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Water Intelligence acquires new South Florida franchise
Leak detection and remediation services group Water Intelligence picked up another American Leak Detection franchise operation on Tuesday, shooting to solidify its foothold in the South Florida area as it firms up its plans for international expansion.
The South Florida operation, spanning from Miami to Key West, will be combined with American Leak Detection's "fast growing and highly profitable" corporate operation to the north in order to form "a significant regional operation in the Southeast US".
Water Intelligence plans to develop the combined regional operation to grow rapidly and capture a significant market using the expanded group presence to support its franchise business throughout the southeast of the United States while it plans for international expansion from Miami to the Caribbean and Mexico.
While the firm did not disclose the value of the transaction, it did note that consideration for the acquisition would be "paid out over a number of years".
Executive chairman, Patrick DeSouza, said, "This territory was under-exploited by our American Leak Detection franchise operation. Now we have the execution leadership of one of our strongest corporate managers who has already transformed the Ft Lauderdale / Miami operation."
"We see a lot of upside starting immediately. The location is also strategic for our international expansion which is one of our 2018-19 growth priorities," he added.
As of 1030 BST, Water Intelligence shares had dipped 2.06% to 268.36p.