Aqua America continues water system acquisitions

On the heels of water system acquisitions elsewhere in the U.S. in recent weeks, Aqua America (NYSE: WTR) announced today that its subsidiary Aqua Texas has acquired the systems of Harper Water Company, supplier of seven residential communities in Texas.

The acquisition consists of water systems which supply more than 2,000 people in both Kerr and Gillespie counties. The transaction is valued at $1.5 million.

With this acquisition, Aqua now operates systems in 50 counties across Texas and further expands its regional network in the fast-growing San Antonio-Kerrville area.

“We will efficiently integrate these systems into our existing operations to take advantage of economies of scale,” said Aqua America Chairman and CEO Nicholas DeBenedictis.

The newly acquired systems are located close to existing Aqua operations near Kerrville and Fredericksburg.

Aqua owns more than 375 water and wastewater systems in Texas serving approximately 155,000 people.

Over the next several years, the company says it plans to make nearly $400,000 in water infrastructure improvements to the system, including upgrading storage tanks, modernizing electrical and treatment systems and rehabilitating existing water wells. The company also plans to install radio frequency (RF) meter reading for all customers.

Aqua Texas is a subsidiary of Aqua America, a publicly traded water and wastewater utility holding company, with operating subsidiaries serving approximately 2.8 million people in Pennsylvania, Texas, New York, Ohio, North Carolina, Illinois, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, and South Carolina.

Just over a month ago, the company acquired water and wastewater systems in Florida, North Carolina and Pennsylvania (see Aqua America acquires four companies in two days.)

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