SAN DIEGO--(BUSINESS WIRE)--California American Water has entered into an agreement to acquire the operating assets of the Fruitridge Vista Water Company for $20.75 million and to become the new water provider to its approximately 4,800 customers.
Fruitridge Vista is a family owned Class B Water Utility in south Sacramento County and is regulated by the California Public Utilities Commission. California American Water currently supplies water service to nearly 60,000 homes and businesses in the Sacramento region and nearly 180,000 customers within the State of California. Fruitridge Vista Water Company customers will be served by California American Water's water treatment and distribution operators who are experts in their fields certified through the California State Water Resources Control Board’s Division of Drinking Water.
"We are pleased to have entered into a contract and look forward to serving customers in the Fruitridge area,” said California American Water's Director of Northern California Operations S. Audie Foster. "Our Parkway water system is just south of Fruitridge Vista so we know the area well. This acquisition will allow Fruitridge Vista customers to take advantage of our excellent conservation and customer service programs.”
"The contract agreement is a step forward and secures long-term quality service for our customers," said Fruitridge Vista Water Company owner Robert C. Cook Jr.
Fruitridge Vista Water Company and California American Water Company will now seek approval for the sale from the CPUC.
California American Water, a subsidiary of American Water (NYSE: AWK), provides high-quality and reliable water and/or wastewater services to more than 615,000 people.
Founded in 1886, American Water is the largest publicly traded U.S. water and wastewater utility company. Marking its 130th anniversary this year, the company employs more than 6,700 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to an estimated 15 million people in 47 states and Ontario, Canada. More information can be found at www.amwater.com.