Asset management firm British Columbia Investment Management Corporation (BCI) has agreed to acquire a minority stake in Waterlogic from Castik Capital and members of the Waterlogic management team.
According to a statement from Waterlogic, the acquisition will provide the company with further access to capital to support Waterlogic’s growth ambitions.
Waterlogic provides workplaces and hospitality locations with a wide range of water dispensers, including freestanding and countertop dispensers, Billi integrated dispensers and its Purezza line. The company claims that this purchase will cement its position in the fast-growing market for workplace hydration solutions.
The company has a direct presence in 17 countries including the US, Australia and several Western European markets, while its distribution network serves customers in over 50 countries worldwide.
Jeremy Ben-David, founder and group CEO of Waterlogic, said: “We are very excited by the many opportunities for accelerated development and growth this deal affords us, both organically and through acquisition.
“We look forward to building on our capabilities and customer base in both established and new geographic markets in pursuit of our mission to offer healthy drinking water solutions and contribute to the reduction of plastic pollution.”
Jim Pittman, executive vice-president and global head, private equity of BCI, said: “We are pleased to be working alongside a talented management team to support the long-term continued growth of the business.
“Waterlogic is a leading company with a solid track record of success that has the potential to generate value-added returns for our pension plan and insurance fund clients.”
Since funds managed by Castik Capital acquired Waterlogic jointly with Waterlogic’s founder Jeremy Ben-David in January 2015, the water firm has made a significant number of acquisitions to expand its global business portfolio.
In the last year, this ‘buy and build’ strategy saw the company acquire Lux Aqua’s Hungary and Czech Republic-based distribution units, establish a direct presence in Belgium with the purchase of Belgian dispenser business Pure Services, and buy US-based water businesses Pure Water Technology Ohio and Pure Water Technology (PWT).
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