Headquartered in Fountain Valley, California, PERC is a water infrastructure company that designs, builds, and operates water and wastewater infrastructure throughout the Western U.S.
WD News: Consolidated Water Co. Ltd. has exercised its option to purchase the remaining 39% equity ownership in its subsidiary, PERC Water Corporation (PERC), for approximately $7.8 million, comprising $2.44 million in cash and 368,383 shares of common stock valued at approximately $5.36 million.
Headquartered in Fountain Valley, California, PERC is a water infrastructure company that designs, builds, and operates water and wastewater infrastructure throughout the Western U.S. As a result of the transaction completed on January 4, 2023, Consolidated Water became the 100% owner of PERC.
PERC generated revenues of approximately $17.8 million in the first nine months of 2022, compared to $13.4 million for the full year of 2021. In the third quarter of 2022, Consolidated Water’s services segment revenue grew by $5.5 million due primarily to PERC’s ongoing construction of an $82 million advanced water treatment plant in Goodyear, Arizona. In October 2022, PERC was awarded an expanded 10-year, $49.2 million contract to operate and maintain two advanced water treatment facilities in Southern California.
“Since we acquired a controlling interest in PERC in the fourth quarter of 2019, we have strengthened its capabilities and resources, resulting in financial performance that has exceeded our expectations for this subsidiary,” stated Rick McTaggart, President and CEO of Consolidated Water.
“Completing this transaction supports our plans for expanding PERC’s presence in the Western U.S., a region that urgently needs new fresh water sources due to unprecedented drought conditions,” added McTaggart.
Source: Consolidated Water Co. Ltd.
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