Water Intelligence PLC on Thursday said it has acquired Shanahan Plumbing LLC as part of its growth plan.
Water Intelligence said that Shanahan Plumbing, a plumbing company with operations in both Connecticut and New York, was bought for £800,000 in cash.
In 2021, Shanahan Plumbing generated revenue of $1.9 million and pretax profit of $200,000.
The leak detection services firm said that the acquisitions builds on its ‘growing’ American leak detection operations.
Shanahan Plumbing will increase its range of solutions for its residential and business-to-business customers, it said, citing Water Intelligence’s 2021 PlumbRight Services Inc acquisition and its ‘success’ in Louisville, Kentucky.
Further, Water Intelligence said that in an inflationary environment, operating scale is ‘of even greater importance’.
Executive Chair Patrick DeSouza said: ‘After four strong corporate finance transactions over the last eighteen months, the group has the balance sheet to support our growth strategy. Today’s transaction puts capital to work in ways that not only reinforce our long-term strategy but also address short-run priorities for driving scale and operating efficiencies to offset inflationary pressures.’
Shares in Water Intelligence were down 0.3% to 708.00 pence each in London on Thursday morning.
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