Waterlogic, which is backed by Castik Capital, has acquired two water dispenser businesses: Pure Water Technology Ohio and PWT Georgia. No financial terms were disclosed.
MAIDENHEAD, England, Nov. 5, 2019 /PRNewswire/ — Waterlogic, a leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers, is pleased to announce the acquisitions of Pure Water Technology (PWT) Ohio and PWT Georgia, two major water dispenser businesses in the U.S. With these acquisitions, Waterlogic reaches the milestone of 20 companies acquired in 2019 to date.
PWT Ohio and PWT Georgia were established in 2005 and have grown to be among the top PHSI distributors by volume in recent years. They have experienced more than 20% revenue growth per annum for the past five years and through a thoughtfully constructed work culture have been recognised as one of the Top 30 best places to work in Cleveland for 2019. Their customer acquisition strategy to target premium businesses has yielded an impressive customer base that is over 5,000 in numbers.
Waterlogic will continue to accelerate the high-quality, fast growth that the companies have delivered consistently through their excellent sales and service teams under the leadership of Tom Skerl.
“These are two very significant acquisitions for Waterlogic in the U.S. and we’re very excited about the new opportunities they create for us,” says Jeremy Ben-David, Group CEO Waterlogic. “PWT Georgia and PWT Ohio will be fully integrated into the Waterlogic family, giving their existing customers continued access to outstanding service and introducing Waterlogic’s range of cutting-edge hydration solutions.”
Tom Skerl, owner of PWT Ohio and PWT Georgia said: “Waterlogic was the natural acquirer for our businesses. I am delighted that our customers and employees will be joining Waterlogic and look forward to seeing PWT Ohio and PWT Georgia go from strength to strength under Waterlogic’s ownership.”
The deals add 11,000 dispensers and take the total Waterlogic dispensers in North America to over 130,000 following on from several other significant acquisitions in 2019. These include PWT Central of New Jersey, AWS South Bend, Leslie Water, My Better Water, Pure Texan Water and Polar Ice and Water, increasing customer density in the U.S. and building capabilities in the company’s already established market. In Canada, the acquisitions of City Water, Just Pure Water and Aquarian Pure Water position Waterlogic as the largest point-of-use company in the country.
Elsewhere, Waterlogic’s acquisition of Aquafree, Chile’s largest point-of-use company, established Waterlogic with a direct presence for the first time in this thriving market. The deal provides opportunities for future long-term growth in Chile and expansion across Latin America. This followed on from direct market entry in Belgium earlier this year with the acquisition of Pure Services.
Waterlogic’s 2019 acquisition activity reflects its position as a global leader in the market for workplace hydration solutions, as well as the natural acquirer for high-quality providers of point-of-use water dispensers. Since January, the company has acquired 20 companies in the U.S., Canada, Chile, Australia and Western Europe.
“We have achieved a formidable year of acquisitions to date,” continues Jeremy Ben-David. “We continue to maintain a healthy pipeline to augment organic growth in all our markets. We’re on track for a strong close to the year and welcome additional conversations from companies looking to become part of the Waterlogic family.”
Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor. These are the most recent acquisitions as part of the company’s buy and build strategy since the acquisition by Castik, and following substantial acquisitions in the US, UK, Australia, Germany, France, Spain, Central and Eastern Europe, and Scandinavia.
Waterlogic is an innovative designer, manufacturer, distributor and operator of 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 customers worldwide, and has been in the forefront of the POU market, promoting product design and quality, the application of new technologies and world class sales and service. Waterlogic has its own subsidiaries in many markets and an extensive and expanding independent global distribution network in place, reaching over 60 countries around the world. Waterlogic products are currently distributed in North and South America, Europe, Asia, Australia and South Africa. Waterlogic’s leading markets are the US, Australia and Western Europe, in particular the UK, Scandinavia, Germany and France. More information can be found at www.waterlogic.com
Castik Capital S.à r.l (“Castik”) manages investments in private equity. Castik is a European multistrategy 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. Founded in 2014, Castik is based in Luxembourg and focuses on identifying and developing investment opportunities across Europe. The advisor to Castik 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 final fund close of EUR 1bn in July 2015.