Business
Acquisitions, Appointment of Chief People Officer
Acquisitions, Appointment of Chief People Officer.
About this update from Water Intelligence Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5029A\n Water Intelligence PLC\n 02 June 2021\n \n \n \n \n Water Intelligence plc\n \n \n Acquisitions \n \n \n Appointment of Chief People Officer\n \n \n Notice of Accounts Release\n \n \n Water Intelligence plc (AIM: WATR.L) (\"Water Intelligence\" or \"Group\"), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water \n is pleased to announce two transactions: Reacquisition of its American Leak Detection (\"ALD\") franchise in Reno, Nevada and acquisition of PlumbRight Services, Inc., a Kentucky corporation. In addition, the Group is pleased to announce the appointment of a Chief People Officer with significant industry experience to help manage the Group's accelerated growth plan. \n \n \n The Group continues to build on its exceptional growth momentum. Both acquisitions are immediately accretive and will contribute to sales and profit growth for 2H and beyond. In both cases, the leadership of the acquired companies will be joining the Group thus also adding to execution capabilities. \n \n \n The reacquisition of Reno, Nevada strengthens corporate presence in the western part of the United States and links its ALD innovation centers in Silicon Valley and Seattle. The owner of the ALD franchise in Reno has been an early adopter by testing new technologies for the Group, such as its proprietary sewer diagnostic tool, and by reselling cutting-edge water monitoring devices such as that produced by FloMoen. The purchase price of $0.25 million is based on $0.25 million of sales during 2020. It is believed that strong growth will occur in this location with additional corporate working capital and the end of Covid restrictions. During 2020 Reno has suffered from extreme economic disruptions produced during lock-down because of its significant casino presence. \n \n \n The acquisition of PlumbRight Services, extends the plumbing services capabilities of the Group's fast-growing, multimillion dollar Louisville, Kentucky location. The PlumbRight team will enable the Louisville office to take on larger scale repair jobs as follow-through sales beyond current pinpoint leak detection solutions for its existing business and municipal customers. The purchase price of $0.7 million is based...