On June 4, Clearford Water Systems Inc. announced the acquisition of a privately owned local water utility in Ontario’s Niagara Region that provides safe drinking water for approximately 300 residents on the shores of Lake Erie.
The utility was purchased in an all cash deal from a private owner. The utility’s assets include regulatory permits and permanent infrastructure for water intake from Lake Erie, a drinking water treatment plant, and a water distribution pipe network to deliver potable water to residences. Clearford is also looking at options to expand the customer base which may include new developments and existing residences or commercial operations serviced by private wells.
This acquisition is the latest stage in the execution of Clearford’s business model to become a full-service water utility and technology provider after the initial acquisition of Koester Canada and its Team Aquatic operations division in November 2017.
In conjunction with this acquisition, Clearford announced that it has entered into two new loan agreements. The total value of the new loans is $2.26 million USD. Clearford also announced that it has received final approval for the $1.65 million CAD convertible debenture it previously announced.