EcoWater is sold to New Hope firm
From staff reports
DOVER, Del. -- Water treatment firm EcoWater Systems of Rochester is back in private hands after two years as a subsidiary of a publicly held natural gas company from Delaware.
Chesapeake Utilities Inc. sold the assets and operations of the Rochester firm -- formally named Sharp Water of Minnesota Inc. -- to H Two O Acquisitions Inc. of New Hope, Minn. on June 30. Financial terms were not disclosed.
"We are proud to continue as an EcoWater dealership," said H Two O Acquisitions President Michael Murry in a written announcement.
The St. Paul-based EcoWater chain provides water conditioning equipment, such as water softeners, and other services.
Murry could not be contacted for further comment Wednesday or this morning.
The corporate change has not affected the firm's seven employees, manager Kim Schumacher said. EcoWater has been a long-standing business in Rochester. It is at 1204 N. Broadway.
Chesapeake had purchased Rochester EcoWater two years ago from former owner Donald J. Lee as part of a plan to diversify into the water treatment and conditioning industry.
However, last week, the Delaware utility said the sale of Rochester EcoWater and another Florida-based subsidiary in June marked the company's "first steps in the implementation of the company's plan to reassess its water services activities and take actions to improve returns from this business segment."
Chesapeake's Water business unit, lately has been posting "disappointing" financial results, chief executive officer John Schimkaitis said.