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Water Intelligence reacquires Seattle franchise of American Leak Detection subsidiary
StockMarketWire.com
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Water Intelligence has reacquired the Seattle franchise of its American Leak Detection subsidiary for $5.5 million as the firm continues to grow business segments and create efficiencies.
The company will pay $5 million based on 2020 performance and another $500,000 based on higher financial performance through year-end 2022, which is subject to clawback. The group paid $4 million at closing and will pay the remainder through January 2023.
The reacquisition is the largest franchise reacquisition to date and, combined with the December reacquisitions of New Orleans, Louisiana and Melbourne, Florida creates significant momentum for accelerating growth in 2021.
For 2020, Seattle reached approximately $2.7 million in revenue and $0.8 million in profits before tax adjusted.
Executive chairman, Dr. Patrick DeSouza said the reacquisition of the Seattle franchise is a cornerstone location for the growth plan and will reinforce Water Intelligence's technology leadership for the Green Economy.
The reacquisition follows a strong Q4 for the group that also saw two insurance company wins and an oversubscribed capital raise.
At 8:32am: (LON:WATR) Water Intelligence PLC share price was 0p at 495p
Story provided by StockMarketWire.com
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