Water Intelligence PLC Acquisition of UK-based Wat-er-save Services Ltd (8176Q)
01 Novembre 2021 - 8:00AM
UK Regulatory
TIDMWATR
RNS Number : 8176Q
Water Intelligence PLC
01 November 2021
Water Intelligence plc
Acquisition of UK-based Wat-er-save Services Limited
Water Intelligence plc (AIM: WATR.L) ("Water Intelligence" or
"Group"), a leading multinational provider of precision,
minimally-invasive leak detection and remediation solutions for
both potable and non-potable water is pleased to announce the
completion of the acquisition of Wat-er-save Services Limited
("WS"), a UK provider of leak detection, repair and water
infrastructure services to UK commercial customers including
universities and leisure resorts. WS is based in Dorchester,
Dorset. The transaction is operationally strategic and earnings
accretive for Water Intelligence shareholders.
The acquisition was led by the Group's UK-based Water
Intelligence International ("WII"). WII is fast growing and
providing water and wastewater solutions to UK-based utilities such
as Thames Water. Importantly, WII is leading the Group's efforts to
provide residential, commercial and municipal customers with an
end-to-end suite of water infrastructure solutions for all size
pipes. It already has several years of experience integrating the
Group's residential and commercial offerings in the U.S. and
Australia from its core American Leak Detection business with key
municipal customers such as Flint, Michigan Water Authority and
Sydney Water respectively.
Strategically, today's acquisition provides the Group with a
more substantial sales footprint in the UK. It accelerates the
Group's 2022 growth target in the UK as WII draws on its execution
experience to provide a broader suite of solutions to residential,
commercial and municipal customers in the UK.
Financially, despite Covid-related restrictions, WS executed
approximately GBP0.95 million of sales and GBP0.25 million of
profit before tax for the year-ended 30 June 2021. WS's net assets
were GBP0.4 million as at 30 June 2021. The purchase price is
GBP0.7 million on a cash-free, debt-free basis. The transaction has
an effective date of 1 July 2021 (the "Effective Date") with Water
Intelligence International integrating operations since then and
providing subcontracted leak detection services to customers of WS.
Completion last week reconciled all adjustments. During this
period, the combined execution shows the ability to unlock
operating synergies and, expand sales and improve profit margins
from the acquired WS business. From the Effective Date through to
Completion, WS already executed approximately GBP0.3 million in
revenue and GBP0.1 million in profits.
The Group is pleased both with the accretive nature of the
transaction and the growth opportunity in the UK with broader
market capture expected in 2022.
Commenting on the acquisition, Executive Chairman, Dr. Patrick
DeSouza remarked: "We are accelerating our growth plan as demand
for water infrastructure services is only increasing all around the
world. We are especially pleased to have the opportunity to grow
our UK operation much further by adding a profitable base of new
and complementary customers and a strong operating team."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Enquiries :
Water Intelligence plc
Patrick DeSouza, Executive Chairman Tel: +1 203 654 5426
Tel: +44 (0) 207 653 4000
RBC Capital Markets - Joint Broker
Jill Li
Elizabeth Evans
WH Ireland Limited - NOMAD & Joint Tel: +44 (0) 207 220 1666
Broker
Adrian Hadden
Dowgate Capital Ltd - Joint Broker Tel: +44 (0) 3903 7721
Stephen Norcross
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END
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