Global Water Resources (GWRS) Reports Acquisition of Francesca Water Company
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Global Water Resources, Inc. (NASDAQ: GWRS) has acquired Francesca Water Company, a small water utility located in the southwest area of Tucson, Arizona.
Francesca adds 115 active water connections, bringing Global Water’s total active connections to 47,769. The new connections are adjacent to the service area of Global Water’s recently acquired Mirabell Water Company utility.
“Francesca’s close proximity to Mirabell makes it a logical extension of our regional footprint,” stated Global Water Resources president and CEO, Ron Fleming. “The acquisition will allow all stakeholders involved to benefit from our proactive approach to utility management that includes efficiency upgrades, automation, and our award-winning implementation of Total Water Management.”
Total Water Management (TWM) includes remote metering, analytics, and other smart water management technologies, as well as rate designs and incentive programs that result in resource conservation. TWM helps protect water supplies in water-scarce areas experiencing population growth.
Francesca represents Global Water’s second acquisition this year in Pima County following the acquisition of Mirabell in October. The company plans to make additional tuck-in acquisitions in the county later this year.
“We believe this acquisition is a low-risk deal that complements our existing business,” added Christopher Krygier, chief strategy officer for Global Water Resources. “We are well positioned to pursue other opportunities that fit this profile and hope to have further announcements in the near future.”
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