BRYN MAWR, Pa.--(BUSINESS WIRE)--Aqua America, Inc. (NYSE: WTR) announced that its subsidiaries in Pennsylvania and Virginia completed purchases of one wastewater and two water utilities in the fourth quarter of this year, bringing its total to 16 acquisitions for 2015.
- Aqua Virginia acquired the assets of the Captain’s Cove Utility Company in Accomack County, Virginia, which provides water and wastewater service to the Captain’s Cove subdivision in that county for $2.4 million. The utility has 977 active water customer connections and 280 active wastewater connections. There are also 2,489 availability customers who currently pay for service to properties planned for future construction.
- Aqua Pennsylvania completed the $231,000 purchase of the Robin Hood Lakes Water Company, which serves Polk Township, helping to fill out its footprint in Monroe County where Aqua Pennsylvania serves customers in Hamilton and Ross townships. The system consists of 210 customer connections and serves approximately 600 people.
“Our business development team worked very hard this year to complete 16 acquisitions, including four municipal deals, which added 10,588 additional customer connections to Aqua’s growing customer base,” said Aqua America President and CEO Christopher Franklin. “We have seen more municipalities considering their options now that recent legislation in several states has allowed regulated utilities to pay fair market value for these municipal assets.”
Franklin notes that as a result of these new customers and organic growth of approximately 0.6 percent, the company anticipates meeting its 2015 customer base growth goal of 1.7 to 2 percent.
“I’m confident our new customers in Pennsylvania and Virginia will find that Aqua offers exceptional service and improved infrastructure in the communities we have the privilege to serve,” Franklin said. “We welcome them to Aqua.”
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 invest capital, receive governmental approval of the transition and close the acquisition. 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 company’s ability to meet its anticipated growth goals, the successful integration of the customers, employees and the acquired facilities; 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.