Water dispenser manufacturer and supplier Waterlogic has agreed to acquire two businesses in the US: Elite Water & Coffee and Smart Water, both for undisclosed sums.
Jackson, Mississippi-based Elite Water & Coffee is a provider of Waterlogic bottle-less water dispensers, ice machines, and coffee; while Smart Water is a provider of bottle-less water dispensers based in Kendall Park, New Jersey.
According to Waterlogic, the acquisition of Elite Water & Coffee will significantly increase Waterlogic Americas’ water and coffee customer base while bolstering its national presence. Meanwhile, the purchase of Smart Water will increase its direct presence in the Mid-Atlantic region, which Waterlogic claims is a key growth market for its Americas business.
Casey Taylor, CEO of Waterlogic Americas said: “I am pleased to announce the acquisition of Elite Water & Coffee, a longtime Waterlogic commercial products dealer.
“Greg developed a great water and coffee business throughout the state of Mississippi while growing an impressive customer base. We are excited for our direct entry into this new market.”
Commenting on the acquisition of Smart Water, Taylor added: “We are excited to announce the acquisition of Smart Water. Drew and Natalie built a service-oriented business, and I am thrilled to welcome their customers to the Waterlogic family.”
These acquisitions represent Waterlogic Americas’ first and second acquisitions of 2020 respectively. Waterlogic has now made over 20 acquisitions since the start of 2019, including the purchases of Pure Water Technology Ohio and Pure Water Technology Georgia; Belgian cooler business Pure Services; UK-based Maestro Pressure Coolers and Cariad Cool Water and more.
The purchases follow the news that British Columbia Investment Management Corporation (BCI), Neuberger Berman, StepStone and Skandia had acquired a “significant minority stake” in Waterlogic earlier this year.
When the announcement was made in May, Waterlogic CEO Jeremy Ben David claimed that the deal would provide the company with further access to capital to support its growth ambitions. Mergers and acquisitions form a key part of this strategy.
© FoodBev Media Ltd 2020