Global Water Resources (GWRS) Agrees to Acquire Turner Ranches Water and Sanitation Company
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Global Water Resources, Inc. (NASDAQ: GWRS) has signed a definitive agreement to acquire Turner Ranches Water and Sanitation Company, a non-potable irrigation water utility in Mesa, Arizona.
The acquisition will add 960 residential irrigation customers and approximately seven square miles of service area, including services to three golf courses. It is also anticipated to add nearly $1 million in revenue. Global Water expects to close the acquisition in the second quarter of 2018.
“This accretive acquisition will expand our footprint in Maricopa County, the fastest growing county in the Nation according to U.S. Census Bureau,” said Ron Fleming, CEO of Global Water. “Turner Ranches will be the second purchase, post-recession, in our declared strategy of again pursuing water utility acquisitions. We believe our focus on consolidating, improving and automating water utility assets will greatly benefit the customers of Turner Ranches, and we look forward to serving these new communities.”
Ronny and Judy Lopez have been a part of Turner Ranches since 1978 and became sole owners in 2012. “We’ve enjoyed working with the Global Water team in completing this transaction,” commented the Lopezes. “We believe they will continue to provide quality customer service, along with strong technical, financial, and managerial expertise for the benefit of the community.”
Turner Ranches has several CAPEX projects that are currently ongoing to upgrade its infrastructure, which Global Water will complete. Turner Ranches recently completed a rate case, setting new rates for the utility effective September 19, 2016.
“Given the Arizona Corporation Commission’s desire for consolidation of the highly-fragmented water utility industry in Arizona and their new policy guidelines that support and incent such consolidation, the stage is well set for additional acquisitions,” added Fleming.
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