Jan 08

Aqua America Acquires Water Systems in Ohio and North Carolina

<!– google_ad_section_start –> BRYN MAWR, Pa.–(BUSINESS WIRE)–<!– –> Aqua America (WTR) announced today that its Ohio & North Carolina subsidiaries completed acquisitions of water system assets in both states at year-end. Earlier in 2014, Aqua America’s other regulated subsidiaries completed acquisitions in Pennsylvania, New Jersey, Illinois, Texas, & Virginia, bringing the total number of acquisitions to 16 for this year. These acquisitions were complemented by the continued rebound in the housing market since the post-recession lows, allowing the company to meet its overall customer growth goals. Aqua Ohio purchased the assets of the Lake Mohawk & Lake Tomahawk water utilities that serve approximately 3,100 people in Northeastern Ohio for $1.76 million. The Lake Mohawk development will be operated by current Aqua Ohio personnel out of existing operations centers. Each of the communities is within 30 minutes of existing Aqua operations, allowing the utility to take advantage of economies of scale with respect to operating the systems. “We welcome residents of these two lake communities into the Aqua family of customers,” said Aqua Ohio President Ed Kolodziej. “We look forward to providing them with a high level of service & reliability, & quality water.” Aqua America Chairman Nicholas DeBenedictis said, “Our purchase of the former Ohio American Water properties in May 2012 added more than 150,000 people to Aqua’s service territory, making us the largest private water system in the state. Having successfully integrated those operations into our Aqua Ohio company, we are now fulfilling our goal to continue to grow the company in Ohio, our second largest state operation.” <!– –> Aqua North Carolina acquired the water system assets of the Honeycutt Water systems for $75,000. The systems serve approximately 260 people in the Glennburn, Knollwood & Wimbledon developments in Gaston County. …

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