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Southwest Water Company completed its acquisition of a Texas utility consisting of 86 water systems and 11 wastewater systems from Tecon Water Holdings, L.P.
The approximately $63 million purchase price was paid by the assumption of approximately $18 million in existing debt and the remainder in cash. Southwest Water recently expanded its primary credit facilities by $30 million to provide additional liquidity in anticipation of this acquisition. The utility systems serve approximately 21,000 water and 4,000 wastewater connections in Texas.
Anton C. Garnier, Southwest Water chairman and chief executive officer, said, "This transaction marks an important step in our strategic plan for long-term, profitable growth. It expands our existing Texas presence into the Dallas/Fort Worth and east Texas regions. Within the next three months, Southwest Water anticipates completing the acquisition of a small water and wastewater utility owned by Tecon in Oklahoma."