- Global Water Resources (GWR) has acquired Francesca Water Company, a water utility located in southwest Tucson, Arizona
- The purchase adds 115 active water connections to the company's network, bringing the total to 47,759
- Francesca Water's connections are located close to the service area of Mirabell Water Company, which was acquired by Global Water in October
- The company plans to make additional tuck-in acquisitions in the Pima County region later this year
- Global Water Resources is currently steady at C$16.30 per share
Global Water Resources (GWR) has acquired Francesca Water Company, a water utility located in southwest Tucson, Arizona.
With the transaction complete, Francesca Water adds 155 active water connections to Global Water's network, bringing the total amount of connections to 47,769.
It marks the company's second acquisition in the Pima County region, following Global Water's purchase of Mirabell Water Company in late October, which added 60 active water connections to the network.
The new connections from Francesca are located close to the service area of Mirabell, which Global Water said made it a logical extension of the company's regional footprint.
"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," said Ron Fleming, President and CEO of Global Water Resources.
Total Water Management (TWM) assists in protecting water supplies in water-scarce areas experiencing strong population growth, such as Arizona. It includes remote metering, analytics, and other smart water management technologies, along with rate designs and incentive programs aimed at driving resource conservation.
"We believe this acquisition is a low-risk deal that complements our existing business," added Christopher Krygier, Chief Strategy Officer at Global Water.
"We are well positioned to pursue other opportunities that fit this profile and hope to have further announcements in the near future," he concluded.
The company is now looking to make additional tuck-in acquisitions in the Pima County region later this year.
Global Water Resources is currently steady at C$16.30 per share, as of 12:27pm EST.