Acquisition brings total to 23 for Aqua America subsidiaries this year
BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America, Inc. (NYSE:WTR) announced today that its Texas subsidiary
has acquired the water and wastewater system assets of Gray Utility for
$3.3 million.
The Gray systems are "tuck-in" acquisitions that serve approximately
6,300 people in Chambers, Jefferson and Liberty counties along the Gulf
Coast near Baytown, which is about 40 miles from downtown Houston. Aqua
Texas will manage operations for the new systems from its Spring office
near Houston.
Aqua America continues to focus its growth-through-acquisition strategy
in its faster-growing states such as Texas, where it has completed 10
acquisitions this year. Earlier this month, Aqua acquired the assets of
the Bluewater Key Water Company and Carrizo Water Company in Henderson
County and announced an agreement to purchase 51 water and five
wastewater systems in Texas from American Water, which serve nearly
4,200 water and nearly 1,100 wastewater customers (approximately 16,000
people).The transaction is expected to be completed during the third
quarter of 2011 following regulatory approval. Customer growth for Aqua
Texas in 2010 is projected to be approximately five percent, the
majority of which is from acquisitions.
"We're glad to welcome our new customers along the Gulf Coast and to
expand our footprint in Texas," said Aqua Chairman and CEO Nicholas
DeBenedictis. "Broadening our customer base where we already have
critical mass enables Aqua to achieve even greater economies of scale,
which equates to better, more cost-effective service for our customers."
Aqua America is one of the largest U.S.-based, publicly-traded water
utilities serving almost 3 million residents in Pennsylvania, Ohio,
Illinois, Texas, New Jersey, Indiana, Virginia, Florida, North Carolina,
Maine, Missouri, New York, South Carolina and Georgia. Aqua America is
listed on the New York Stock Exchange under the ticker symbol WTR.
This release contains forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995 that address, among
other things: benefits from the acquisition of the acquired systems and
the impact the company may have on the acquired systems, the
continuation of the company's strategy to pursue the acquisition of
water and wastewater systems, focusing its acquisition strategy in its
faster-growing states and, the expected timing of the acquisitions.
There are important factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements including: the risk that the acquired company's business will
not be successfully integrated; and other key factors that we have
indicated could adversely affect our business and financial performance
discussed in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2009, which is on file with the Securities and Exchange
Commission. 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.
Gretchen Toner
Manager, Strategic
Communications
610-645-1175
gmtoner@aquaamerica.com
or
Brian
Dingerdissen
Director, Investor Relations
610-645-1191
bjdingerdissen@aquaamerica.com
Source: Aqua America, Inc.
News Provided by Acquire Media
