BWS Acquires Consolidated Water Ltd. for $7 Million U.S.

The ink has dried on an agreement to purchase Consolidated Water (Belize), the sole water utility on Ambergris Caye.  The company has been bought by Belize Water Services Limited with a loan from the Caribbean Development Bank for seven million U.S. dollars.  That transaction was completed earlier today and the buyout will allow BWS to expand the production capacity by investing its own funds to meet the ever-growing demand for potable water on the island.  This morning, Chief Executive Officer Alvan Haynes discussed the acquisition of Consolidated Water, beginning with a Memorandum of Understanding which initiated the purchase.

Alvan Haynes

Alvan Haynes, C.E.O., Belize Water Services Ltd.

“It’s been a fairly long, drawn-out process that actually started several years ago when we inquired of Consolidated [Water (Belize) Limited] if they would consider selling.  About a year and a half ago, we reached the stage where we had a valuation done by an accounting firm, Ernst & Young, out of Barbados and then we progressed with getting CDB to approve a loan to us to do the purchase which finally culminated yesterday.  It’s been a fairly long drawn-out process because it’s fairly complicated and there were a number of partners involved, including, obviously, Consolidated Water Company out of Cayman, the parent company, ourselves, the Government of Belize, the Caribbean Development Bank and several consultants who had to provide information and do due diligence on our behalf.  But we are very happy that this is now complete, that basically BWS, as a Belizean-owned company, is now full owner of the company on San Pedro that produces the water and we already have quite a few plans in progress in terms of how to improve the water supply and distribution out in San Pedro.”