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Aquarion Water Company to Acquire Pinehills Water Company

Nov 11, 2022 by Peter Fazekas Massachusetts
BRIDGEPORT, CONN. – November 11, 2022 – Aquarion Water Company (Aquarion) and Pinehills Water Company today announced that they have entered into a definitive agreement whereby Aquarion will acquire all assets associated with Pinehills Water Company’s community water system in Plymouth, MA.  Headquartered in Bridgeport, Connecticut, Aquarion is a water utility company that provides regulated water services to more than 236,000 customers in Connecticut, Massachusetts, and New Hampshire.  Pinehills Water Company currently serves approximately 2,700 customer connections in The Pinehills, a master planned open space mixed use community with an anticipated full build-out of approximately 3,200 customer connections upon completion.

The $15.0 million purchase price for the system encompasses all the existing water infrastructure including water mains, hydrants, wells, pumping stations, and the two-million-gallon water storage tank. The acquisition is subject to the approval of the Massachusetts Department of Public Utilities (DPU).  The parties plan to file an application with the DPU in the coming weeks and anticipate that the transaction will be completed in 2023. Rates for water service are not expected to change as a result of the acquisition.

“Aquarion has been providing high-quality water service to New England communities since 1857,” said Donald Morrissey, President of Aquarion Water Company.  “We look forward to the opportunity to deliver exceptional water and customer service to Pinehills customers.”

Since 2011, Aquarion has purchased and integrated 87 water systems through 28 different transactions.

Pinehills Water Company is a private investor-owned water utility established exclusively to provide water to The Pinehills.  At more than 3200 acres, The Pinehills is an award-winning, mixed-use community nationally recognized and celebrated as an example of innovative open space and neighborhood planning and design.  “As we pass the twenty-second anniversary of opening The Pinehills, the transfer of the Pinehills Water Company to New England’s leading water utility is in keeping with our commitment to the highest operating standards and quality service to the residents and businesses in The Pinehills,” said Deborah Sedares, President of Pinehills LLC. “Aquarion has extensive experience successfully integrating smaller water systems.  We look forward to working together in the coming months to ensure our customers experience a seamless transition.”

About Aquarion Water Company:
Aquarion Water Company is the public water supply company for more than 750,000 people in 72 cities and towns in Connecticut, Massachusetts, and New Hampshire.  It is the largest investor-owned water utility in New England and among the seven largest in the U.S.  Based in Bridgeport, CT, Aquarion has been in the public water supply business since 1857.  Across its operations, Aquarion strives to act as a responsible steward of the environment and to assist the communities it serves in promoting sustainable practices.  Aquarion Water Company is a wholly-owned subsidiary of Eversource. 

For more information on Aquarion Water Company, please visit www.aquarionwater.com or www.facebook.com/aquarionwater.

About The Pinehills:
Over two decades and more than 2,900 families ago, The Pinehills began in Plymouth, MA.  Now this well-established village is one of the nation’s most celebrated examples of thoughtful community planning and design.  More than 100 awards, including “Community of The Year,” “Best Mixed-Use Community in The U.S.,” “Best Master-planned Community in the U.S.,” and “Best Smart Growth Community in the U.S.,” recognize The Pinehills for its quality and environmental stewardship.  Holding true to the village’s original vision—a robust sense of community, active open space, and intimate neighborhoods—The Pinehills includes more than 3,200 acres, 2400 homes, 490 apartment residences and more than 25 shops, restaurants, and services at the Village Green, all open to the public, including Mirbeau Inn & Spa, and The Market.  The community was designed, and continues to be developed, under the visionary partnership of Steve Karp, Douglass Karp, and Steve Fischman of New England Development and Tony Green, Managing Partner of The Pinehills. www.pinehills.com 

This news release includes statements concerning Aquarion and Aquarion Water Company’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts, including statements regarding the timing of such transaction and benefits anticipated from such transaction. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, readers can identify these forward-looking statements through the use of words or phrases such as “will,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “should,” “could” and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Factors that may cause actual results to differ materially from those included in the forward-looking statements include, but are not limited to: the transaction is subject to conditions to closing, including regulatory approvals, that may not be satisfied; it may take longer than anticipated to consummate the transaction; we may not realize the benefits we anticipate from the transaction; unforeseen liabilities; risks relating to integration of the acquired business; and other presently unknown or unforeseen factors.

Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC) and updated as necessary, and are available on Eversource Energy’s website at www.eversource.com and on the SEC’s website at www.sec.gov. All such factors are difficult to predict and contain uncertainties that may materially affect Aquarion or Aquarion Water Company’s actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements; each speaks only as of the date on which such statement is made, except as required by federal securities laws, and Aquarion Water Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

About Aquarion Water Company

Aquarion Water Company is the public water supply company for more than 750,000 people in 72 cities and towns in Connecticut, Massachusetts and New Hampshire.  It is the largest investor-owned water utility in New England and among the seven largest in the U.S.  Based in Bridgeport, CT, Aquarion has been in the public water supply business since 1857.  Across its operations, Aquarion strives to act as a responsible steward of the environment and to assist the communities it serves in promoting sustainable practices.  Aquarion Water Company is a wholly-owned subsidiary of Eversource.