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Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading developer and operator of advanced water supply and treatment plants, announced that its wholly-owned subsidiary, PERC Water Corporation (PERC), has acquired a 100% ownership interest in Ramey Environmental Compliance (REC) for a total consideration of $4.2 million in cash.
Founded in 1997 by Wayne and Linda Ramey, and headquartered in Frederick, Colorado, near Denver, REC operates and maintains water and wastewater treatment facilities and provides technical services throughout the Rocky Mountains and Eastern Plains of Colorado. REC specializes in helping municipalities and districts comply with environmental regulations and properly manage their precious water resources through a variety of service offerings.
REC currently services more than 100 water and wastewater treatment customers. This acquisition provides a new channel for PERC to expand its existing footprint into additional water-stressed regions across Colorado. More than 22% of the Western U.S. is experiencing drought conditions, with this up more than 51% since October of last year, according to U.S. Drought Monitor.
"Linda and I are excited to join the PERC/CWCO team and will continue to provide award-winning service to our clients in the mountains and Eastern Plains of Colorado as we have done for more than 25 years," stated REC president, Wayne Ramey. "Although we had considered other options for REC, we were impressed with the PERC/CWCO company culture which, like REC, promotes passion for water treatment, excellent service to its customers and innovation. It is really all about the people and the company culture, and we believe that combining REC with PERC/CWCO was the best choice for all of REC's stakeholders and preserving our legacy for the long-term."
REC's commitment to delivering superior water and wastewater services has won numerous awards over the years, including national recognition for excellence by the EPA. The company's field staff is professionally certified for the operation, maintenance, and management of a wide variety of types and sizes of water, wastewater and industrial wastewater treatment systems.
Consolidated Water president and CEO, Rick McTaggart, commented: "REC has built a stellar reputation with numerous customers and regulators across Colorado, and has assembled a professional staff that we have come to believe is second to none. Like previous successful transactions that we have completed over the years, we expect that CWCO's strong financial capabilities and incremental management skills will enable REC to expand its business in this water-stressed and growing area of the United States."
PERC Water president, Nate Owen, added: "The combination of PERC and REC further broadens our extensive water and wastewater treatment plant operations expertise and market area in the western United States and creates a channel for PERC to pursue design-build projects in the growing Colorado market.
"Colorado's population has grown at more than twice the rate of the national average over the past decade and newly enacted wastewater treatment regulations are creating design-build opportunities for green field projects as well as necessitating that existing wastewater treatment plants are upgraded to meet stricter nutrient removal requirements. All of us at PERC look forward to working with Wayne, Linda and their world-class staff."
To learn more about REC, visit recinc.net.
Posted In: CWCO
