Water Intelligence expands US portfolio with two acquisitions
By Iain Gilbert
Date: Wednesday 02 Jun 2021
(Sharecast News) - Leak detection and remediation solutions provider Water Intelligence said on Wednesday that it has expanded its offering with the addition of two businesses.
Water Intelligence said it had reacquired the American Leak Detection franchise in Reno, Nevada for $250,000, strengthening its corporate presence in the western part of the United States and linking its ALD innovation centres in Silicon Valley and Seattle.
The AIM-listed group also acquired Kentucky-based business PlumbRight Services for a total of $700,000, extending the plumbing services capabilities of the firm's "fast-growing, multimillion-dollar" Louisville location.
Chairman Dr Patrick DeSouza said: "We are pleased with today's series of announcements. We plan to finish 1H in very strong fashion. 1Q results were very strong marked by organic growth and two acquisitions - one franchise and a technology asset transaction.
"We are now completing 2H executing the same formula for success. Today's acquisitions will fuel growth. We are also adding an important set of skills to our management team as we execute our growth plan."
As of 0850 BST, Water Intelligence shares were up 3.95% at 868.0p.
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