Private equity firm Castik Capital has announced that a new single asset fund* managed by Castik will acquire a majority stake in water dispenser manufacturer and supplier Waterlogic.
According to a statement from Castik Capital, the newly-established EPIC I-b Fund closed at its hard cap of €700 million and will acquire the majority stake in Waterlogic from Castik Capital’s existing EPIC I Fund, which acquired a significant stake in Waterlogic in January 2015.
Waterlogic provides workplaces and other locations with a range of freestanding and countertop water dispensers, as well as integrated tap systems through its Billi range.
Waterlogic claims that the new fund will provide the company with additional capital to execute its ‘buy and build strategy’ and the resources “to support Waterlogic’s global growth ambitions.”
This latest transaction follows the separate sale of a significant minority stake in Waterlogic to four institutional investors – British Columbia Investment Management Corporation (BCI), Neuberger Berman, StepStone and Skandia – in May 2020.
Jeremy Ben David, Waterlogic founder and group CEO, said: “We are delighted to continue our journey with Castik Capital, following six years of successful partnership, and warmly welcome our new investors.
“The transaction provides further access to capital and a flexible, long term ownership horizon in support of Waterlogic’s growth ambition to become the global leader in the fast-growing market for bottle-less workplace hydration.”
Michael Phillips, managing partner at Castik Capital, added: “This is an exciting investment opportunity for Castik Capital and a significant validation of Waterlogic as the leading provider of drinking water solutions to businesses globally.
“We are pleased to have the support of our existing limited partners and a blue-chip set of new investors. After six years of successful development at Waterlogic, we are enthusiastic to continue our partnership and support the company’s ambitious growth strategy over the next few years.”
*A single asset fund pools capital from multiple investors to invest in a single security, transaction, or acquisition.
© FoodBev Media Ltd 2024
