RNS9 Oct 2018 08:29
Tue, 9th Oct 2018 07:00
RNS Number : 3465D
Water Intelligence PLC
09 October 2018
Water Intelligence Plc
Reacquisition of Portland, Oregon Territory
Water Intelligence plc (the "Company" or the "Group"), a leading provider of minimally-invasive leak detection and remediation services for residential, commercial and municipal customers, is pleased to announce the reacquisition of the territories of Portland, Oregon and certain parts of Washington State (the "Portland Region") from a current franchise holder within the Group's American Leak Detection subsidiary ("ALD"). That franchise holder will remain in the ALD franchise system and continue to grow and pay royalties on its significant remaining operations in southern Oregon.
For full year 2017, the Portland Region generated approximately $1.05 million of revenue and $0.35 million of pre-tax profits. The Portland Region is on pace to exceed its 2017 numbers for both revenue and profits for full year 2018. The transaction is expected to be immediately accretive to earnings. Tangible assets acquired are approximately $0.2 million. The purchase price is $1.3 million in cash to be paid from existing resources.
Portland is one of the bigger cities in the northwest United States. As a strategic matter, the acquisition enables ALD corporate operations to set up a regional office to support the growth of its franchisees in the northwest United States. In doing so, ALD will now have corporate-operated locations across the United States: northeast, southeast, central, southwest and northwest. These regional centers help execute ALD's national business-to-business channels, such as insurance and property management, and reinforce national brand management.
The northwest region for ALD is also notable in
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