Aquarion Water Co. has ambitious plans to provide a long-term solution to the water needs of residents and businesses in the town of New Fairfield and throughout the state.
The Bridgeport-based company has purchased a water system serving Dunham Pond Condominiums off Route 37 in New Fairfield. The system serves some 108 residents there.
Aquarion also recently acquired the Oakwood Acres and Fieldstone Ridge systems from Rural Water Co. Inc., serving 384 New Fairfield residents, and The Birches and Possum Ridge systems from Black Systems, serving 366 residents of the town.
Along with the Aquarion-owned Ball Pond system, which serves 626 New Fairfield residents, the company now provides water service to approximately 1,500 town residents.
As a result of these acquisitions, Aquarion believes it is well-positioned to solve the town”™s water needs. The recent acquisitions are part of Aquarion”™s strategic growth initiative, designed to improve the availability and quality of water in communities throughout the state.
“We are purchasing local water systems throughout Connecticut with the goal of unifying fragmented operations and providing a cohesive, long-term water solution to address future development in these communities,” said Charles V. Firlotte, Aquarion president and CEO. “Aquarion has the experience and resources needed to expand New Fairfield”™s water supply, and we look forward to providing residents and businesses with safe and reliable water service for many years to come.”
The moves continue Aquarion”™s practice of acquiring smaller, local water companies throughout the state. In January, it bought five small water companies that served parts of 11 communities.
“Because we have a critical mass, we can achieve economies of scale,” Firlotte said. “This enables us to serve our customers with cost-effective solutions. In the case of smaller systems, we are able to commit our resources and experience to resolve ongoing problems.”
Aquarion bought the assets of Tyler Lake Water Co., Judea Water Co., Olmstead Water Co., Chestnut Tree Hill Water Co. and Circle Drive Water Co. These companies operate and maintain 14 water systems serving approximately 4,000 residents in the following Connecticut communities: Wolcott, Goshen, Danbury, Washington, Washington Depot, New Preston, Newtown, New Fairfield, Brookfield, Litchfield and Bantam. This move followed a 2010 announcement of Aquarion”™s intended purchase of Topstone Hydraulic Co., which serves some 1,200 residents in Danbury and Ridgefield.
In a statement describing the purchase, Firlotte said, “This acquisition is part of a strategic growth initiative Aquarion implemented some time ago, and it reinforces our commitment to serving communities in the greater Danbury area.
“As the largest private water utility in New England, and the seventh largest in the U.S., we have the unique ability to purchase smaller water systems that may have difficulty meeting all Department of Public Health directives. As we integrate these water companies into the larger Aquarion network, we will be working closely with all regulatory agencies to ensure compliance with applicable standards.”
Ron Black, owner of the five systems, said, “I am delighted with the Aquarion purchase and look forward to working with the Aquarion team for a smooth transition for all customers.”
Firlotte also said Aquarion will continue its aggressive pursuit of other acquisitions.
Aquarion is on Main Street in downtown Bridgeport and has customers throughout Connecticut, Massachusetts and New Hampshire.
Rob Sullivan is the publisher and executive editor of the Bridgeport Banner daily website ”“ www.bridgeportbanner.typepad.com ”“ and monthly print edition. He is a special correspondent for the Fairfield County Business Journal covering news and issues in Bridgeport and surrounding communities on the Sound.
