• Acquisition will create growth opportunities for United Water
HARRINGTON PARK, NJ, March 17, 2008 -- United Water, through its parent company, SUEZ Environment, announced that it has signed an agreement to acquire Utility Service Company of Perry, GA. Utility Service Company is the nation's leading water tank maintenance service company with operations throughout the United States. The acquisition is expected to close in the second quarter this year.
"United Water provides water and wastewater services to hundreds of municipal and industrial clients throughout the United States and this transaction will create even further opportunities for value-added growth for both companies," said Tony Harding, CEO of United Water, one of the nation's largest water services companies.
"Utility Service Company's core business is very complementary to ours. We feel confident that by combining the unique talents of our two organizations, we will have the resources, commitment and determination to accelerate the growth of our contract services and regulated water and wastewater businesses," said Harding.
Utility Service Company is a national leader in providing water tank maintenance services to municipal and private water utilities throughout 35 states across the country. The company's business focuses mainly on maintenance, repair and renovation of water tanks but it also provides other asset management services such as sales and leasing of new tanks, and antenna site management. Founded in 1963, Utility Service Company has more than 4,000 water storage tanks under long term service agreements with approximately 2,000 clients and a national sales staff of 40 representatives actively growing their business.
"We are very excited to become part of the United Water team," said Carl Cummings, CEO of Utility Service Company. "As a private company we were looking for a partner that not only understood our business, but also could establish trust and confidence with our management team. Everyone here at Utility Service Company feels that this transaction will help us execute our strategic plan and that together we could support our business synergies to build upon the success that each company has achieved in the past."
United Water provides water and wastewater services to 7.3 million people in 21 states. The company is a subsidiary of the SUEZ Environment division of the SUEZ Group, which supplies sustainable solutions for essential environmental services (water, wastewater treatment and waste services) to industrial and individual customers around the world. United Water is a key component in the SUEZ Environment strategy to expand its position in North America. "This acquisition will allow United Water to span the entire US water business value chain," Harding said. "It will extend the range of services delivered to both Utility Service and United Water customers and significantly contribute to SUEZ Environment's North American market growth."
According to Harding, the company intends to maintain Utility Service Company as a wholly-owned subsidiary of its North America operations. "We want to retain the excellent brand identity that they have created in the marketplace," said Harding. "We will also retain the entire management team as we consider them to be critical for the success of this transaction."
Harding noted that as part of United Water's managed growth strategy, the company also acquired Aquarion Water Company of New York in May, 2007 and AOS Operating Company in July, 2007. United Water also renewed its major public-private partnerships with Indianapolis in November 2007 and Jersey City in Jan. 2008.
United Water provides water and wastewater services to 7.3 million people in 21 states through the dedication of its 2,000 employees.Founded in 1869, United Water is a subsidiary of the SUEZ Environment division of the SUEZ Group.
SUEZ Environment, a SUEZ business line, provides equipment and services for drinking water production and distribution, wastewater collection and treatment, and waste treatment and recovery.
Based in Perry, GA, Utility Service Company provides water storage tank maintenance services to close to 2,000 municipalities throughout 35 states in the U.S.
###
