California Water Service Group Creates Texas Water Service Subsidiary; Seeks to Capitalize on Growth Opportunities in Texas
Texas Water Service Enters into Strategic Partnership with BVRT Utility Holding Company
SAN JOSE, Calif., May 04, 2021 (GLOBE NEWSWIRE) -- California Water Service Group announced today that its new Texas-based subsidiary, TWSC, Inc. (Texas Water Service) now owns the majority of BVRT
Utility Holding Company (BVRT), a Texas-based utility development company owning and operating four wastewater utilities serving growing communities outside of Austin and San Antonio. Austin and
San Antonio are among the five fastest growing cities in the United States, and communities surrounding them are also experiencing high growth.
“We are pleased to be moving into a fifth state, the great state of Texas, into a dynamic area with considerable opportunities for growth,” said California Water Service Group President and Chief Executive Officer, Martin A. Kropelnicki.
Texas Water Service initially invested funds to enable BVRT to continue to build wastewater infrastructure. Today it converted its investment to equity, with the intention of continuing to invest in BVRT’s existing infrastructure and new developments, and has the right to eventually acquire all of BVRT’s growing portfolio of wastewater systems.
BVRT’s four wastewater utilities currently serve or are under contract to serve over 2,500 connections, with a potential total build-out of more than 61,000 connections. Texas Water Service, through its partnership with BVRT, is actively and aggressively pursuing additional opportunities to build and enhance wastewater infrastructure.
“BVRT is an excellent partner with key strategic relationships in this growing part of Texas. Texas Water Service looks forward to working with them to provide more and more people with the reliable wastewater service that is vital to every community’s success,” Kropelnicki said.
About California Water Service Group
California Water Service Group is the parent company of regulated utilities California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, and now Texas Water Service, a utility holding company. Together, these companies provide regulated and non-regulated water and wastewater service to more than 2 million people in California, Hawaii, New Mexico, Texas, and Washington. California Water Service Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available online at www.calwatergroup.com.