London/Sydney, 20 May 2015
Waterlogic has entered into an agreement under which Waterlogic’s Australian subsidiary has purchased Unlimited Water Pty Ltd (“Unlimited Water”) for an undisclosed amount.
Unlimited Water is an Australian water cooler business which has been built organically by the original owners since founding the business in 1997.
This newly formed organisation now creates a credible rival to the major bottled water corporations that dominate the Australian water cooler industry. Unlimited Water adds c. 8,400 POU water coolers to Waterlogic’s existing Australian operations, and significantly strengthens its footprint in Melbourne and Sydney. Unlimited Water will over time be re-branded to Waterlogic, and existing customers of Unlimited Water will be given the option to upgrade to a high-quality Waterlogic machine.
Peter Cohen, Chief Executive, Waterlogic Commercial, commented: “This acquisition is a perfect addition to our already established business further enhancing our Australian presence. The Australian market, like elsewhere in the world is seeing a transition from traditional bottled water coolers to our more modern mains-fed solution which filters and purifies mains water. We see continuing growth opportunities by offering to Australian customers our wider range of products and services and especially further introducing dispensers featuring our highly innovative Firewall UV water purification technology. We look forward to offering Australian organisations water coolers that are; more environmentally friendly, cost effective, better tasting and quite frankly superior to other alternatives.”
Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor. The acquisition of Unlimited Water is the third manifestation of the company’s buy-and-build strategy and follows the acquisition of Just Water International’s Australian business in April 2015 and Castik’s acquisition of Angel Springs, the UK distributor of bottled and point-of-use water coolers, in December 2014. Castik Capital believes that this buy-and-build strategy in a fragmented market, coupled with tenacious organic growth in an industry characterised by attractive growth and recurring revenues, can create significant value by forming a globally leading water cooler company in the forthcoming years.
Notes to editors:
Waterlogic is a leading designer, manufacturer, distributor and operator of mains attached point-of-use (“POU”) drinking water purification and dispensing systems designed for environments such as offices, factories, hospitals, hotels, schools, restaurants and other workplaces. Founded in 1992, Waterlogic was one of the first companies to introduce POU systems to Europe and has been a leader in the POU market in terms of product design and quality, the application of new technologies and in sales and service. Waterlogic has an extensive and expanding independent global distribution network in place, reaching over 50 countries around the world.
Waterlogic products are currently being distributed in North and South America, Europe, Asia, Australia and South Africa. Waterlogic’s leading markets are the USA, Australia and Western Europe, in particular Scandinavia, Germany and France.
Of the 2.1 million new POU and bottled water installations in the commercial market in the USA and Europe between 2005 and 2012, approximately 77% incorporated POU technology, of which approximately 29% were Waterlogic products.
Castik Capital S.à.r.l (“Castik Capital”) manages investments in private equity. Castik Capital is a European multi-strategy investment manager, acquiring significant ownership positions in European private and public companies, where long-term value can be generated through active partnerships with management teams.
Castik has an investment horizon of up to ten years – longer than most other private equity funds. This enables Castik to focus resources on its portfolio companies and ensure sustainable, long-term value creation.
Founded in 2014, Castik Capital is based in Luxembourg and focuses on identifying and developing investment opportunities across Europe. The advisor to Castik Capital S.à.r.l is Castik Capital Partners GmbH, based in Munich. Investments are made by the Luxembourg-based fund, EPIC I SLP, the first fund managed by Castik, which had its first close at EUR 625m in June 2014, and is targeting a final fund close of EUR 1bn in the coming months.
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