Aqua America Growth Strategy Results in New Water and Wastewater Acquisitions in Texas
Aqua America, Inc. (NYSE:WTR) announced today that its Texas subsidiary, Aqua Texas, has acquired the water and wastewater system assets of Texas H2O, a family-owned utility based in Mansfield, Texas, for $2.8 million. The acquisition totals nine systems that provide water service to approximately 3,300 people in Hood, Tarrant, Johnson and Parker counties. Two of the nine systems also provide wastewater service to about 600 people.
“These acquisitions build on our significant growth over the past 10 years in the number of people we serve in Texas – about 65,000 more residents – and further demonstrate the success of our growth-through-acquisition strategy,” said Aqua America Chairman and CEO Nicholas DeBenedictis. “They also demonstrate Aqua’s willingness and ability to buy private, family-owned water and wastewater utilities when their owners decide to sell.”
These acquisitions bring the total number of Aqua America’s regulated acquisitions this year to 11.
“2014 is shaping up to be a year of significant customer growth for Aqua America,” DeBenedictis added. “We expect our customer growth to be the most significant increase since 2008.”
Aqua Texas serves more than 180,000 people in 53 counties statewide.
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, such as Aqua America’s ability to successfully continue its growth-through-acquisition strategy and to complete the number of acquisitions necessary to achieve the growth rate suggested in the release. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: successfully closing all of the acquisitions that are projected; naturally occurring growth to occur at the rate and in the volume that is projected; general economic business conditions; housing and customer growth trends; the success of growth initiatives; the successful integration of the acquisitions into the Company; 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.
Sorry. No data so far.