Global Water Resources (GWRS) Acquires Two Water Utilities in Pima County, Arizona
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Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a pure-play water resource management company, has acquired two small water utility companies, Tortolita Water Company and Lyn-Lee Water Company. They are located near Tucson, Arizona, close to the company’s existing Red Rock Utilities.
The acquisition of these water utilities adds 58 active water connections, bringing Global Water’s total active connections to 47,827.
“We look forward to bringing our leading water resource management capabilities to these communities,” stated Global Water Resources president and CEO, Ron Fleming. “We expect all stakeholders involved to benefit from our successful approach to utility consolidation, operations and water conservation best practices.”
The Lyn-Lee Water Company has been facing certain operational challenges that will require infrastructure investments. Global Water has the resources and specialized know-how that can rectify these challenges, which are not unlike those facing many other small water utilities.
Tortolita and Lyn-Lee represent Global Water’s third and fourth acquisitions this year in Pima County following its acquisitions of Mirabell Water Company in October and Francesca Water Company in November. The company plans to make additional tuck-in acquisitions in the county next year.
“Small utility companies similar to Tortolita and Lyn-Lee are often unable to overcome operational challenges that require additional capital, especially in this post-COVID-19 world,” added Christopher Krygier, chief strategy officer for Global Water Resources. “Global Water is well positioned to acquire these small utilities, and help them overcome obstacles with the capital investment and expertise we can provide.”About Global Water ResourcesGlobal Water Resources, Inc. is a leading water resource management company that owns and operates 16 utilities which provide water, wastewater, and recycled water services. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix. Global Water recycles nearly 1 billion gallons of water annually.
The company has been recognized for its highly effective implementation of Total Water Management (TWM). TWM is an integrated approach to managing the entire water cycle by owning and operating water, wastewater and recycled water utilities within the same geographic area in order to maximize the beneficial use of recycled water. TWM includes additional smart water management programs, such as remote metering infrastructure and other advanced technologies, rate designs, and incentives that result in real conservation. TWM helps protect water supplies in water-scarce areas experiencing population growth. To learn more, visit www.gwresources.com.
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