Aqua America, Inc. announced that its North Carolina subsidiary acquired the Chatham Water Reclamation/Carolina Meadows wastewater system for the purchase price of approximately $350,000.
The system purchased by Aqua North Carolina, Inc. provides wastewater services to approximately 2,000 residents in various residential developments and nine commercial customers, including an 86-bed nursing care facility. It is located on the outskirts of Chapel Hill and is adjacent to the Governor's Club wastewater system that Aqua acquired last month. The $2.2 million Governor's Club transaction expanded the company's base by nearly 2,100 residents, with an additional 1,500 residents expected when the development is built out.
"This is another valuable 'tuck-in' acquisition that we can integrate into our existing North Carolina operations, helping us achieve greater economies of scale. Furthermore, we continue to create new growth opportunities in one of the state's high-profile areas," said Aqua America chairman and CEO Nicholas DeBenedictis.
The company operates water and wastewater systems across the state, serving more than 225,000 residents in 31 counties. As part of the transaction, the company plans to invest nearly $1 million in capital improvements to upgrade and expand the existing facility to provide state-of-the-art wastewater treatment.