15th May 2018 13:33
LONDON (Alliance News) - Leak detection company Water Intelligence PLC said on Tuesday it has acquired its American Leak Detection South Florida franchise, which covers operations from Miami to the Key West.
The franchise operation prior to acquisition was underperforming relative to the size of its population and opportunity, and Water Intelligence expects to combine the franchise with American Leak Detection's corporate operation that will cover the south east region of the US.
The company also plans to expand internationally to the Caribbean and Mexico, where extreme weather and poor infrastructure makes water leaks and remediation a big issue in those regions.
Payment for the acquisition will be made over a number of years.
"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 Fort Lauderdale and 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," said Executive Chairman Patrick DeSouza.
Shares in Water Intelligence were down 2.1% at 268.36 pence on Tuesday.
Related Shares:
Water Intel.