Aqua America grabs Texas water utility for $2.9M

Bryn Mawr, Penn.-based Aqua America (NYSE: WTR) put another notch on its belt today with a water utility acquisition in Texas.

Aqua America, a water and wastewater utility holding company, said it's Aqua Texas unit purchased Kerrville South Water for $2.9 million.

Kerrville serves 3,700 customers in Kerrville and Kerr county.

"This is the ideal 'tuck-in' acquisition that expands our regional network in the high-growth San Antonio-Kerrville corridor, while taking advantage of economies of scale as we integrate the new systems into our existing operations," said Nicholas DeBenedictis, chairman and CEO of Aqua America.

In July, Aqua America acquired the systems of Harper Water, a supplier for seven residential communities in Texas, for $1.5 million (see Aqua America continues water system acquisitions).

Under today's deal, Aqua America said it plans to invest $600,000 for capital improvements at Kerrville South Water, including upgrades to the water treatment plant and the addition of a pressure-stabilizing tank.

The company also said it would install a new radio frequency meter reading system for all Kerrville South customers.

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