Middlesex Water Subsidiary Finalizes Pinewood Acres Water System Acquisition
Middlesex Water (NASDAQ: MSEX) subsidiary Tidewater Utilities completed the acquisition of the Pinewood Acres water system serving 360 customers in Delaware on Jan. 30, 2026.
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Rhea-AI Summary
Middlesex Water (NASDAQ: MSEX) subsidiary Tidewater Utilities completed the acquisition of the Pinewood Acres water system serving 360 customers in Delaware on Jan. 30, 2026.
The Delaware Public Service Commission approved TUI as the new owner and operator. TUI plans mailed customer communications, expanded customer service options, and ongoing regulatory oversight; resources are available at www.TUIWater.com.
Positive
- 360 customers added through the Pinewood Acres system acquisition
- Acquisition approved by Delaware Public Service Commission, enabling ownership transfer
- Established operator (Tidewater Utilities) brings regulatory experience and customer-service infrastructure
Negative
- Transition requires operational resources and coordination, risking short-term service or administrative burdens
Details
News Market Reaction – MSEX
On Feb 2, the first trading day after this news, MSEX closed 0.84% below the previous close.
Data tracked by StockTitan Argus for the Feb 2 session.
Key Figures
- Pinewood Acres customers
- 360 customers
- Water system assets acquired by Tidewater Utilities
- Ocean View customers
- 900 customers
- Ocean View water system served by TUI since 2008
- Ocean View purchase price
- $4.6 million
- Consideration for Ocean View water system acquisition
- Nine‑month revenue
- $147.715 million
- First nine months of 2025, up from $144.770 million
- Year‑to‑date capex
- $71.642 million
- Capital program through Q3 2025
- ATM net proceeds Q3
- $16.7 million
- Raised via 316,786 shares issued under ATM in Q3 2025
- Shares issued under ATM
- 316,786 shares
- Equity issuance in Q3 2025
- Tidewater rate increase
- $5.5 million
- Annual revenue increase at Tidewater effective July 3, 2025
Previous Acquisition Reports
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Tidewater Utilities bought Ocean View system for $4.6M, adding ~900 customers.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
Delaware Public Service Commission regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
ISELIN, N.J., Jan. 30, 2026 (GLOBE NEWSWIRE) -- Middlesex Water Company (NASDAQ: MSEX) today announced that its subsidiary, Tidewater Utilities, Inc. (TUI), has completed the acquisition of the water system assets serving 360 customers in Pinewood Acres in Delaware.
“We are pleased to welcome Pinewood Acres residents into the Tidewater family,” said Bruce E. Patrick, President of TUI. “A smooth and transparent transition for our new Pinewood Acres customers is our top priority. Our team remains dedicated to delivering safe and reliable water service and to continue our long tradition of being strong partners to the communities we serve.”
Approval for the acquisition was granted by the Delaware Public Service Commission, authorizing TUI to become the owner and operator of the Pinewood Acres water utility assets.
“Partnering with Tidewater Utilities allows Pinewood Acres residents to enjoy the continued reliability and long-term performance of the water system with the benefit of consistent regulatory oversight, expanded customer service options, and the expertise of a long-standing Delaware water provider,” said Pinewood Acres Management. “We are confident this transition will help support the community’s long-term water needs.”
Pinewood Acres customers will receive additional information from TUI by mail in the coming weeks. Resources and updates will also be available at www.TUIWater.com.
About Tidewater Utilities, Inc.
Tidewater Utilities, Inc. (“Tidewater”), a wholly owned subsidiary of Middlesex Water Company, is celebrating over 60 years of service to Delawareans. Tidewater is the largest private water supplier south of the Chesapeake & Delaware Canal, operating 172 active wells and 85 water treatment facilities serving approximately 62,000 customers across more than 480 communities in New Castle, Kent, and Sussex counties.
About Middlesex Water Company
Middlesex Water Company (“Middlesex”) (NASDAQ: MSEX) is one of the nation’s leading investor-owned water and wastewater utilities. Founded in 1897, Middlesex provides essential water and wastewater services to more than half a million people in New Jersey and Delaware. The company is committed to operational excellence, superior customer experience, responsible infrastructure investment, and sustainable, strategic growth.
Media Contact:
Brian Hague, Vice President of Communications & Corporate Affairs
bhauge@middlesexwater.com
(732) 638-7549
FAQ
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