Aqua America, Inc. (NYSE: WTR) announced today that its Pennsylvania water and wastewater subsidiaries have purchased utility systems in Luzerne and Chester counties. The acquisitions are among the latest for the company, which has completed more than 200 acquisitions and growth ventures over the last decade.
Aqua Pennsylvania, Inc. (Aqua) acquired the water system assets that serve the newly constructed Yalick Farms development in Dallas Township, Luzerne County for $124,000. Complete build-out will include 283 residential properties and 42 commercial properties. Sixty-two residential properties have already been constructed and occupied.
In a separate transaction, Little Washington Wastewater Company, Aqua’s wastewater subsidiary d/b/a Aqua Pennsylvania, purchased the Sage Hill wastewater system assets that serve approximately 20 homes in Thornbury Township, Chester County for $1. Aqua has operated the wastewater system under an O&M agreement since 2006 and has provided water service to the community via a main extension under a separate agreement to the current water system owner.
Both acquisitions, completed yesterday and effective today, come on the heels of the company’s recent $11.3 million purchase of the wastewater system assets of Kidder Township, Carbon County, which serves approximately 3,000 people.“We are continuing to pursue acquisitions in our backyard, where we can maximize our economies of scale,” said Aqua America Chairman and CEO Nicholas DeBenedictis. “The Yalick Farms acquisition is consistent with this strategy, as we already serve customers in Dallas Township and serve thousands more throughout Luzerne County. The Sage Hill system is within a mile of our Penn Oaks wastewater system in Chester County, where we serve tens of thousands of people.” 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, and Georgia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR.