Aqua America, Inc. (NYSE: WTR) announced today that its North Carolina subsidiary has acquired the water utility system assets of Ideal Developing Corporation, which serves approximately 135 residents in the Rock Creek subdivision in Catawba County. Aqua paid $250 for the system.
The Rock Creek water system is classified as a “distressed” system by North Carolina regulators. Distressed systems need significant capital improvements and operational and managerial expertise to ensure an adequate supply of drinking water for their customers.
“This acquisition fits efficiently into Aqua’s western North Carolina operations, which are based in the same area and already serve nearby customers,” said Aqua America Chairman and CEO Nicholas DeBenedictis. “We’re taking advantage of economies of scale to fill out our footprint, and we’ll provide these customers with the water quality and service they need and deserve.”
Aqua North Carolina’s Denver office in neighboring Lincoln County will manage operations.“Today’s announcement is part of an ongoing effort by Aqua to acquire distressed water and wastewater systems and invest in improvements that will enhance service to our new customers,” said Aqua North Carolina President Tom Roberts. “This is a real-life example of how the public and private sectors can work cooperatively to bring about solutions for North Carolina residents.” Having recently exited or signed agreements to exit South Carolina, Missouri, New York and Maine, Aqua America will have concentrated its regulated operations in nine states (Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Florida, Indiana and Virginia). The company maintains a non-regulated wastewater operation in Georgia. Aqua America is one of the largest U.S.-based publicly-traded water utilities serving almost 3 million residents in Pennsylvania, Ohio, Illinois, Texas, New Jersey, Indiana, Virginia, Florida, North Carolina, Maine, New York and Georgia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV