BRYN MAWR, Pa. - Aqua America, Inc. (NYSE: WTR) announced today that its Pennsylvania subsidiary has acquired the water utility system assets of the Paupackan Lake Association, Inc., which serves approximately 1,200 residents in the Paupackan Lake Estates development, located in Lake and Paupack townships, Wayne County for $310,000.
The operations will be managed from Aqua Pennsylvania’s Honesdale office, also located in Wayne County.
“This acquisition fits efficiently into our Honesdale Division, which is based in the same area and already services customers in Paupack Township,” said Aqua America Chairman and CEO Nicholas DeBenedictis. “This is an ideal example of taking advantage of economies of scale to fill out our footprint in areas adjacent to where we serve.”
The Paupackan acquisition is the thirteenth of Aqua America this year. Other acquisitions have been completed in Pennsylvania, New Jersey, Illinois, Virginia, North Carolina, and Texas.