California Water Service Group (NYSE:CWT) said its subsidiary, Hawaii Water Service, announced an agreement Monday to acquire Kapalua Water Company and Kapalua Waste Treatment Company.
Maui Land and Pineapple Company, through its two subsidiaries, Kapalua Water Company and Kapalua Waste Treatment Company, owns and operates the potable water, non-potable water and wastewater systems that serve homes, hotels, condominiums, golf courses, restaurants, and other resort amenities located within the Kapalua resort on the northwest corner of Maui.
Hawaii Water will also serve the expansion areas of Kapalua as they are developed by the Maui Land and Pineapple Company.
Said CEO Martin Kropelnicki, "One thing that makes this such a good fit is that we share Kapalua’s world class commitment to its visitors and residents. Our purpose as a company is to improve the quality of life for those we serve, and I look forward to welcoming the Kapalua ’ohana to our company," he said.
Hawaii Water provides water and/or wastewater service to over 4,500 service connections at Ka’anapali (Maui), Kukio and Waikoloa (Big Island) resorts, and in Waikoloa Village (Big Island), and Pukalani (Maui)
Shares in parent CTW gained seven cents to $50.42
