BRYN MAWR, PA, June 18, 2007 -- Aqua America Inc. announced today that its subsidiary Aqua Illinois Inc. (Aqua) has completed the purchase of the water system assets of the Village of Manteno in Kankakee County. The company purchased the municipal water system, which serves approximately 10,000 people, for $4.5 million.
Aqua has been operating the village's water system since March 2006, when the parties signed the asset purchase agreement.
"This transaction is the latest in Aqua's long line of municipal utility system acquisitions, which have produced many longstanding partnerships with communities to provide quality water service in a more efficient manner," said Aqua America Chairman and Chief Executive Officer Nicholas DeBenedictis. "In addition, the Manteno system further expands our regional network to include a potential high-growth area that is situated only a few miles from the proposed construction site of a third Chicago-area airport."
"We have established a good working relationship with Aqua, who brings the technical expertise and financial resources that our community needs to ensure that our drinking water meets all environmental standards today and in the future," said Manteno Village Administrator Craig Blanchette.
The company plans to make significant investment in capital improvements over next several years to address the village's past water quality, reliability and growth issues. The proposed upgrades include an interconnection of the Manteno system with Aqua's treatment and distribution facilities in Kankakee.
Aqua Illinois provides water and wastewater service to approximately 200,000 people across nine counties. It is a subsidiary of Aqua America, a publicly traded water and wastewater utility holding company, with operating subsidiaries serving approximately 2.8 million people in Pennsylvania, New York, Ohio, North Carolina, Illinois, Texas, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, and South Carolina.
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