Utility Provider Acquired for $6.4M

Utility Provider Acquired for $6.4M

Indiana American Water President Deborah Dewey announced the company’s acquisition of Georgetown Water, a municipal water utility located in southern Indiana. The purchase of the system adds approximately 1,300 customers to the company’s customer base, which represents a population of approximately 3,500 residents.

“The acquisition of this system will provide Georgetown customers with lower rates and access to operations and capital management water professionals and a number of customer service options and payment methods,” said Dewey. “Indiana American Water already provides water to several nearby communities and to the Town of Georgetown through a wholesale contract, so this is a good fit for us and a continuation of our efforts to expand our presence across Indiana.”

“In a time when communities are looking for new and innovative ways to deal with challenges they’re facing and hold the bottom-line on expenses, this acquisition is a great solution for the utility and its customers,” Dewey continued.

Georgetown Town Council President Everett Pullen is also enthusiastic in his support of the acquisition. “Our community was struggling to address pressing local infrastructure needs,” said Pullen. “This acquisition will help us to address these concerns while also lowering customers’ water rates. We appreciate the experience, knowledge and resources that Indiana American Water brings to the table and look forward to working with them.”

The acquisition of the Georgetown system for approximately $6.4 million was approved by the Indiana Utility Regulatory Commission in October and closed by Indiana American Water and the Town of Georgetown on Wednesday, Nov. 15, 2017. The Georgetown system will be incorporated into the company’s Southern Indiana district, which currently serves approximately 100,000 residents.