Aqua America Completed 19 Acquisitions in 2016; Nine in 4Q
BRYN MAWR, Pa.--(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
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,
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
Aqua Texas acquired the assets of the Brushy Bend Park water system,
which serves a subdivision of the same name in Williamson County,
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170113005552/en/
Aqua America, Inc.
Source: Aqua America, Inc.
News Provided by Acquire Media