Water Intelligence PLC Reacquisition of Fort Worth Franchise (9302Y)
19 Janvier 2022 - 8:00AM
UK Regulatory
TIDMWATR
RNS Number : 9302Y
Water Intelligence PLC
19 January 2022
Water Intelligence plc
("Water Intelligence" or "Group")
Reacquisition of Fort Worth Franchise
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 commence its 2022
growth plan with the reacquisition of its franchise in Fort Worth,
Texas ("Acquisition") within the Group's American Leak Detection
("ALD") subsidiary.
The Fort Worth reacquisition is a significant transaction in
terms of the size of its current business operations, the
territory's future growth trajectory and ALD's overall corporate
strategy of creating regional hubs to enhance operational scale.
The transaction will be earnings accretive for Water Intelligence
shareholders.
Key terms of the Acquisition
The purchase price of $7.7 million in cash will be paid over
three years and includes all assets required to conduct operations,
including trucks and equipment. The purchase price is based on 2021
pro forma of $3.6 million in revenue and $1.2 million in profit
before tax. The territory had $1.1 million in gross assets as of 31
December 2021.
Strategic rationale for the Acquisition
The Fort Worth operation is fast-growing and expected to
accelerate further by adding new service locations in north and
west Texas during 2022. Moreover, today's Acquisition reinforces
the Group's strategy of establishing regional corporate hubs in the
US that have scale to fuel growth in nearby corporate and franchise
locations. Operations in the centrally-located Dallas-Fort Worth
metro area can bridge major corporate locations in New Orleans to
the southeast and Phoenix/Tucson to the southwest, as well as
franchise locations in-between. Due to its location, the plan for
the Fort Worth hub is to establish a training center to add a
significant number of trained technicians for locations throughout
the southern part of the United States. As a result of strong
demand for water infrastructure solutions, the Group is
experiencing growth in all ALD locations. As noted in the
communication regarding December's reacquisition of its Southern
Oregon franchise, ALD has already started a new regional training
center in Seattle to meet demand for trained technicians in the
northwest part of the United States.
As a result of the transaction, the Group's management team will
also be strengthened with the lead manager of the operation, Leslie
Campbell, joining the Group's management team as Executive Vice
President of Operations and Managing Director of the South Region
for American Leak Detection. Leslie has already contributed
significantly to ALD Operations in helping lead the Salesforce.com
implementation during 2021.
Executive Chairman, Dr. Patrick DeSouza commented: "I am very
pleased with today's reacquisition which launches our 2022 growth
plan with confidence. We are gaining a skilled and ambitious
operating team and deepening our leadership group. Given strong
market demand for our water and waste water solutions, irrespective
of Covid-19, we will continue to aim high and deliver results for
all stakeholders. We have a great opportunity ahead of us for 2022
to accelerate our already fast pace of growth and establish our
leadership across our operating geographies - US, UK, Australia and
Canada - with minimally-invasive infrastructure solutions that
preserve the world's most precious resource."
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
RBC Capital Markets - Joint Broker Tel: +44 (0)20 7653 4000
Jill Li
Elizabeth Evans
WH Ireland Limited - NOMAD & Joint Tel: +44 (0)20 7220 1666
Broker
Adrian Hadden
Ben Good
Tel: +44 (0)20 3903 7715
Dowgate Capital Ltd - Joint Broker
Stephen Norcross
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END
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