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Middlesex Water Subsidiary Tidewater Utilities Completes The Acquisition Of Ocean View Water System

1. Middlesex Water acquired Ocean View's water system for $4.6 million. 2. Tidewater Utilities maintains current rates for Ocean View residents. 3. The acquisition serves approximately 900 customers, enhancing service delivery. 4. Delaware Public Service Commission approved the acquisition in February 2025. 5. Tidewater is Delaware's largest private water supplier, serving 62,000 customers.

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FAQ

Why Bullish?

The acquisition enhances Middlesex Water's market presence and customer base, potentially increasing revenue. Historical examples show that strategic acquisitions often lead to stock price increases in utility companies.

How important is it?

The article details a significant acquisition by MSEX, likely to positively impact its growth and service capacity, making it relevant for investors.

Why Long Term?

This acquisition will likely yield enduring benefits, as the expanded customer base solidifies recurring revenue streams over time, similar to past acquisitions by water utilities.

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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 $4.6 million. “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 Affairsbhague@middlesexwater.com(732) 638-7549

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