More acquisitions coming, according to this media release. . . 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
Global Water Resources to Acquire Turner Ranches Water and Sanitation Company
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Global Water Resources Inc. published this content on 26 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 26 April 2018 14:43:03 UTC
Global Water Resources Inc. published this content on 26 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 26 April 2018 14:43:03 UTC
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.
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GLOBAL WATER RES RG (GWRS)
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GLOBAL WATER RES RG (GWRS)
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“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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Blogger Note: TURNER RANCHES WATER AND SANITATION COMPANY v. ARIZONA CORPORATION COMMISSION
Court of Appeals of Arizona,Division 1, Department C.
TURNER RANCHES WATER AND SANITATION COMPANY, Appellant, v. The ARIZONA CORPORATION COMMISSION, an Agency of the State of Arizona, Appellee.
No. 1 CA-CC 98-0002.
Decided: September 21, 1999
Source: https://caselaw.findlaw.com/az-court-of-appeals/1039504.html
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About Global Water Resources
Source: https://www.nasdaq.com/press-release/global-water-resources-to-acquire-turner-ranches-water-and-sanitation-company-20180426-01067
Global Water Resources, Inc. is a leading water resource management company that owns and operates nine utility companies 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. To learn more, visit www.gwresources.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain forward-looking statements which reflect the Company's expectations regarding future events. The forward-looking statements involve a number of assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning, future net income growth, our strategy, acquisition plans, our dividend policy, trends relating to population growth, active connections, regulated revenue, housing permit projections, and other statements that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or the negative of these terms, or other words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to a number of risks, uncertainties, and assumptions, most of which are difficult to predict and many of which are beyond our control. Actual results may differ materially from these expectations due to changes in political, economic, business, market, regulatory, and other factors. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements, which reflect management's views as of the date hereof. Factors that may affect future results are disclosed under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our filings with the Securities and Exchange Commission (the "SEC"), which are available at the SEC's website at www.sec.gov.
This includes, but is not limited to, our Annual Report on Form 10-K for the year ended December 31, 2017 which was filed with the SEC. We undertake no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.
Company Contact:
Michael J. Liebman
SVP and CFO
Tel (480) 999-5104
mike.liebman@gwresources.com
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1982
The Turner Ranches Water and Sanitation Company is a private corporation owned and operated by Toups Corporation and a franchised water utility. The Turner Ranches service area is an agricultural area that also includes the Leisure World development. Turner Ranches is a bonafide applicant for CAP water. Residents ...
Jun 29, 2009 - The Water Infrastructure Finance Authority of Arizona awarded a $1.4 million loan to Alpine Domestic Water Improvement District for the purchase of Turner Ranches Water and Sanitation Company.
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