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Water Intelligence (WATR)

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Tuesday 15 May, 2018

Water Intelligence

Acquisition of South Florida Franchise

RNS Number : 0490O
Water Intelligence PLC
15 May 2018
 

 

Water Intelligence Plc

 

Acquisition of South Florida Franchise

Water Intelligence plc (the "Group"), a leading provider of non-invasive leak detection and remediation services, is pleased to announce the acquisition of its American Leak Detection South Florida franchise. The South Florida operation spans from the southern counties of Miami to Key West. It will be combined with American Leak Detection's fast growing and highly profitable corporate operation which is located immediately to the north, spanning Ft. Lauderdale and Miami, in order to form a significant regional operation in the Southeast US. 

 

The former franchise operation was underperforming relative to the size of its population and opportunity, especially with respect to the Group's insurance channel.  The Group plans to develop the combined regional operation to (i) grow rapidly and capture a significant market; (ii) use the expanded Group presence to support its franchise business throughout the southeast of the United States; and (iii) plan for international expansion from Miami to the Caribbean and Mexico where extreme weather and poor infrastructure make water leaks and remediation a significant issue.

 

Consideration for the acquisition will be paid out over a number of years. Sales for operation were approximately $285,000 for 2017. The Group will be retaining some of the personnel and assets to help execute the Group's plan.

 

Executive Chairman, Patrick DeSouza commented: 

 

"We are excited by the South Florida opportunity. This territory was under-exploited by our American Leak Detection franchise operation. Now we have the execution leadership of one of our strongest corporate managers who has already transformed the Ft. Lauderdale / Miami operation.  We see a lot of upside starting immediately. The location is also strategic for our international expansion which is one of our 2018-19 growth priorities."

 

 

Enquiries:  

Water Intelligence plc           

Patrick DeSouza, Executive Chairman

         

Tel: +1 203 654 5426

 

finnCap Ltd

Adrian Hargrave / Giles Rolls / Max Bullen-Smith, corporate finance

Stephen Norcross, corporate broking

 

Tel: +44 (0) 207 220 0500





 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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