BRYN MAWR, Pa.--(BUSINESS WIRE)--Aqua America (NYSE:WTR) announced today that its subsidiaries in Virginia, Texas, Pennsylvania, North Carolina and Illinois have completed the acquisitions of water and wastewater systems in their states.
Aqua Virginia acquired the assets of Wintergreen Valley Utility Company, L.P., owner of the Wintergreen Stoney Creek public water and sewer systems, which serve water to approximately 1,200 residents and provide wastewater service to approximately 475 residents in Nelson County, Virginia. The water and wastewater systems were purchased for $537,950 and $113,250, respectively. The company also acquired the assets of the Venter Heights public water system, which serves approximately 400 people in King William County, Virginia, for $85,000.
Aqua Texas acquired the assets of Union Hill Water Supply Corporation, which serves approximately 500 people in Henderson County, Texas, for $356,000.
Aqua Pennsylvania purchased the assets of the Bunker Hill Wastewater Company and the Factoryville Bunker Hill Water Company, each of which serves approximately 180 residents in Factoryville Borough, Wyoming County, for $135,000.
Aqua North Carolina acquired the assets of the Water Works of Alamance County, which serves approximately 300 residents in Cary, for $43,000. In addition, Aqua North Carolina invested $5,200 to acquire the assets of the Mountain Ridge Estates water system, a utility that serves 100 residents in Watauga County.
Aqua Illinois acquired of the water utility assets of Summerdale from the Village of Norridge in Cook County for $5,000. This system serves approximately 180 residents in unincorporated Norwood Township, near Aqua’s recently acquired North Maine Utility.
“Each of these acquisitions represents our ability to fill in our footprint and take advantage of economies of scale in areas where we currently do business,” explained Aqua America President and CEO Christopher Franklin. “While we will continue to add acquisitions like these to our portfolio where they make sense, we are concentrating our growth efforts on larger municipal acquisitions, similar to the North Maine Utilities acquisition we completed in April. With our 2015 completed acquisitions to date, we are in the position to exceed our 2014 performance in customer growth, the number of total acquisitions and the number of municipal acquisitions for the year.”
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 exceed 2014 performance in customer growth. 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 successful integration of the customers and the facility, the ability to close the additional acquisitions on a timely basis, 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.