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Castik could sell Waterlogic for USD 2bn: Bloomberg
Posted on Monday, 07 October 2019 13:29
Castik Capital has hired Goldman Sachs to weigh up options for Waterlogic that could lead to a sale of the UK water cooler portfolio company for a value of EUR 2.00 billion, people with knowledge of the situation told Bloomberg.
The sources, who declined to be identified as the process is private, did not provide further information and cautioned the buyout house may decide to keep the four-year-old investment.
Spokespeople for the companies named in the report either declined or were not available for comment when contacted by Bloomberg.
Founded in 1992, Waterlogic claims it was one of the first companies to introduce point-of-use (POU) water dispensing systems - for use in offices, factories, hospitals, hotels, schools, restaurants and other workplaces - to Europe.
Since that time, it has been a leader in terms of product design, quality and the application of new technologies for purification and filtration, according to the website.
Waterlogic has a distribution network reaching more than 50 countries, including those in North and South America, Europe and Asia Pacific, among others.
Castik, via the acquisition vehicle Poseidon Bidco, completed its GBP 123.00 million public takeover of the business in January 2015.
Since then, the buyout house has supported a buy-and-build strategy; in fact, in July 2019, Waterlogic announced it has acquired 12 businesses in the last seven months alone.
At the time, the company said in the US and Australia, the acquisitions of AWS South Bend, Leslie Water, My Better Water and Big Wet’s POU business further consolidates a market-leading presence in key territories.
It added the deals and those for Pure Life and Just Pure in Canada and Pure Services in Belgium establish Waterlogic “with a direct presence for the first time”.
These follow substantial acquisitions in the US, the UK, Australia, Germany, France and Spain, as well as countries in Scandinavia and Central and Eastern Europe, over the years.
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