Waterlogic has completed the acquisition of Onesource Water, LLC (“Onesource”) in the United States (“US”) for an undisclosed amount.
Waterlogic, a vertically integrated global designer, manufacturer, distributor and service provider of drinking water systems, is pleased to announce the acquisition of US-based Onesource. Onesource is a leading operator of point-of-use (“POU”) drinking water systems in the US market, headquartered in Farmington, CT. The acquisition adds approximately 48,000 POU water coolers in over 30 markets across the country to Waterlogic’s existing US operations, resulting in a combined total of over 80,000 POU coolers in the field.
The combined Waterlogic USA operation will be able to deliver unparalleled service to the workplace hydration market, offering existing and potential customers the most comprehensive offering in POU water coolers, specialty sparkling water, and ice options. This acquisition represents a substantial milestone on Waterlogic’s path towards becoming a global leader and Waterlogic’s commitment to growth in the United States, both organically and through acquisition.
“We are thrilled about having Onesource join the Waterlogic team in the US and believe this is a great platform to grow from in the future. We warmly welcome Onesource employees and management to Waterlogic and are excited by the prospects of becoming a truly national player with now more than 35 locations across the country. We hope this will also give us the opportunity to encourage additional independent POU watercooler businesses to join Waterlogic going forward,” says Casey Taylor, CEO of Waterlogic USA.
“We are excited to become part of Waterlogic. Their team has great integrity and passion for water” added David Putt. John Pavlovich went on to explain “Waterlogic and Onesource have a shared culture of focusing on customer service and providing the best solutions. There is clearly a great fit for our customers and team members.” John Pavlovich and David Putt, formerly Co-Presidents Onesource, are now respectively Chief Operating Officer and Chief Commercial Officer, Waterlogic USA.
Waterlogic was acquired in January 2015 by funds managed by Castik Capital S.à r.l. (“Castik”), the European private equity investor. The acquisition of Onesource is the eighth manifestation of the company’s buy-and-build strategy since the acquisition by Castik, following substantial acquisitions in the UK, Australia, Norway and Denmark. Castik believes that this buy-and-build strategy in a fragmented market, coupled with tenacious organic growth in a growing industry with high recurring revenues, can create significant value.
Waterlogic and Castik were advised on the transaction by White & Case and PwC. Onesource was advised by Robert W. Baird & Co. and Latham and Watkins LLP.
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Waterlogic is an innovative designer, manufacturer, distributor and operator of mains attached POU drinking water purification and dispensing systems designed for environments such as offices, factories, hospitals, hotels, schools, restaurants and other workplaces. Founded in 1992, Waterlogic was one of the first companies to introduce POU systems to Europe and has been in the forefront of the POU market in terms of product design and quality, the application of new technologies and in sales and service. Waterlogic has an extensive and expanding independent global distribution network in place, reaching over 50 countries around the world.
Waterlogic products are currently being distributed in North and South America, Europe, Asia, Australia and South Africa. Waterlogic’s leading markets are the US, Australia and Western Europe, in particular Scandinavia, Germany and France.
More information can be found at www.waterlogic.com
Founded in 2005, Onesource is a leading provider of bottleless water coolers to the US market. Onesource offers a cost-effective, environmentally friendly alternative to traditional bottled water and uses the most advanced water purification technology available. Onesource is the third largest bottleless water cooler service provider in the US. Onesource is based in Farmington, Connecticut.
Castik Capital S.à.r.l (“Castik”) manages investments in private equity. Castik is a European multi-strategy investment manager, acquiring significant ownership positions in European private and public companies, where long-term value can be generated through active partnerships with management teams. Castik has an investment horizon of up to ten years – longer than most other private equity funds. This enables Castik to focus resources on its portfolio companies and ensure sustainable, long-term value creation.
Founded in 2014, Castik is based in Luxembourg and focuses on identifying and developing investment opportunities across Europe. The advisor to Castik is Castik Capital Partners GmbH, based in Munich. Investments are made by the Luxembourg-based fund, EPIC I SLP, the first fund managed by Castik, which had its final fund close of EUR 1bn in July 2015.