Aqua America Expands Operations with Florida and Pennsylvania Acquisitions
Aqua America, Inc. announced that its subsidiaries completed additional water and wastewater system acquisitions in Florida and Pennsylvania at the close of the second quarter of 2007. With the latest transactions, the company reported that it expanded its base by more than 30,000 people through acquisitions during the first half of the year.
The combined purchase price for the three recently acquired systems is approximately $160,000.
In Florida, the company purchased the water and wastewater systems serving the Breeze Hill residential community in Lake Wales, Polk County. The systems provide drinking water and sewer service to the approximately 375 people in the development. The company plans to invest approximately $135,000 over the next several years for improvements to the Breeze Hill water and wastewater systems, including upgrades to the wastewater plant and installation of a radio frequency-equipped water meter reading system.
In Pennsylvania, the company acquired the wastewater system assets of the Greens at Penn Oaks development, which is home to nearly 200 people in Thornbury Township, Chester County.
“In the first half, we achieved several key growth objectives that included another municipal system acquisition and further expansion of our footprint in New York’s well-established Long Island market,” said Aqua America chairman and chief executive officer Nicholas DeBenedictis. “In total, we brought more than 30,000 new people into Aqua’s service territories through acquisitions in Texas, Virginia, North Carolina, Illinois, Pennsylvania, New York and Florida during the first half.”