Aqua America Announces Acquisitions in Virginia, Texas, Pennsylvania, North Carolina and Illinois
September 18 2015 - 10:46AM
Business Wire
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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Aqua AmericaDonna AlstonO: 610-645-1095M:
484-368-4720DPAlston@AquaAmerica.com
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