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Acquisition & planned capital improvements total more than $5 million
Aqua America Inc.’s Pennsylvania wastewater subsidiary has purchased the Penn Township wastewater system.
Aqua Pennsylvania Wastewater acquired the wastewater assets of Penn Township, Chester County, which provides service to 776 residential and 25 commercial customers including Jennersville Regional Hospital in Penn Township. Aqua paid $3.7 million for the wastewater system and plans to make improvements valued at approximately $2 million to upgrade the system and bring it into environmental regulatory compliance.
“We are eager to bring our expertise to the Penn Township wastewater system and implement infrastructure improvements to bring the system up-to-date and ensure it remains compliant with environmental regulations,” said Chairman and CEO Nicholas DeBenedictis. “We look forward to serving even more customers in this fast-growing Chester County township in the future, as it has potential for organic growth.”
In 2013, Aqua completed 15 water and wastewater acquisitions and grew its number of customers a total of 1.3%, after completing 18 acquisitions in 2012. In addition, the company recently announced its first acquisitions of 2014—Aqua Virginia purchased four water systems and a wastewater system in three separate acquisitions.
Aqua Pennsylvania serves approximately 1.4 million people in 31 counties throughout the Commonwealth of Pennsylvania.