Aqua America Inc., a water and wastewater service provider, said its Virginia subsidiary acquired Fox Run Water Co. and Moseley-Nash Enterprises water system assets to expand further in that state.
The Bryn Mawr, Pennsylvania-based company, which serves almost 3 million customers in 10 U.S. states from New Jersey to Texas, said the $400,000 acquisition will add 26 water systems in the Lake Gaston area near North Carolina’s border.
The company also said today that it plans to spend about $1.4 million on environmental and capital upgrades including pipes and disinfection equipment over the next five years for the systems and expects to complete the acquisition of 12 Fox Run water systems in North Carolina later this year.
Last month, Aqua America reported record earnings for the second quarter on an 11 percent rise in revenue and an Ohio acquisition. The shares have advanced 16 percent this year.