Water Intelligence acquires Indianapolis franchise

Water Intelligence announced the acquisition of its Indianapolis, Indiana franchise on Wednesday.

The AIM-traded firm said its current franchise owner would be staying with the business to grow it faster with corporate support.

Indianapolis strengthened the corporate presence in the midwest of the United States, the board said, along with the prior acquisitions of Detroit in 2015 and Cincinnati in 2016.

In the year ended 31 December 2016, the Indianapolis franchise generated revenues of approximately $0.48m.

“We are excited by the Indianapolis opportunity,” said executive chairman Patrick DeSouza.

“The business is a solid performer now but can grow much faster with additional working capital.”

Continuity with the franchise owner strengthened its management team, DeSouza said.

“Strategically, Indianapolis - together with corporate operations in Detroit and Cincinnati - adds critical mass for helping our franchisees grow throughout the midwest United States.

“Moreover, Indianapolis's proximity to Chicago enables us to plan for efficiently executing a significant growth opportunity.”