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Nov. 11, 2024

Under 6th-generation leadership, Bevin Bros. Manufacturing returns to profitability, has ambitious plan to triple in size

Harriet Jones

“I call this career 3.0 for me,” laughs Cici Bevin, the new president of her family’s storied manufacturing company Bevin Bros. Manufacturing.

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Do you think the sale of Aquarion to a nonprofit, public entity will lower costs for consumers?
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Eversource-owned Aquarion Water Co., which supplies water to 59 Connecticut municipalities, is set to be acquired by a nonprofit, quasi-public entity that will share resources with the South Central Regional Water Authority (RWA) in New Haven.

The $2.4 billion deal is expected to close by the end of 2025, pending approval from the Public Utilities Regulatory Authority.

The new owner, Aquarion Water Authority, will share executive leadership with the RWA, but will operate as a separate entity.

Critics say the acquisition is a leveraged buyout that could lead to rate increases and lost tax revenue for municipalities in which Aquarion currently pays property taxes.

However, an RWA executive says the not-for-profit model will enable AWA to access tax-exempt debt, mitigating the costs of capital expenditures and rate increases.

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