Headquarter: United Kingdom
Investment Date: January 2015
Exit Date: October 2022
Waterlogic is a leading global workplace hydration solutions company.
Waterlogic is a leading global workplace hydration solutions company that primarily rents out mains-fed point-of-use (“POU”) water systems to a diverse range of B2B customers. Waterlogic designs, assembles, distributes and rents out the water coolers. Manufacturing and R&D is 100% owned, with patents on key products and technologies. Founded in 1992, Waterlogic was one of the first companies to introduce POU systems to Europe.
The product range comprises POU coolers for offices available as table-top or free-standing units that provide purified ambient, cold, hot or sparkling water. Coolers are typically placed with B2B customers on full-service rental contracts or sold to distributors in markets where Waterlogic does not have a direct presence. The Group’s offering additionally includes taps / under-the-sink solutions (Billi), HoReCa solutions (Purezza), as well as bottled water coolers in select markets.
Waterlogic has high environmental, social and governance standards and demonstrates its commitment in a detailed ESG report.
500k water systems on full-service rental contracts
>50 million litres of water are consumed through Waterlogic machines every day
Equivalent to ~120bn 500ml plastic bottles over 5 years
Castik Funds completed the acquisition of Waterlogic jointly with Waterlogic’s founder Jeremy Ben-David by taking the company private in January 2015. Since then, Waterlogic – in close collaboration with Castik – has completed more than 40 add-on acquisitions globally and entered 10+ new direct markets.
In May 2021, the newly raised single asset fund EPIC I-b acquired EPIC I’s controlling stake in Waterlogic to further support the Waterlogic’s ambitious growth plans. This transaction followed the sale of a significant minority stake in the company to four institutional investors – British Columbia BCI, Neuberger Berman, StepStone, and Skandia.
After 7+ years with significant revenue and EBITDA growth, Waterlogic was sold to Culligan in 2022. As part of the transaction the Waterlogic shareholders became shareholders in Culligan.
- Revenue growth: 4x
- EBITDA growth: 8x
- Number of acquisitions: 120+
Waterlogic increased eightfold in size through a combination of organic and M&A growth:
- Organic growth: Increase in organic growth through built-up of commercial functions and focus on transparency and KPI-based management of the business as well as launch of new HoReCa product offering
- M&A (transformative): Significant geographic expansion building a global leader in the B2B water market with a presence in 21 countries
- M&A (consolidation): More than 100 highly synergetic acquisitions across the globe
- M&A (product expansion): Expansion into under-the-sink product category via M&A