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Water Intelligence Acquires South Florida Franchise
Thursday 17 May 2018

17 May 2018 - UK-based leak detection and remediation services provider Water Intelligence plc (LSE: WATR) has acquired its American Leak Detection South Florida franchise, the group said.

The South Florida operation spans from the southern counties of Miami to Key West.

It will be combined with American Leak Detection's fast growing and highly profitable corporate operation which is located immediately to the north, spanning Ft. Lauderdale and Miami, in order to form a significant regional operation in the Southeast US.
 
Water Intelligence said the former franchise operation was underperforming relative to the size of its population and opportunity, especially with respect to the Group's insurance channel.

The group plans to develop the combined regional operation to grow rapidly and capture a significant market; use the expanded Group presence to support its franchise business throughout the southeast of the United States; and plan for international expansion from Miami to the Caribbean and Mexico where extreme weather and poor infrastructure make water leaks and remediation a significant issue.
 
Consideration for the acquisition will be paid out over a number of years.

Sales for operation were approximately USD 285,000 for 2017. The group will be retaining some of the personnel and assets to help execute the Group's plan.
Details
Date Published: 17/05/2018
Target: American Leak Detection South Florida franchise
Country: USA
Sector: Construction/Real Estate
Type: Corporate acquisition
Financing:
Status: Closed
Vendor:
Buyer: Water Intelligence
Comment:
Terms of the deal were not disclosed

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