Aqua America Acquires Water Systems in Ohio and North Carolina
January 07 2015 - 2:11PM
Business Wire
Customer growth continues to rebound from
housing slowdown
Aqua America (NYSE: WTR) announced today that its Ohio and North
Carolina subsidiaries completed acquisitions of water system assets
in both states at year-end. Earlier in 2014, Aqua America’s other
regulated subsidiaries completed acquisitions in Pennsylvania, New
Jersey, Illinois, Texas, and Virginia, bringing the total number of
acquisitions to 16 for this year. These acquisitions were
complemented by the continued rebound in the housing market since
the post-recession lows, allowing the company to meet its overall
customer growth goals.
Aqua Ohio purchased the assets of the Lake Mohawk and Lake
Tomahawk water utilities that serve approximately 3,100 people in
Northeastern Ohio for $1.76 million.
The Lake Mohawk development will be operated by current Aqua
Ohio personnel out of existing operations centers. Each of the
communities is within 30 minutes of existing Aqua operations,
allowing the utility to take advantage of economies of scale with
respect to operating the systems.
“We welcome residents of these two lake communities into the
Aqua family of customers,” said Aqua Ohio President Ed Kolodziej.
“We look forward to providing them with a high level of service and
reliability, and quality water.”
Aqua America Chairman Nicholas DeBenedictis said, “Our purchase
of the former Ohio American Water properties in May 2012 added more
than 150,000 people to Aqua’s service territory, making us the
largest private water system in the state. Having successfully
integrated those operations into our Aqua Ohio company, we are now
fulfilling our goal to continue to grow the company in Ohio, our
second largest state operation.”
Aqua North Carolina acquired the water system assets of the
Honeycutt Water systems for $75,000. The systems serve about 260
people in the Glennburn, Knollwood and Wimbledon developments in
Gaston County. Aqua will operate the systems from its western
regional office in Denver, North Carolina. Aqua North Carolina
serves more than 250,000 people in 51 counties statewide.
Additionally, during 2014, the company’s non-regulated
subsidiary, Aqua Resources, completed the acquisition of two water
and wastewater service companies, which are expected to have
combined annual revenues of $12.5 million in 2015. These companies
provide infrastructure rehabilitation and water and wastewater
services to municipal and private companies. Aqua Resources also
was awarded five operations and maintenance contracts throughout
the year for water and wastewater systems 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.
There are important factors that could cause actual results to
differ materially from those expressed or implied including the
projected combined annual sales of the operations acquired by Aqua
Resources by such forward-looking statements including: general
economic business conditions; housing and customer growth trends;
the success of growth initiatives; the successful integration of
the acquisitions into the Company, the success of the company’s
unregulated acquisitions, 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 America, Inc.Donna AlstonO: 610-645-1095M:
484-368-4720DPAlston@AquaAmerica.comorBrian DingerdissenO:
610-645-1191BJDingerdissen@AquaAmerica.com
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