Press release
Consolidated Water Acquires PERC Water Corporation, Expanding its Product Offerings and Presence in the U.S.
GEORGE TOWN, Cayman Islands, Oct. 30, 2019 /PRNewswire/ -- Consolidated Water Co. Ltd. (Nasdaq Global Select Market: CWCO), a leading developer and operator
About this update from Consolidated Water Co. Ltd.
[{"type":"text","content":"GEORGE TOWN, Cayman Islands, Oct. 30, 2019 /PRNewswire/ -- Consolidated Water Co. Ltd. (Nasdaq Global Select Market: CWCO), a leading developer and operator of advanced water supply and treatment plants, has purchased a controlling interest in PERC Water Corporation (PERC) for approximately $4.1 million.\n\n \nPERC is an innovative water infrastructure company headquartered in Costa Mesa, California that develops, designs, builds, operates and manages water and wastewater infrastructure throughout the Western U.S. The company's proven business model provides customers certainty in cost, scheduling and performance through a wide range of project delivery methods and asset management services. \nSince its inception in 1998, PERC has completed and continues to support numerous water infrastructure projects, including new facilities, facility upgrades, short and long-term operations services, and asset management engagements, and brings to Consolidated Water several active projects. \nPERC's market reach extends throughout the U.S. with a strong focus and presence in the Southwestern U.S., where water shortages are becoming increasingly prevalent. The PERC acquisition expands Consolidated Water's product and service offerings to include advanced water and wastewater recycling plants. PERC has won numerous industry awards for its innovative designs and highly efficient project delivery model.\n\"This acquisition represents another milestone in our strategy to widen our geographical footprint, expand into new markets, and complement our revenue stream with synergistic product and service offerings,\" commented Consolidated Water CEO, Rick McTaggart. \"PERC also provides a platform to expand our core business of designing, constructing and operating desalination plants into water short regions of the U.S., particularly in the Southwest.\"\nPERC Founder Johan Perslow commented: \"Given our many synergies and shared vision for growth, we're excited to become a part of the Consolidated Water team. The Southwest's water management challenges have created growing demand and opportunity for water treatment and reuse projects. Given Consolidated Water's specialized capabilities, greater access to capital and other important resources they provide, PERC is well-positioned to take greater advantage of this fast-growing market.\"\nTransaction Te...