Business
Reacquisition of Maryland Franchise, New Executive
Reacquisition of Maryland Franchise, New Executive.
About this update from Water Intelligence Plc
[{"type":"text","content":"\n \n \n RNS Number : 1495T\n Water Intelligence PLC\n 16 July 2020\n \n \n \n \n \n \n \n \n \n \n Water Intelligence plc\n \n \n \n Reacquisition of Maryland Franchise\nAddition of Technology Executive to Group\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 the reacquisition of its franchise operation that encompasses the entire state of Maryland (\"Maryland\") within the Group's American Leak Detection subsidiary (\"ALD\"). \n \n \n Maryland is a significant reacquisition. As noted above, the franchise territory covers the entire state of Maryland which includes significant cities such as Baltimore, Bethesda, and Annapolis. The reacquisition enables the Group to add further scale to Water Intelligence, both operationally and financially. The acquisition is accretive to shareholder value and fuels the Group's long-term growth strategy that has produced strong returns in revenue and profits over the last five years. The Group has already indicated that, despite Covid-19, it is operating as an \"essential service provider\" and performance remains in-line with analyst expectations for 2020. \n \n \n In executing its growth plan, the Group plans to open a regional office in Baltimore to integrate various aspects of the Group's expansion, especially with respect to its proprietary product roadmap. In this context, the Group also announces the hiring of Silicon Valley veteran Daniel McDonald. Mr. McDonald, a graduate of Stanford University with both a bachelors and a masters degree in engineering and with significant professional experience in venture capital and product development, will head the Baltimore regional office and lead the Group's innovation push to address growing water infrastructure and green economy issues in the United States and around the world.\n \n \n Operationally, the Group continues to reinforce ALD's brand leadership across the United States. ALD operates in 46 states of the United States and generates over $125 million in annual sales to third parties from both franchise and corporate-operated locations under the same brand. The Northe...