By Lea Kahn, Staff Writer
The Lawrenceville Water Co., which serves 2,660 customers in the village of Lawrenceville and the surrounding neighborhoods, is poised to be acquired by Aqua America Inc.
The privately owned water company has signed an agreement to be purchased by Aqua America Inc., pending approval by the state Board of Public Utilities, according to Aqua New Jersey Inc. President William Davis. Aqua New Jersey, based in Hamilton, is a subsidiary of Aqua America.
Mr. Davis, who declined to disclose the purchase price, said BPU approval is expected “in the fairly near future” — possibly as soon as the next month or two.
There are no plans to increase the rates of Lawrenceville Water Co. customers, Mr. Davis said, adding the two companies’ rates are “very close.” He did not rule out a water rate increase in the future, however.
Lawrenceville Water Co. customers who use 6,500 gallons per month pay $33.11, while customers of Aqua New Jersey, who use the same amount of water, pay $36.67, Mr. Davis said.
Meanwhile, a public hearing on the proposed sale is scheduled for April 6 at 2 p.m. at the Lawrence Township police and municipal court building, opposite the municipal building, on Route 206.
The Lawrenceville Water Co.’s board of directors decided to put the company on the market for sale and received several bids, Mr. Davis said. His company’s bid was the winning one, awarded after the seller went through “a deliberative process,” he said.
“We were fortunate enough to be that company,” Mr. Davis said. “I like the Lawrenceville Water Co. It’s a nice little system. If we acquire it, we will use the existing water rates and see how it runs.”
Aqua New Jersey Inc. serves more than 160,000 customers in 18 municipalities across the state, according to the company’s Web site, www.aquaamerica.com. Aqua New Jersey was created through the merger of several individual water companies.
The Lawrenceville Water Co., which was created in 1923, serves a franchise territory that is bounded by Route 206 on the east, Federal City Road on the west, Interstate Highway 95 on the south and Cold Soil Road on the north.
It serves a few households outside of the territory, including the Long Acres development next to the municipal building and the Kingsbrook, Huddler Farms and Woodlane Estates developments, off Cold Soil Road.
