EPCOR USA agrees to takeover Rio Verde Utilities
EPCOR USA,Rio Verde Utilities,acquisition agreement
EPCOR USA Inc., a wholly owned subsidiary of EPCOR Utilities Inc., recently announced that it has reached an agreement to acquire Rio Verde Utilities, expanding its footprint as the largest regulated water and wastewater provider in Arizona, United States (U.S.). Rio Verde Utilities will mark EPCOR USA’s 10th acquisition since entering the U.S. in 2011.
“The Rio Verde community has benefited from the thoughtful and dedicated service delivered by Rio Verde Utilities for nearly 50 years, a long-term operational philosophy similar to our own,” said Joe Gysel, President of EPCOR USA. “We are pleased to have been chosen by Rio Verde Utilities to continue the tradition of safe and reliable service, and we look forward to serving the Rio Verde, Tonto Verde and Trilogy communities.”
Located northeast of Scottsdale and the Greater Phoenix metropolitan area, Rio Verde Utilities is just 10 miles (16 kilometres) from EPCOR’s existing service area in Fountain Hills, making it a natural fit with EPCOR’s operations. EPCOR USA has agreed to acquire 100 per cent of the stock in Rio Verde Utilities, subject to regulatory approval by the Arizona Corporation Commission (ACC). A regulatory decision is anticipated as early as the first quarter of 2019.
Rio Verde Utilities’ regulated operations include 2,220 water and 1,876 wastewater service connections and irrigated water service for five golf courses. Rio Verde Utilities was founded in 1971.
“It was our founding investors’ vision and it has been our privilege and honour, to serve the Rio Verde, Tonto Verde and Trilogy communities, from the development of the very first homes to the beautiful and growing communities that they are today,” said Bruce Mooty, Chairman and Chief Executive Officer of Rio Verde Utilities. “Many of our investors have homes in Rio Verde and Tonto Verde, and EPCOR is committed to continuing the values of delivering safe and reliable service to customers, employees and communities that our company was founded on.”
Today, EPCOR USA is among the largest private water utilities in the Southwest and the largest in Arizona, providing service to more than 360,000 people in 37 unique communities. In addition to regulated water and wastewater service in Arizona and New Mexico, EPCOR USA delivers wholesale water services and regulated natural gas services in Texas.