PHSI purchased by ClearLight Partners
As announced in the following press release, Taylor Made Water Systems’ manufacturer, PHSI, was recently acquired by ClearLight Partners LLC. As PHSI’s first dealer, we are very excited about this development and look forward to the growth and expansion of PHSI and the Point of Use cooler industry in general.
NEWS FROM CLEARLIGHT PARTNERS LLC
ClearLight Partners, LLC Acquires PHSI
ClearLight Partners LLC ("ClearLight") and Pure Health Solutions, Inc. ("PHSI") have entered into a definitive agreement that calls for ClearLight to acquire a majority interest in PHSI in a stock purchase transaction. Specific terms of the transaction, which closed December 30, 2009, were not disclosed.
PHSI, dba Pure Water Technology, is one of the nation’s leading manufacturers and marketers of point-of-use water purification coolers. The company’s products are distributed to commercial customers throughout the US via a network of more than 100 independent dealers, as well as through direct sales to large, national accounts such as Walmart, Nike, and Delta Airlines.
"We have searched for investments in the water industry and were attracted to PHSI for several reasons", said Patrick Haiz, a partner at ClearLight. "PHSI Point Of Use ("POU") water coolers offer customers a less expensive, safer, and environmentally preferable alternative to conventional bottled water or bottled water coolers. The outlook for this industry is decidedly positive and PHSI represents one of the largest and most successful platforms in the sector".
PHSI was founded by Craig Story and John Windju in 1996 and is headquartered in Sandpoint, ID with production facilities in Seoul, South Korea. "We welcome ClearLight’s investment", said Craig Story. "We look forward to working with the ClearLight team in the coming years to assist in bringing our company to the next level and take full advantage of outstanding opportunities that exist for expanding our business." John Windju added: "This transaction is a positive for both our dealers and our employees. It will bring them new opportunities for growth and development as we build PHSI into an even more successful leader of the growing water cooler industry".
According to ClearLight, PHSI will grow by providing increased support to the company’s existing dealers as well as expanding distribution of PHSI POU water coolers into regions of the US that are not presently serviced. "PHSI’s dealers are an invaluable asset and we intend to support them to the fullest", said Mr. Haiz from ClearLight. He added that the company also plans to continue its relationships with important wholesale partners who distribute the company’s products as well as expand marketing efforts in Asia.
To further the company’s growth and expansion, Alan M. Crosby was named President and Chief Executive Officer of PHSI, effective immediately. Previously, Mr. Crosby was a Group Vice President at Ionics, Incorporated a multinational water services company that was acquired by General Electric in 2005. Following that he served as President and CEO of CoolerSmart USA LLC. a POU water cooler company which was part of Ionics and subsequently divested after the GE acquisition. "We are very excited about Alan leading our company into the future, given his deep experience in the water industry and specific experience within the cooler sector", said Craig Story, PHSI’s founder. Messrs. Story and Windju were appointed Executive Vice Presidents, reporting to Crosby. "I look forward to joining the PHSI family and getting to know the company’s dealers and employees as we embark on a mission to grow the business aggressively in the coming years", said Mr. Crosby.
About ClearLight Partners
ClearLight Partners is a private equity firm based in Newport Beach, California with $600 million under management. ClearLight invests in market-leading growth companies with $5 million to $25 million of EBITDA. ClearLight typically makes investments of $10-50 million. ClearLight seeks to partner with strong management teams who have a track record of building successful companies within their industry, and have the vision to build a market leader. Principals of ClearLight were previously operating executives of successful growth companies in the business services, consumer, and specialty manufacturing sectors that reached $100-300 million in revenues prior to achieving successful liquidity events. Founded in 2000 with a broad investment charter and a uniquely patient capital base, ClearLight works closely with its portfolio of successful middle-market growth companies and is actively seeking additional investment opportunities across the U.S. in a wide variety of industries, including specialty manufacturing and distribution, business services, education and training, health care services, specialty financial services, and consumer products and services.
