Greenwood-based Indiana American Water has acquired the Lowell water system in northwest Indiana. The company says the $24.5 million acquisition is its largest in more than two decades and will add about 11,000 residents to its customer base.
Indiana American Water President Matt Prine says the deal will benefit residents in the Lake County town.
“The acquisition of this system will help hold future rates down for Lowell customers as needed investments are made and also provide access to operations and capital management water professionals and a number of customer service options and payment methods,” said Prine. “Indiana American Water already provides water service to several nearby communities, so this is a good fit for us and a continuation of our efforts to expand our presence across Indiana.”
The acquisition was approved by the Indiana Utility Regulatory Commission earlier this month.
“Lowell customers will benefit from Indiana American Water’s experience and expertise and the company’s large customer base across the state will provide much greater economies of scale and future rate stability by keeping water rates lower than they would have been as a small stand-alone system,” said Lowell Town Council President Todd Angerman. “The acquisition will also help us to meet future growth in the area and provide the resources to focus on other community needs.”
The company says it provides water service to about one in five Indiana residents and operates more than 35 water and wastewater systems throughout the state.