Indiana American Water President Matt Prine today announced the company’s acquisition of the Lowell water system in northwest Indiana. The purchase of the system adds approximately 4,000 water customers to the company’s customer base, which represents a population of nearly 11,000 residents.
“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 Lowell acquisition marks the largest acquisition by Indiana American Water in more than two decades. The company provides water service to approximately one in five residents across the state and owns and/or operates more than 35 water and wastewater systems in Indiana.
According to Lowell Town Council President Todd Angerman, “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. The acquisition will also help us to meet future growth in the area and provide the resources to focus on other community needs.”
The acquisition of the Lowell water system for $24.5 million was approved by the Indiana Utility Regulatory Commission on December 22, 2021 and closed by Indiana American Water and the Town of Lowell on December 28, 2021.