Acquisition of Indianapolis Franchise

RNS Number : 3348H

Water Intelligence PLC

07 June 2017

 

Acquisition of Indianapolis Franchise

Water Intelligence plc (the "Company") is pleased to announce the acquisition of its Indianapolis, Indiana franchise.   The current franchise owner will be staying with the business to grow it faster with corporate support.  Indianapolis strengthens corporate presence in the midwest of the United States along with prior acquisitions of Detroit (2015) and Cincinnati (2016).  In the year ended 31 December 2016, the Indianapolis franchise generated revenues of approximately $480,000.

Executive Chairman, Patrick DeSouza commented: 

"We are excited by the Indianapolis opportunity.  The business is a solid performer now but can grow much faster with additional working capital.  Continuity with our franchise owner strengthens our management team. Strategically, Indianapolis, together with corporate operations in Detroit and Cincinnati, adds critical mass for helping our franchisees grow throughout the midwest United States.  Moreover, Indianapolis's proximity to Chicago enables us to plan for efficiently executing a significant growth opportunity."

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this announcement.

Enquiries:  

Water Intelligence plc            Patrick DeSouza, Executive Chairman	Tel: [phone]
finnCap Ltd Adrian Hargrave / Giles Rolls, corporate finance Stephen Norcross, corporate broking	Tel: [phone]

 

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