BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America Inc. (NYSE: WTR) reported today that it completed the
purchase of seven water and wastewater utility systems in the first six
months of the year, including three in Pennsylvania, three in North
Carolina and one in Virginia.
Aqua Pennsylvania acquired both the water and wastewater system assets
of Total Environmental Solutions, Inc., (TESI), which serve
approximately 6,000 people in the Treasure Lake community of Sandy
Township, Clearfield County for $11.8 million. Aqua Pennsylvania also
acquired the water distribution system assets that serve 500 people in
the Concord Park section of Bensalem Township from Bucks County Water
and Sewer Authority for $399,000. The Concord Park distribution system
is surrounded by Aqua Pennsylvania's service territory.
The company's North Carolina subsidiary recently acquired the water
system assets of the Shaw Hills Subdivision in Wake County, which serves
about 80 residents. The utility also purchased the wastewater assets of
North State Utilities, which consists of three subdivisions with a total
of the 117 connections in Wake County. Finally, Aqua North Carolina
purchased the water system assets of Knob Creek, a subdivision with
about 600 residents in the town of Pisgah Forest, Transylvania County
for $40,000. All three systems were designated as "troubled" by state
regulators. Aqua expects to invest approximately $500,000 in their
restoration.
Aqua America's Virginia subsidiary purchased the British Woods Water
Company in Botetcourt County, Virginia. The system provides water to
about 150 people directly across the street from Aqua Virginia's
Appletree-Mountainview system.
"The acquisitions we've completed in the first half of the year indicate
that our growth-through-acquisition strategy is continuing to fill in
our footprint in key growth areas," said Aqua America Chairman and CEO
Nicholas DeBenedictis. "The TESI acquisition in Pennsylvania and the
Northwood Utilities acquisition in North Carolina are particularly
rewarding as we have previous history with both companies,which led them
to their decision to allow us to purchase their assets," explained
DeBenedictis. "Aqua Pennsylvania purchased TESI's Beech Mountain water
and wastewater systems in May 2012, and Aqua North Carolina had provided
sewer and billing services to other subdivisions owned by North State
Utilities. In both cases, we see our most recent acquisitions in these
areas as an affirmation of reliability and quality of service we provide
to our customers."
Aqua America is one of the largest U.S.-based, publicly-traded water
utilities and serves almost 3 million residents in Pennsylvania, Ohio,
North Carolina, Illinois, Texas, New Jersey, Indiana, Virginia, and
Georgia. Aqua America is listed on the New York Stock Exchange under the
ticker symbol WTR. Visit www.aquaamerica.com
for more information.
This release contains forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made based upon Aqua America's current
expectations and assumptions with respect to, among other things, its
ability to successfully continue its growth-through-acquisition
strategy. There are important factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements, including its ability to successfully
integrate the acquired properties into its existing operations and
rates, its ability to recover capital expenditures in rates, and other
key factors that we have indicated that could adversely affect our
business and financial performance and that are discussed in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2012, which
is on file with the Securities and Exchange Commission. For further
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 Alston, 610-645-1095
Manager,
Communications
dpalston@aquaamerica.com
Source: Aqua America Inc.
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