Water dispenser manufacturer and supplier Waterlogic has announced that four investors have acquired a “significant minority stake” in the company – British Columbia Investment Management Corporation (BCI), Neuberger Berman, StepStone and Skandia.
Waterlogic declared in January that asset management firm BCI had agreed to acquire a minority stake in the company from funds managed by Castik Capital and the Waterlogic management team, and BCI has now been joined by these three new investors, all of which are now minority shareholders in the company.
Waterlogic provides workplaces and other locations with a range of freestanding and countertop water dispensers, as well as integrated tap systems through its Billi range.
The company distributes its products in 50 countries worldwide, and Waterlogic stated that these new investments will provide the company with access to further capital, supporting the company’s long-term growth strategy.
Jeremy Ben-David, founder and group CEO of Waterlogic, said: “This is a very pleasing result and a testament to Waterlogic’s businesses resilience, especially considering the unprecedented economic downturn and turbulent times we currently find ourselves in.
“The acquisition provides further access to capital in support of Waterlogic’s growth ambition to become the global leader in the fast-growing market for bottle-less workplace hydration. We look forward to continuing our journey with Castik Capital and the new shareholders in this next exciting phase of our growth.”
Funds managed by Castik Capital acquired a significant stake in Waterlogic in January 2015. Following this, the water dispenser business has made a significant number of acquisitions to expand its business portfolio around the world, completing 56 acquisitions globally and entering ten new direct markets.
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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