these acquisitions, 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. Further, we are particularly pleased to
expand our service territory into two new counties — one each in
Pennsylvania and New Jersey.”
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, the number of total acquisitions
and the number of municipal acquisitions for the year. 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
Aqua AmericaDonna AlstonO: 610.645.1095M:
484.368.4720DPAlston@AquaAmerica.com
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