Consolidated Water Group Acquires Ramey Environmental Compliance, Broadening Presence in Water-Stressed Western U.S.
07 November 2023 - 8:05AM
Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a
leading developer and operator of advanced water supply and
treatment plants, announced that its wholly-owned subsidiary, PERC
Water Corporation (PERC), has acquired a 100% ownership interest in
Ramey Environmental Compliance (REC) for a total consideration of
$4.2 million in cash.
Founded in 1997 by Wayne and Linda Ramey, and
headquartered in Frederick, Colorado, near Denver, REC operates and
maintains water and wastewater treatment facilities and provides
technical services throughout the Rocky Mountains and Eastern
Plains of Colorado. REC specializes in helping municipalities and
districts comply with environmental regulations and properly manage
their precious water resources through a variety of service
offerings.
REC currently services more than 100 water and wastewater
treatment customers. This acquisition provides a new channel for
PERC to expand its existing footprint into additional
water-stressed regions across Colorado. More than 22% of the
Western U.S. is experiencing drought conditions, with this up more
than 51% since October of last year, according to U.S. Drought
Monitor.
“Linda and I are excited to join the PERC/CWCO team and will
continue to provide award-winning service to our clients in the
mountains and Eastern Plains of Colorado as we have done for more
than 25 years,” stated REC president, Wayne Ramey. “Although we had
considered other options for REC, we were impressed with the
PERC/CWCO company culture which, like REC, promotes passion for
water treatment, excellent service to its customers and innovation.
It is really all about the people and the company culture, and we
believe that combining REC with PERC/CWCO was the best choice for
all of REC’s stakeholders and preserving our legacy for the
long-term.”
REC’s commitment to delivering superior water and wastewater
services has won numerous awards over the years, including national
recognition for excellence by the EPA. The company’s field staff is
professionally certified for the operation, maintenance, and
management of a wide variety of types and sizes of water,
wastewater and industrial wastewater treatment systems.
Consolidated Water president and CEO, Rick McTaggart, commented:
“REC has built a stellar reputation with numerous customers and
regulators across Colorado, and has assembled a professional staff
that we have come to believe is second to none. Like previous
successful transactions that we have completed over the years, we
expect that CWCO’s strong financial capabilities and incremental
management skills will enable REC to expand its business in this
water-stressed and growing area of the United States.”
PERC Water president, Nate Owen, added: “The combination of
PERC and REC further broadens our extensive water and wastewater
treatment plant operations expertise and market area in the western
United States and creates a channel for PERC to pursue design-build
projects in the growing Colorado market.
“Colorado’s population has grown at more than twice the rate of
the national average over the past decade and newly enacted
wastewater treatment regulations are creating design-build
opportunities for green field projects as well as necessitating
that existing wastewater treatment plants are upgraded to meet
stricter nutrient removal requirements. All of us at PERC look
forward to working with Wayne, Linda and their world-class staff.”
To learn more about REC, visit recinc.net.
Additional Transaction DetailsAdditional
details about the definitive stock purchase agreement are provided
in a Form 8-K, available at www.sec.gov and the Investors section
of Consolidated Water’s website at cwco.com.
About Ramey Environmental ComplianceRamey
Environmental Compliance (REC) is a Colorado based company that
offers award-winning service in the maintenance and operation of
water and wastewater facilities. REC services also include
consulting, equipment services and collection services. For more
information, visit recinc.net
About PERC Water CorporationBased in Fountain
Valley, California, PERC Water Corporation is an award-winning
innovative water infrastructure company that develops, designs,
builds, operates and manages water infrastructure throughout the
U.S. Established in 1998, its unique project approach results in
certainty of cost, schedule, and water quality for its clients.
PERC Water can uniquely provide such certainty at an early stage of
a project by leveraging its Customized Design Report (CDR™). Its
trademarked and award-winning designs allow for an efficient and
environmentally sensitive solution to water recycling. PERC Water
is a wholly owned subsidiary of Consolidated Water Co. Ltd. For
more information about PERC Water, visit percwater.com
About Consolidated Water Co. Ltd.Consolidated
Water Co. Ltd. develops and operates advanced water supply and
treatment plants and water distribution systems. The company
designs, builds and operates seawater desalination facilities in
the Cayman Islands, The Bahamas and the British Virgin Islands, and
designs, builds and operates water treatment and reuse facilities
in the United States. The company recently entered the U.S.
desalination market with a contract to design, build, operate and
maintain a seawater desalination plant in Hawaii.
The company also manufactures and services a wide range of
products and provides design, engineering, management, operating
and other services applicable to commercial and municipal water
production, supply and treatment, and industrial water and
wastewater treatment. For more information,
visit www.cwco.com.
Company Contact:David W. SasnettExecutive Vice
President and CFOTel (954) 509-8200Email ContactInvestor
Relations ContactRon Both or Grant StudeCMA Investor
RelationsTel (949) 432-7566Email ContactMedia & ESG
Contact:Tim RandallCMA Media RelationsTel (949)
432-7572Email Contact
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