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Connecticut Water Invades Bay State
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Business New Haven
3/5/2001
By: BNH
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CLINTON - Connecticut Water Service Inc. (NASDAQ: CTWS), a holding company that owns several regulated water companies and three unregulated service companies, has completed its first acquisition outside of Connecticut by acquiring the Barnstable Holding Co. of Barnstable, Mass. in a transaction valued at approximately $6.5 million. Barnstable shareholders will exchange each share of their Barnstable stock for 19.21 shares of Connecticut Water Service stock.
Barnstable owns the Barnstable Water Co., a regulated public water utility based in Hyannis, Mass., as well as BARLACO, a separate real estate holding company owning approximately 100 acres of residential and commercial land in Barnstable.
Said Marshall T. Chiaraluce, CEO of Connecticut Water Service, “This is our largest single acquisition and will add over ten percent growth to our existing customer base, and it gives us a platform to expand the contract services of Connecticut Water Utility Services, an unregulated subsidiary, to water utilities and municipal water districts throughout Massachusetts and southern New England.''
Barnstable had gross revenues of approximately $2.5 million for the calendar year 2000. Connecticut Water Service had gross revenues of $41.5 million for 2000.
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