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Water Intelligence PLC on Monday announced the reacquisition of its franchise in West Covina, California within its American leak detection subsidiary. The London-based leak detection services company said it will pay $1.5 million. It explained that the purchase price is based on the trailing twelve months pro forma of $1.3 million in revenue and $300,000 in pretax profit, as well as total assets of $200,000. West Covina is a suburb located near Los Angeles. ‘The operation is growing and expected to accelerate its trajectory because of anticipated synergies with neighbouring operations,’ Water Intelligence noted. The company said the acquisition reinforces its strategy of establishing regional corporate hubs in the US that fuel growth in adjacent corporate and franchise locations. Chair Patrick DeSouza commented: ‘Most importantly, it is an accretive transaction with plenty of scope for additional growth. Moreover, the West Covina operation enables various synergies given its strategic location in southern California near various franchise and corporate locations, as well as its capability to help deliver on our product strategy given its proximity to our manufacturing partner.’ Shares in Water Intelligence were down 0.1% to 438.00 pence each in London on Monday around midday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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