Canadian utility firm Aquatera acquires Watchorn
Aquatera Utilities Inc acquired Fairview industrial water and wastewater firm Watchorn Rentals Ltd in a bid to expand its services in the Peace County, according to Daily Herald Tribune.
Bernd Manz, the Chief Executive Officer (CEO) of Aquatera, said the deal was done through an Aquatera wholly-owned subsidiary. He also said the deal will add value to the clients and shareholders of his company. Manz also said the transaction was part of its two-year strategic plan that focuses on growth, the report stated.
Aquatera is a municipal utility firm. Its owners are the Grande Prairie City, the Grande Prairie County, and Sexsmith Town. Watchorn, on the other hand, is a potable water and packaged wastewater treatment services provider. The firm primarily serves the Alberta and British Columbia areas, the report detailed.
Manz said Aquatera plans to operate Watchorn from a distance and allow it to run with its existing workforce. He noted that the role of Aquatera is to provide financial support to help the Fairview firm achieve growth, the report said.
The acquisition of Watchorn was completed on January 2, 2014, Daily Herald Tribune reported.