Waterlogic set for Â£122.6m acquisitionBy Matthew Ord, Digital Staff Writer
Dublin-based Waterlogic is to be acquired by private equity firm Castik Capital for £122.6m in a deal which will provide the company with the "solid platform" it needs to continue its investment plans.
Under the terms of the acquisition, Waterlogic shareholders will be entitled to receive a cash offer price of 151p per share.
Waterlogic has 780,000 point-of-use water systems installed across 50 countries including Australia, US, Norway, Sweden, Germany and the UK.
Poseidon Bidco has been incorporated for the purposes of making the acquisition. The deal is being funded by EPIC Funds, which is managed by Luxembourg-based private equity firm Castik Capital.
Ariel Recanati, non-executive chairman of Waterlogic, said the deal provides the company with the "solid platform it needs in order to continue its commercial and consumer investment plans and to remain at the forefront of consolidation in its industry".
Michael Phillips of EPIC Funds added: "Our strategy is to deploy significant capital to support the growth of the business, both organically and via acquisitions, which would not otherwise be available to Waterlogic as a quoted company suffering from limited liquidity."
Founded in 1992, Waterlogic typically supplies its products to commercial customers for use in offices, factories, hospitals, hotels, schools and restaurants.
Baird served as the exclusive financial advisors to Waterlogic on the transaction. Senior investment bankers Vinay Ghai in Europe and Steve Guy in the US served as lead bankers on the deal.
International investment bank Altium advised Castik Capital on the deal.