UK-based water cooler service provider Angel Springs has been acquired by Castik Capital, the European private equity investment firm – through Hydrus Bidco Ltd, a company ultimately owned by the Epic Funds, advised by Castik Capital – in a multi-million pound deal.
Led by MD, John Dundon, Angel has completed nine acquisitions over the last three years and the new investment will help to support Angel’s future growth.
Headquartered in Wolverhampton, Angel Springs provides both bottled and mains fed water coolers to businesses and organisations throughout the UK and currently services more than 60,000 water coolers. The business has a network of ten regional service and distribution centres, enabling it to deliver customer-focused local service on a national basis.
As part of the deal, Castik Capital have also acquired Fillongley Spring Water Ltd, described as ‘the UK’s premier bottling plant’.
Commenting on the deal, John Dundon, said: “Castik’s investment reflects the confidence we both have in Angel’s future potential. Their support will allow us to strengthen our market leading position in the UK by continuing to give excellent service to existing customers and by making complementary acquisitions.”
“The acquisition of Angel Springs is a material building block in our strategy to form a globally leading water cooler company,” said Michael Phillips, partner of Castik Capital. “Angel Springs has exhibited impressive growth over recent years – both organically and through acquisitions – and has a highly experienced management team, headed by CEO John Dundon.”
© FoodBev Media Ltd 2019