Indiana American Water acquires Claypool water system
Greenwood-based Indiana American Water has acquired the water system of a Kosciuscko County town, the utility announced Tuesday. The deal for the Claypool water system is valued at $700,000 and adds about 150 residents to Indiana American Water’s customer base.
The utility said the deal was approved last month by the Indiana Utility Regulatory Commission and closed on Tuesday.
IAW President Matt Prine said the utility already provides water service to several nearby communities, making Claypool a good fit.
“The acquisition of this system will help hold future rates down for Claypool customers as needed investments are made and also provides access to operations and capital management water professionals and a number of customer service options and payment methods,” Prine said in written remarks.
The Times Union in Warsaw reported in February 2020 that the town was considering selling its water utility to IAW. Town Council President Benny Stage said keeping the water system as a standalone entity would have been difficult for the town to maintain.
“The business of providing water is getting more complicated every day, especially for smaller systems like ours that struggle with evolving regulatory issues and not having the scale to gain efficiencies in our operations,” said Stage. “The sale will also facilitate much needed improvements to the system and allow us to focus on other community needs.”
The deal brings IAW’s customer base to more than 400 residents. The utility did not specify if any jobs would be affected by the acquisition.