Aqua America New Jersey Subsidiary Purchases
Municipal Water System in Hunterdon County
Acquisition is Third for Aqua America Subsidiaries This Year
March 05, 2010 01:53 PM Eastern Time
BRYN MAWR, Pa.--(EON: Enhanced Online News)--Aqua America, Inc. (NYSE: WTR) announced today that
its New Jersey subsidiary has completed the purchase of the water system assets of Bloomsbury Borough, which
serves approximately 1,000 people. Bloomsbury is adjacent to the company’s Greenwich service area in Hunterdon
County and has both residential and commercial customers. It will be operated from Aqua’s nearby Northern
Division in Phillipsburg, New Jersey.
“We are very happy to have closed our second municipal acquisition in three months,” said Aqua America Chairman
and CEO Nicholas DeBenedictis referring to Aqua Pennsylvania’s acquisition of the Athens Township water system
in December 2009. “Last year, we acquired the assets of four municipal systems. The municipal market represents a
great opportunity for continued customer growth. With 85 percent of Americans served by municipal systems, there
are lots of opportunities to pursue.” Aqua is committed to helping resolve the difficulties facing municipalities--as well
as smaller private water systems—in today’s difficult economic environment.
In January, the company’s Texas subsidiary, Aqua Texas, Inc., completed the acquisition of the water system assets
of the San Gabriel River Ranch and Indian Springs subdivision water systems located in Williamson and Travis
counties respectively, and which collectively serve about 900 people.
“Acquisitions of this type help fill in our footprint in areas where we have existing operations and allow us to continue
to maximize the economies of scale we realize as a large, regional water utility in these areas,” explained
DeBenedictis. “We will continue to pursue opportunities like these, as well as larger platform-building purchases, as
we continue to execute our growth-through-acquisition strategy.”