Middlesex Water Subsidiary Tidewater Utilities Completes The Acquisition Of Ocean View Water System
Middlesex Water Company (NASDAQ: MSEX) announced that its subsidiary, Tidewater Utilities (TUI), has completed the acquisition of Ocean View water system assets in Sussex County, Delaware for $4.6 million. The acquisition includes a water system serving approximately 900 customers, who have been receiving water supply from TUI since 2008.
TUI has been managing water distribution, meter reading, customer billing, and operational services through its subsidiary, White Marsh Environmental Systems. The Delaware Public Service Commission approved the acquisition on February 19, 2025. The deal ensures rate equity for Ocean View residents, as TUI will maintain existing water rates during the transition period.
Middlesex Water Company (NASDAQ: MSEX) ha annunciato che la sua sussidiaria, Tidewater Utilities (TUI), ha completato l'acquisizione degli attivi del sistema idrico di Ocean View nella Contea di Sussex, Delaware, per 4,6 milioni di dollari. L'acquisizione include un sistema idrico che serve circa 900 clienti, i quali ricevono forniture d'acqua da TUI dal 2008.
TUI gestisce la distribuzione dell'acqua, la lettura dei contatori, la fatturazione ai clienti e i servizi operativi attraverso la sua sussidiaria, White Marsh Environmental Systems. La Commissione per i Servizi Pubblici del Delaware ha approvato l'acquisizione il 19 febbraio 2025. L'accordo garantisce equità tariffaria per i residenti di Ocean View, poiché TUI manterrà le tariffe idriche esistenti durante il periodo di transizione.
Middlesex Water Company (NASDAQ: MSEX) anunció que su subsidiaria, Tidewater Utilities (TUI), ha completado la adquisición de los activos del sistema de agua de Ocean View en el condado de Sussex, Delaware, por 4.6 millones de dólares. La adquisición incluye un sistema de agua que atiende a aproximadamente 900 clientes, quienes han estado recibiendo el suministro de agua de TUI desde 2008.
TUI ha estado gestionando la distribución de agua, la lectura de medidores, la facturación a clientes y los servicios operativos a través de su subsidiaria, White Marsh Environmental Systems. La Comisión de Servicios Públicos de Delaware aprobó la adquisición el 19 de febrero de 2025. El acuerdo asegura la equidad tarifaria para los residentes de Ocean View, ya que TUI mantendrá las tarifas de agua existentes durante el período de transición.
미들섹스 워터 컴퍼니 (NASDAQ: MSEX)는 그 자회사인 타이드워터 유틸리티(TUI)가 델라웨어주 서섹스 카운티의 오션 뷰 수자원 자산을 460만 달러에 인수했다고 발표했습니다. 이번 인수에는 약 900명의 고객에게 서비스를 제공하는 수자원 시스템이 포함되어 있으며, 이들은 2008년부터 TUI로부터 물 공급을 받고 있습니다.
TUI는 자회사인 화이트 마시 환경 시스템을 통해 물 분배, 미터 읽기, 고객 청구 및 운영 서비스를 관리하고 있습니다. 델라웨어 공공 서비스 위원회는 2025년 2월 19일에 인수를 승인했습니다. 이 거래는 오션 뷰 주민들에게 요금의 공정성을 보장하며, TUI는 전환 기간 동안 기존의 물 요금을 유지할 것입니다.
Middlesex Water Company (NASDAQ: MSEX) a annoncé que sa filiale, Tidewater Utilities (TUI), a finalisé l'acquisition des actifs du système d'eau d'Ocean View dans le comté de Sussex, Delaware, pour 4,6 millions de dollars. L'acquisition comprend un système d'eau qui dessert environ 900 clients, qui reçoivent de l'eau de TUI depuis 2008.
TUI gère la distribution d'eau, la relève des compteurs, la facturation des clients et les services opérationnels par l'intermédiaire de sa filiale, White Marsh Environmental Systems. La Commission des services publics du Delaware a approuvé l'acquisition le 19 février 2025. L'accord garantit une équité tarifaire pour les résidents d'Ocean View, car TUI maintiendra les tarifs d'eau existants pendant la période de transition.
Middlesex Water Company (NASDAQ: MSEX) gab bekannt, dass ihre Tochtergesellschaft, Tidewater Utilities (TUI), die Übernahme der Wasseranlagen des Ocean View-Systems im Sussex County, Delaware, für 4,6 Millionen Dollar abgeschlossen hat. Die Übernahme umfasst ein Wasserversorgungssystem, das etwa 900 Kunden bedient, die seit 2008 Wasser von TUI erhalten.
TUI verwaltet die Wasserversorgung, die Zählerablesung, die Kundenabrechnung und die operativen Dienstleistungen über ihre Tochtergesellschaft, White Marsh Environmental Systems. Die Delaware Public Service Commission genehmigte die Übernahme am 19. Februar 2025. Der Deal gewährleistet eine gerechte Tarifgestaltung für die Bewohner von Ocean View, da TUI die bestehenden Wasserpreise während der Übergangszeit beibehalten wird.
- Acquisition expands customer base by 900 customers
- Existing operational relationship since 2008 reduces integration risks
- Purchase price of $4.6 million for established infrastructure
- Rate stability commitment ensures predictable revenue stream
- None.
Insights
Middlesex Water's acquisition of Ocean View's water system represents a strategic consolidation that transforms a long-standing service relationship into full asset ownership. At
This transaction exemplifies the ongoing trend of investor-owned utilities acquiring municipal water systems. The 17-year history between Tidewater and Ocean View significantly reduces integration risk – TUI has intimate knowledge of the system's infrastructure, operations, and customer base, having supplied water since 2008 and handled distribution, metering, billing and operations through its subsidiary.
Delaware Public Service Commission's approval signals regulatory support, highlighting the favorable regulatory environment in which Tidewater operates. The commitment to rate stability during transition addresses a key concern for acquired customers while providing regulatory predictability for the company.
While modest in size relative to Middlesex's
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The acquisition presents minimal integration costs given Tidewater's 17-year operational history with this system. This established relationship likely allows for immediate operational synergies and eliminates many transition risks typically associated with utility acquisitions. The existing relationship through White Marsh Environmental Systems also means customer billing systems integration should be seamless.
While rate stability commitments may temporarily limit pricing flexibility, they provide revenue predictability. Small, strategic acquisitions like this one collectively contribute to Middlesex's growth strategy in the fragmented water utility sector, where larger operators achieve economies of scale through consolidation. The regulated nature of water utilities provides stability to the revenue stream from these acquired assets, adding incremental value to shareholders through predictable returns.
ISELIN, N.J., April 02, 2025 (GLOBE NEWSWIRE) -- Middlesex Water Company (NASDAQ: MSEX) announced today that its subsidiary, Tidewater Utilities, Inc. (TUI), completed its acquisition of the water system assets of the Town of Ocean View (TOV) in Sussex County, Delaware for
“We are delighted to welcome Ocean View residents as our newest Tidewater customers,” said Bruce E. Patrick, President of TUI. “Maintaining the same water rates for all Ocean View residents during this transition is of the utmost importance to our team. We remain steadfast in our commitment of delivering clean, safe, reliable water service to our customers and remaining good community partners, just as we have for the past 17 years.”
The newly acquired TOV water system serves approximately 900 customers, who have been receiving water supply from TUI since the system was constructed in 2008. TUI also has been providing water distribution, meter reading, customer billing, and operational services to TOV during this time through its subsidiary, White Marsh Environmental Systems, Inc.
On February 19, 2025, the Delaware Public Service Commission approved TUI’s application to purchase the water assets of TOV and the right to provide water service to its existing customers.
“The sale of the Ocean View water distribution system to Tidewater Utilities presents benefits to the Town in several ways,” said Town Manager Carol Houck. “First and foremost, it ensures rate equity to our former water customers as Tidewater is subject to the regulations of the Delaware Public Service Commission. Likewise, Tidewater, a trusted partner to the Town for many years, will enhance customer service options to our former customers.”
Ocean View customers will receive additional information in the mail from TUI. Information also is available on the Tidewater website at www.TUIWater.com.
About Tidewater Utilities, Inc.
Tidewater Utilities, Inc. (“Tidewater”), a wholly owned subsidiary of Middlesex Water Company, is celebrating over 60-years of service to Delawareans. Tidewater is the largest private water supplier south of the Chesapeake & Delaware Canal in Delaware. The Company operates 172 active wells and 85 water treatment plants to serve approximately 62,000 customers in 480 separate communities in New Castle, Kent and Sussex County, Delaware.
About Middlesex Water Company
Middlesex Water Company (“Middlesex”) (NASDAQ: MSEX) is one of the nation’s premier investor-owned water and wastewater utilities. Established in 1897, Middlesex is a trusted provider of life-sustaining services to more than half a million people in New Jersey and Delaware. The company focuses on employee engagement, operational excellence, superior customer experience, investment in infrastructure, and selective and sustainable growth to deliver value to our customers, investors, and the communities we serve.
Media Contact:
Brian Hague, Vice President of Communications & Corporate Affairs
bhague@middlesexwater.com
(732) 638-7549
FAQ
How much did Tidewater Utilities pay for the Ocean View water system acquisition?
How many customers will MSEX gain from the Ocean View water system acquisition?
When did the Delaware Public Service Commission approve the Ocean View acquisition?
Will Ocean View water rates change after the Tidewater Utilities acquisition?
