Aqua America closes four new water system purchases 04-04-2006
HENDERSONVILLE -- With the acquisition of four more water systems in Pennsylvania, Texas and North Carolina, Aqua America Inc. has closed a total of seven transactions in the first quarter 2006.
In North Carolina, the company acquired the Hooper's Valley Water Company, which serves approximately 200 residents near Hendersonville in Henderson County. Since October 2005, the company has been operating the troubled water system at the request of North Carolina Utilities Commission (NCUC) officials. The company repaired a number of large leaks in the system and plans to invest an additional $200,000 for needed improvements in the distribution system, which is eligible for recovery under a special program established by the NCUC for troubled systems. In addition, the company purchased the water system serving the Dearon Village condominium complex in Surry County, which is expected to house approximately 60 residents at build-out.
In North Carolina, the company acquired the Hooper's Valley Water Company, which serves approximately 200 residents near Hendersonville in Henderson County. Since October 2005, the company has been operating the troubled water system at the request of North Carolina Utilities Commission (NCUC) officials. The company repaired a number of large leaks in the system and plans to invest an additional $200,000 for needed improvements in the distribution system, which is eligible for recovery under a special program established by the NCUC for troubled systems. In addition, the company purchased the water system serving the Dearon Village condominium complex in Surry County, which is expected to house approximately 60 residents at build-out.
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