Water Intelligence plc, a UK-based provider of non-invasive water leak detection and remediation services, has raised £12.5 million through an accelerated bookbuild.

According to Water Intelligence, the transaction included the placing of one million new ordinary shares to raise nearly £12.2 million and the placing of 25,000 new ordinary shares by exercising options to raise £0.3 million.

The water leak detection and remediation services provider claimed that the placing saw demand from existing institutional shareholders and new long only institutional investors.

RBC Europe (trading as RBC Capital Markets) is acting as lead bookrunner, while Dowgate Capital and WH Ireland are the joint bookrunners with respect to the placing.

Water Intelligence will use the proceeds mainly for the continued re-acquisition of four franchises of American Leak Detection (ALD) in the US. The deal is said to enable the firm to expedite its growth strategy of developing a one-stop-shop water infrastructure platform.

The water leak detection services provider could also use a part of the proceeds for carrying out bolt-on acquisitions and to fund additional training centres.

Dr. Patrick DeSouza — Water Intelligence Executive Chairman said: “We are pleased to announce the successful close of our oversubscribed capital raise which received significant demand from existing and new investors. We appreciate the continued support of our existing investors and are pleased to welcome new high quality institutional investors to our shareholder register.

“The proceeds will help us accelerate our ambitious growth strategy of building a leading multinational water infrastructure platform. Global market demand for water and wastewater infrastructure solutions is only growing and impacted by the realities of climate change.

“We look forward to taking a leadership role in providing solutions globally.”

  American Leak Detection, Dr. Patrick DeSouza, United Kingdom, Water Intelligence