Water Intelligence PLC Acquisition of Plumbing Company (1090P)
16 Juin 2022 - 08:00AM
UK Regulatory (RNS & others)
TIDMWATR
RNS Number : 1090P
Water Intelligence PLC
16 June 2022
Water Intelligence plc
("Water Intelligence" or "Group")
Acquisition of Connecticut and New York Plumbing Company
Water Intelligence plc (AIM: WATR.L), a leading multinational
provider of precision, minimally-invasive leak detection and
remediation solutions for both potable and non-potable water is
pleased to advance its 2022 growth plan with the acquisition of
Shanahan Plumbing LLC, a plumbing company with operations in both
Connecticut and New York ("Acquisition").
Strategy : The Acquisition builds upon the Group's growing
American Leak Detection ("ALD") operations in Connecticut and New
York in two ways. First, the Group's growth strategy includes
increasing its range of solutions for its residential and B2B
customers, such as insurance companies and property developers,
from minimally-invasive water leak detection to repair. The Group's
success with its 2021 PlumbRight acquisition to expand its
Louisville, Kentucky ALD operation provides an operating roadmap
for today's transaction. Second, in an inflationary environment,
operating scale is of even greater importance. While most of ALD's
150+ locations have been hiring plumbers incrementally to staff
more repair jobs, today's acquisition enables the Group to scale
faster. Combined with the Group's Salesforce CRM capabilities for
scheduling and dispatch efficiency, vertical integration with
plumbing operations allows ALD to reach a wider breadth of
customers with an increased range of solutions.
Terms : The purchase price of $0.8 million in cash includes all
assets required to conduct operations, including trucks, equipment
and licenses. The purchase price is based on Shanahan Plumbing's
2021 Statement of Income of $1.9 million in revenue and $0.2
million in adjusted profit before tax.
Executive Chairman, Dr. Patrick DeSouza commented: "As noted in
our recent communication regarding the Group's 2021 results, our
2022 outlook includes continuing to execute on corporate
development opportunities. After four strong corporate finance
transactions over the last eighteen months, the Group has the
balance sheet to support our growth strategy. Today's transaction
puts capital to work in ways that not only reinforce our long-term
strategy but also address short-run priorities for driving scale
and operating efficiencies to offset inflationary pressures. Given
strong market demand for our water and wastewater infrastructure
solutions, we will continue to execute our business plan."
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
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
Daniel Saveski
WH Ireland Limited - NOMAD & Joint Broker Tel: +44 (0)20 7220 1666
Chris Hardie
Ben Good
Dowgate Capital Ltd - Joint Broker Tel: +44 (0)20 3903 7715
Stephen Norcross
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQFFMATMTMBMFT
(END) Dow Jones Newswires
June 16, 2022 02:00 ET (06:00 GMT)
Water Intelligence (LSE:WATR)
Graphique Historique de l'Action
De Nov 2023 à Déc 2023
Water Intelligence (LSE:WATR)
Graphique Historique de l'Action
De Déc 2022 à Déc 2023