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March 18, 2014
08:31 EDTWTRAqua America announces Virginia acquisitions
Aqua America announced that its Virginia subsidiary has purchased four water systems and a wastewater system in three separate acquisitions. Aqua acquired the water and wastewater system assets of Presidential Service Company. These systems serve about 1,000 people in the Presidential Lakes subdivision in King George, Virginia, and the acquisition marks Aqua’s entry into King George County. Aqua paid $150,000 for the water system and plans to spend about $200,000 in capital improvements over the next couple of years. Aqua paid $1 for the wastewater system, which is under a state consent order because it doesn’t meet environmental regulations. Aqua plans to invest nearly $1.4M to build a new wastewater treatment plant to improve service and bring the system into environmental compliance. Aqua also acquired the water system assets of the Stagecoach Hills public water system. This system serves about 80 people in the Stagecoach Hills subdivision in Fluvanna County. Aqua paid $25,000 for the system and plans to invest another $15,000 to upgrade the system. Aqua also recently acquired the assets of two water systems from the Botetourt Forest Water Corporation for $82,500. These systems serve about 400 people in Blue Ridge, Botetourt County.
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