Aqua America Expands Base with New Acquisitions in Florida, North Carolina and Pennsylvania.
BRYN MAWR, Pa. -- Aqua America, Inc. (NYSE:WTR) today announced that its subsidiaries have acquired water and wastewater systems in Florida, North Carolina and Pennsylvania. The combined purchase price for the newly acquired operations is nearly $540,000. The announcement comes on the heels of yesterday's closing of Aqua America's acquisition of the Aquarion Water Company of Sea Cliff, which serves approximately 13,000 residents on Long Island, New York.
"With the latest transactions, we continue to expand Aqua's footprint in the nation's high-growth areas where we will efficiently integrate these water and wastewater systems into our expanding operations," said Aqua America Chairman and CEO Nicholas DeBenedictis. "The Florida transaction is our first acquisition now that we have integrated the many water and wastewater systems that we acquired from Duquesne Light (DQE) and Florida Water Services Corporation a couple of years ago." Today, the company's Aqua Utilities Florida, Inc. subsidiary owns more than 100 water and wastewater operations in 19 counties across the state.
In Florida, the company acquired the water and wastewater system assets of the Fairways at Mt. Plymouth community near Sorrento in Lake County. The systems provide water and wastewater services to more than 700 residents. The company plans to invest nearly $180,000 over the next several years for capital improvements to the newly acquired systems, including upgrades to treatment equipment and pipes at the wastewater facility.
In North Carolina, the company expanded its regional network by purchasing the Olde Beau Water and Sewer Company near Roaring Gap in Allegheny County. The systems provide drinking water to approximately 375 residents and wastewater services to nearly 200 residents. With this acquisition marking the company's first entry into Allegheny County, the company now serves residents in 50 counties across the Tar Heel State.
Furthermore, Aqua North Carolina reported that it continues to partner with residential developers to purchase water systems in new satellite communities. Between January and April 2007, the company closed 24 new developer systems, which are projected to eventually serve more than 6,700 residents.
In Pennsylvania, the company acquired the water system serving the Garden Hills residential community near Hawley, Wayne County. The system supplies drinking water to nearly 100 residents and is located adjacent to the company's existing Hawley operations.
