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Southwest Water Company has acquired the majority of AquaSource, Inc.'s water and wastewater contract operations business for a purchase price of approximately $11 million in cash plus the assumption of certain debt. The acquisition includes AquaSource's contract operations in two regions: Colorado and the Houston, Texas area. Both will become part of Southwest Water Company's Services Group. The Colorado operations will be integrated into ECO Resources, and the Houston operations will become a stand-alone company called Aqua Services LP. Combined annualized revenues from these two operations exceed $16 million. AquaSource, Inc. is a subsidiary of DQE.
Anton C. Garnier, Southwest Water president and chief executive officer, said, "We are very pleased to have completed this acquisition as part of our strategic plan for long-term growth. It significantly expands our Services Group footprint, opening a new market for us in Colorado and bolstering our presence in the greater Houston area. We are adding resources which allow us to develop new business relationships and market our services."
Garnier continued, "We are pleased to be welcoming more than 230 new employees to the Southwest Water team. We expect the transition to proceed smoothly, due in large part to a shared focus at both organizations on high-quality customer service. Looking ahead, we anticipate the transaction will be immediately accretive to earnings, thereby benefiting our stockholders."