Acquisitions bring total to 19 for Aqua America subsidiaries this year
BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America, Inc. (NYSE:WTR) announced today that its Texas subsidiary
has acquired the water system assets of Pecan Utilities Co., Inc., in
Llano County, and the water system assets of Cavern Springs Water
Company in Burnet County in a single transaction of $394,000. The two
systems collectively serve approximately 600 residents. Cavern
Springs, the newer of the two subdivisions, includes two 45-acre tracts,
which could be developed into smaller lots. Build-out is expected to be
between 80 and 200 units. Pecan is an established subdivision, which
still contains about 30-to-40 additional lots for development.
Aqua America also announced that its New Jersey subsidiary has acquired
the stock of the Wallkill Water Company and the Wallkill Sewer Company,
which each serve approximately 1,200 people in Hardyston Township,
Sussex County. Aqua New Jersey paid $300,000 for each acquisition for a
total of $600,000. The water and wastewater systems will be operated by
Aqua's nearby Northern Division, which also manages the company's
systems in Fredon and Vernon townships — the latter of which was
acquired by Aqua New Jersey on November 23.
The acquisitions bring to seven the number of growth ventures for Aqua
America's Texas operation this year and brings to four the number for
New Jersey. In total, Aqua America subsidiaries have completed 19
acquisitions for this year.
"Throughout the year, we've added several "tuck-in" acquisitions to our
core service territory, which has a positive impact on the business by
allowing Aqua to maximize our economies of scale," said Aqua America
Chairman and CEO Nicholas DeBenedictis. "We look forward to delivering
quality water to our new Texas and New Jersey customers, who will
benefit from having their water service provided by a professional
utility with decades of engineering, environmental and operational
expertise."
Texas is one of Aqua America's fastest-growing states. Customer growth
for Aqua Texas in the first nine months of 2010 is approximately two
percent, with more than two thirds of that growth coming from
acquisitions. Aqua New Jersey experienced one percent growth during the
same 9-month period with more than half coming from acquisitions.
Aqua America is one of the largest U.S.-based, publicly-traded water
utilities serving almost 3 million residents in Pennsylvania, Ohio,
Illinois, Texas, New Jersey, Indiana, Virginia, Florida, North Carolina,
Maine, Missouri, New York, South Carolina and Georgia. Aqua America is
listed on the New York Stock Exchange under the ticker symbol WTR.
This release contains forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995 that address, among
other things: benefits from the acquisition of the acquired systems and
the impact the company may have on the acquired systems, and the
continuation of the company's strategy to pursue the acquisition of such
systems. There are important factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements including: the risk that the acquired
company's business will not be successfully integrated; and other key
factors that we have indicated could adversely affect our business and
financial performance discussed in our Annual Report on Form 10-K for
the fiscal year ended December 31, 2009, which is on file with the
Securities and Exchange Commission. 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 Alston
Manager, Communications
610-645-1095
dpalston@aquaamerica.com
or
Brian
Dingerdissen
Director, Investor Relations
610-645-1191
bjdingerdissen@aquaamerica.com
Source: Aqua America, Inc.
News Provided by Acquire Media
