Water Intelligence targets significant expansion following Florida acquisition

Leak detection and remediation services firm Water Intelligence announced on Tuesday that it has acquired an American Leak Detection South Florida franchise.

The AIM-traded company’s newly acquired operation spans from the southern counties of Miami to Key West and will be combined with a "fast growing and highly profitable" operation immediately to the north.

In a statement, Water Intelligence summed up the acquired franchise as "underperforming", particularly with respect to the group's insurance channel, but said that seizing the regional opportunity would allow for the capture of a "significant" market.

Executive Chairman, Patrick DeSouza commented: "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."

The company intends to use the new combined operations as a base from which to expand internationally into the Caribbean and Mexico.

Extreme weather make water leaks and remediation more prevalent issues in these nations.

As of 1609 BST, Water Intelligence’s shares were up 1.09% at 277.00p.