Centrica enhances water offering with £13m purchase
Centrica’s acquisition of UK-based water leak detection specialist FlowGem Limited earlier this week raises the question of how the company will look to position itself ahead of the introduction of greater competition in the English water market.
The company – which counts multi-utilities British Gas and Scottish Gas among its subsidiaries – already owns Dyno, which provides emergency drain unblocking and repair services. The addition of FlowGen will add leak detection capabilities to Centrica’s existing home services portfolio both in the UK and in North America, as it seeks to bolster its ‘Connected Home’ offering as part of a £500 million investment programme.
FlowGem – known as Crowdlytics until January this year – specialises in the remote detection of household water leaks at micro-flow rates, and the £13 million valuation is particularly eyecatching, given that the company was only founded in 2014.