The financing will help support additional acquisitions and continued organic growth. Element Partners, Virgin Green Fund, Douglas Brown and other existing investors were joined by new backers ORIX Venture Finance, Advent-Morro Equity Partners, Potomac Energy Fund and The Pohlad Companies.
Douglas Brown, Quench’s chairman, said: “We are thrilled to have the support of our new equity investors, as well as the vote of confidence from our new debt partner, ORIX Venture Finance. The fact that institutional investors view Quench as an attractive platform in the current economic climate is a testament to the excitement surrounding Quench’s value proposition and unique market position.”
Jeff Bede, a principal at ORIX, said: “Quench’s combination of recurring revenue and solid growth make it an ideal portfolio company for us. The business is growing rapidly and is well positioned for the consolidation of the filtered water services industry. We look forward to working with the Quench management team to help their continued growth in the filtered water cooler market.”
Quench CEO, Anthony Ibarguen, added: “This funding will accelerate our growth in key markets across the country, as we continue to capitalise on the trend of businesses switching to filtered water coolers from traditional plastic-jug water coolers. We expect our growth will continue organically as well as through acquisitions of like-minded entrepreneurs in the filtered water industry.”
Source: Quench
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