Aqua America acquires Lawrenceville water system
BRYN MAWR, PA, Aug. 12, 2009 -- Aqua America Inc. announced today that it has acquired the Lawrenceville Water Company, which serves nearly 8,000 people in Lawrence Township, New Jersey...
• Acquisition increases New Jersey customer base by 5 percent
BRYN MAWR, PA, Aug. 12, 2009 -- Aqua America Inc. announced today that it has acquired the Lawrenceville Water Company, which serves nearly 8,000 people in Lawrence Township, New Jersey in a stock transaction valued at $3.3 million including the assumption of $400,000 of debt. The system will be operated and managed by its New Jersey subsidiary, Aqua New Jersey Inc.
Lawrenceville is the fourteenth acquisition for Aqua America companies this year. It is located in central New Jersey, equal distance between Princeton and the state capitol of Trenton, and is also the home of the renowned Lawrenceville Prep School.
"This is an opportune acquisition for our New Jersey operations as it neighbors our Hamilton, New Jersey headquarters and increases our customer base throughout the state by five percent," said Aqua America Chairman and CEO Nicholas DeBenedictis. "We are excited to have the opportunity to provide service to these customers who were virtually right in our back yard."
DeBenedictis said that Aqua New Jersey anticipates making needed capital improvements including installing new mains, a new radio frequency metering system, and improvements to its well treatment systems.
Aqua America is a publicly traded water and wastewater utility holding company with operating subsidiaries serving approximately three million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, New York, Florida, Indiana, Virginia, Maine, Missouri and South Carolina.