Global Water Resources, Inc. (NASDAQ: GWRS), a water resource management company, has finalized the acquisition of two previously announced water utility companies, Twin Hawks Utility, Inc. and Rincon Water Company.
“We welcome Twin Hawks and Rincon to our expanding portfolio of water utilities in Arizona,” stated Global Water Resources president and CEO, Ron Fleming. “For both facilities, we have begun to implement our industry-leading approach to utility consolidation and operations, which promotes compliance, safety, and better water usage for the benefit of all stakeholders.”
Twin Hawks is conveniently located close to a current Global Water operational hub, making the integration that much easier. Twin Hawks supplies water to an airpark in Pinal County, a positive, as more than 90% of Global Water’s connections are within that county.
The two acquired companies are Global Water Resources’ tenth and eleventh purchases since 2017. It has since highlighted its renewed focus on acquisitions amid the strong opportunities and benefits of consolidation in Arizona.
“The close proximity of these facilities made them a logical extension to our service footprint, and we view them both as low-risk tuck-in acquisitions,” noted Chris Krygier, chief strategy officer for Global Water Resources. “We will continue to seek additional acquisitive opportunities that are synergistic to our growing portfolio of water utility companies, and especially those which would be beneficial to the communities we serve. We are currently in discussions with a number of utilities that fit this profile.”