Aqua America Completed 19 Acquisitions in 2016; Nine in 4Q
January 13 2017 - 12:32PM
Business Wire
Aqua America, Inc. (NYSE: WTR) announced today that its growth
efforts have provided the opportunity to serve approximately 25,000
more people with safe and reliable water and wastewater service.
This equates to 6,558 more water and wastewater connections, which
resulted from 19 acquisitions in 2016. Two of nine completed in the
fourth quarter were Pennsylvania municipal systems.
The company’s fourth quarter growth activity included the
following transactions:
- Aqua Pennsylvania purchased the assets
of two municipal systems— the Emlenton Area Municipal Authority's
wastewater system, which serves customers in Venango and Clarion
counties and the East Cameron Township water system in
Northumberland County—as well as the investor-owned Honeycroft
Village wastewater system in Londonberry, Chester County.
- Aqua New Jersey acquired the water
assets of Cliffside Park Associates, Inc., which serves portions of
Mansfield Township, Warren County and Washington Township, Morris
County. Aqua New Jersey also purchased the assets of Oakwood
Village Sewerage Associates, which provides sewer service to
Oakwood Village apartments and the Millbrook Estates at Flanders
Housing Development in Mt. Olive Township, Morris County. While
Oakwood Village is only counted as 35 connections above, this
includes one connection that serves more than 1,200 apartment
units.
- Aqua Texas acquired the assets of the
Brushy Bend Park water system, which serves a subdivision of the
same name in Williamson County, Texas.
- Aqua Indiana completed the acquisitions
of the wastewater assets of Southeastern Utilities, Inc., which
serves customers in Marion County and SaniTech, Inc., which serves
customers in Morgan County.
- Aqua Ohio completed the acquisition of
the Mentor Ridge Farms in Mentor, Lake County, Ohio.
“We are pleased to report that 2016 acquisitions, plus organic
growth, added 1.6 percent to our customer base,” said Christopher
Franklin, Aqua America’s president and CEO. “While we are pleased
to meet the overall customer growth expectations we set for 2016,
we anticipate acquiring larger systems going forward. Our focus
today is on municipal water and wastewater systems with 2,500 to
25,000 customers. We look forward to opportunities where we can
apply our operations, technical and service expertise to benefit
more customers and communities.”
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 grow its customer
base by acquiring larger systems. There are important factors that
could cause actual results to differ materially from those
expressed or implied by such forward-looking statements including
the 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.
WTRF
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version on businesswire.com: http://www.businesswire.com/news/home/20170113005552/en/
Aqua America, Inc.Donna AlstonManager, CommunicationsO:
610-645-1095M: 484-368-4720DPAlston@AquaAmerica.comorBrian
DingerdissenInvestor RelationsO:
610-645-1191BJDingerdissen@AquaAmerica.com
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