Waterlogic Closes on Long-term Investment From Strong Institutional Partners to Accelerate Growth Ambition
MAIDENHEAD, England, April 29, 2020 /PRNewswire/ -- Waterlogic, a leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers, is pleased to announce the closing of the acquisition of a significant minority stake in the company by four strong institutional investors – BCI, Neuberger Berman, StepStone, and Skandia.
Following January's announcement of British Columbia Investment Management Corporation (BCI) entering into an agreement to acquire a significant minority stake in Waterlogic from Funds managed by Castik Capital and the Waterlogic management team, Waterlogic and Castik Capital complete the transaction and include three additional partners.
BCI, with C$153.4 billion in assets under management (as of March 31, 2019), is a leading provider of investment management services to British Columbia's public sector and one of Canada's largest asset managers. Joining BCI as minority shareholders in Waterlogic are:
- Neuberger Berman, a private, independent, employee-owned investment management firm that manages equities, fixed income and private equity portfolios for global institutional investors, advisors and high-net-worth individuals;
- StepStone, a global private markets firm providing customised investment and advisory solutions to some of the most sophisticated investors in the world; and
- Skandia, a mutual life insurance company with SEK 692 billion under management as of 31 December 2019, provides pension, banking and insurance services to the population of Sweden.
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."
Waterlogic has a direct presence in 17 countries including the UK, USA, Canada, Chile, Australia and Western Europe, and an extensive independent global distribution network reaching over 50 countries around the world. The company is responsible for hydrating nearly 50 million consumers daily and contributes to the reduction of 23.8 billion single-use plastic bottles around the world each year.
Waterlogic aims to build on its capabilities and customer base in both established and new geographic markets in pursuit of its mission to offer healthy drinking water solutions and contribute to the reduction of plastic pollution globally with a range of freestanding and countertop dispensers, Billi integrated dispensers and Purezza, the company's specialty restaurant and hospitality solution.
Inspired by innovation, Waterlogic has embraced superior Firewall™ and BioCote® technologies to create cutting-edge, highly certified products focused on delivering the safest, best-tasting water to all businesses in the most sustainable way. The company's approach to Environmental, Social and Governance (ESG) supports the growing demand from organisations looking to reduce the plastic pollution and high CO2 emissions associated with bottled water, and supports Waterlogic's long-term growth, relevancy and financial standing in the marketplace.
Waterlogic has annualised revenues of c. $400M and c. 550k water dispensers on rental and service contracts across 17 direct markets and employs over 3,000 people worldwide. Waterlogic was advised on the transaction by Goldman Sachs International, Skadden (legal), PwC (financial and commercial), Deloitte (tax), L.E.K. (commercial), and EY (Luxembourg legal).
About Waterlogic
Waterlogic is an innovative designer, manufacturer, distributor and service provider of drinking water dispensers and solutions designed for environments such as offices, factories, hospitals, restaurants, hotels, schools and public spaces. From freestanding, countertop and integrated dispensers to water filling stations, fountains and boilers, every solution focuses on delivering the best quality water in the most sustainable way. Founded in 1992, Waterlogic was one of the first companies to introduce mains-fed dispensers to customers worldwide and has been at the forefront of the market promoting product design and water quality, the application of proprietary technologies, sustainability and world-class sales and service. Waterlogic has its own subsidiaries in 17 countries and its leading markets are the U.S., Australia and Western Europe, in particular the UK and Germany. In addition, Waterlogic's extensive and expanding independent global distribution network reaches over 50 countries around the world in North and South America, Europe, Asia, Australia and South Africa. More information can be found at www.waterlogic.com.
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