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ClearLight Partners acquires PHSI
ClearLight Partners and Pure Health Solutions Inc (PHSI) have entered into a definitive agreement that calls for ClearLight to acquire a majority interest in PHSI in a stock purchase transaction.
PHSI dba Pure Water Technology is one of the nation’s leading manufacturers and marketers of mains-fed water purification coolers. The company’s products are distributed to commercial customers throughout the US via a network of more than 100 independent dealers, as well as through direct sales to large, national accounts such as Walmart, Nike and Delta Airlines.
“We have searched for investments in the water industry and were attracted to PHSI for several reasons,” said Patrick Haiz, a partner at ClearLight. “The outlook for this industry is decidedly positive and PHSI represents one of the largest and most successful platforms in the sector.”
“We welcome ClearLight’s investment,” said Craig Story. “We look forward to working with the ClearLight team in the coming years to assist in bringing our company to the next level and take full advantage of outstanding opportunities that exist for expanding our business.”
According to ClearLight, PHSI will grow by providing increased support to the company’s existing dealers as well as expanding distribution of PHSI POU water coolers into regions of the US that are not presently serviced.
To further the company’s growth and expansion, Alan Crosby was named president and CEO of PHSI, effective immediately. Previously, Crosby was group vice president at Ionics Incorporated, a multinational water services company that was acquired by General Electric in 2005. Following that, he served as president and CEO of CoolerSmart US, a mains-fed water cooler company that was part of Ionics and subsequently divested after the GE acquisition.
Source: PHSI
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