AquaVenture targets acquisitions as shares slip
Published August 10th, 2017
After successfully closing on its first post-IPO acquisitions, water-as-a-service company AquaVenture has announced that it will use up to a third of the proceeds from a new $150 million four-year loan to fund additional transactions by the end of 2017.
In an earnings call this week, AquaVenture announced the purchase of Pure Water Innovations and Quench Water Canada – which both expand the company’s point-of-use asset base – and reported second quarter revenues of $29.9 million, up 5.8% on last year.
Although AquaVenture’s share price has dropped from $21.95 to $15.39 since going public in October 2016, CEO Doug Brown maintained that the company is on track to meet its financial goals.
“We’re a little disappointed with the performance of the stock price, but our long-term view is that as long as we do our jobs and deliver results, then the stock price will take care of itself,” Brown confided to GWI.