BRYN MAWR, PA, Oct. 16, 2008 -- Aqua America Inc. announced that its Texas subsidiary has completed its acquisition of the Saddle Club Water Company Inc., in Weatherford, Parker County, in a transaction valued at $420,000.
"Aqua is pleased to add a new community to our growing presence in Texas, and we continue to cultivate more opportunities for expansion," said Aqua Chairman Nicholas DeBenedictis. "Our growth-through-acquisition strategy allows Aqua to bring our expertise and economies of scale to dozens of small communities such as Saddle Club -- enabling their water systems to be better and more reliable."
The Saddle Club community currently serves approximately 500 residents, and, when the development is complete, expects to serve another 150 people. Aqua plans to invest approximately $250,000 for a new well and the installation of radio-frequency meters in Saddle Club.
Saddle Club is located in Aqua's northern service area. Aqua operates about 375 water and wastewater systems in 49 counties throughout Texas, and many of Aqua's coastal and east Texas water and wastewater systems experienced power interruptions or complete outages in the wake of Hurricane Ike last month. Within nine days after the storm came ashore, all systems were back in operation using normal power or generators.
Aqua America is a publicly traded water and wastewater utility holding company with operating subsidiaries serving approximately three million people in Pennsylvania, New York, Ohio, North Carolina, Illinois, Texas, Florida, New Jersey, Indiana, Virginia, Maine, Missouri and South Carolina.
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