Acquisition of Taylor Made Water Systems Inc.
Waterlogic Plc (AIM: WTL.L), a leading designer, manufacturer and global distributor of point-of-use ("POU") drinking water purification and dispensing systems, is pleased to announce that it has agreed to acquire the entire share capital of Taylor Made Water Systems Inc. ("Taylor Made"), a well-regarded vendor of water dispensers and coffee machines based in Northern California, USA from the Taylor family.
Taylor Made has an existing installed base of over 4,800 water dispenser and coffee machines located in the San Francisco bay area. Following completion, Taylor Made will become a subsidiary of Waterlogic USA, the Company’s US division.
The unaudited financial statements of Taylor Made for the full year ending 31 December 2011 show consolidated revenues of USD 4.38 million and EBITDA of USD 0.58 million.
Jeremy Ben-David, Waterlogic, Group CEO, commented:
"Taylor Made is our first US west coast acquisition and is an important step to enhance our North American presence, providing a solid platform for continued accretive growth in the region.
We are especially excited about the opportunity to introduce Waterlogic’s highly innovative Firewall UV water purification technology and associated products into the Taylor Made customer base. Taylor Made is a highly complementary business, with a strong management team and we look forward to welcoming them into the Waterlogic Group.
We continue to explore future acquisition opportunities and will update shareholders in due course."
Casey Taylor, CEO Taylor Made & Regional VP Waterlogic USA, commented:
"On behalf of the Taylor Made team, we are thrilled to be joining the Waterlogic Group, which allows us to market the unique Firewall UV technology to our existing and potential customers, and provides us the opportunity to launch carbonated water coolers in California.
I am delighted to be remaining as CEO of Taylor Made and look forward to my additional responsibilities as Regional VP with Waterlogic USA."
Notes to editors:
Waterlogic Plc (AIM: WTL.L) is a leading designer, manufacturer and distributor of mains attached point-of-use ("POU") drinking water purification and dispensing systems designed for environments such as offices, factories, hospitals, hotels, schools, restaurants and other workplaces. Waterlogic is a Jersey registered company. Waterlogic’s products and services are built on the simple vision of a three stage approach to purity:
1. Filtration to remove unwanted contaminants, chlorine and other water-borne tastes and odours.
2. Waterlogic’s Firewall(TM) ultra-violet ("UV") technology is one of the most effective water purification technologies for POU water dispenser applications currently on the market and its dispensers are certified by the Water Quality Association as being able to guarantee 99.9999% pure water 100% of the time, a fact which has been confirmed by over 5,000 physical tests in independent laboratories. The innovative Firewall(TM) technology incorporates a highly-specialised, compact UV system in the faucet/tap, which ensures that water passes through the UV system immediately before it is dispensed into a cup. This point of differentiation for Firewall(TM) is unique in the POU market.
3. BioCote silver antimicrobial protection. Plastic surfaces surrounding dispensing areas of Waterlogic units are infused with a silver additive called BioCote, a natural anti-microbial that inhibits the growth of microorganisms, giving yet another layer of hygienic defence.
Founded in 1992, Waterlogic was one of the first companies to introduce POU systems to Europe and has been a leader in 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 50 countries around the world.
Waterlogic products are currently being sold in North and South America, Europe, Asia, Australia and South Africa. Waterlogic’s leading markets are the USA and Western Europe, in particular Germany, France, Scandinavia and the UK. Of the 1.9 million new POU and bottled water installations in the business-to-business market in the USA and Europe between 2005 and 2011, approximately 73% incorporated POU technology, of which approximately 27% were Waterlogic products.
The Directors believe that the movement away from bottled water coolers (BWC) to POU water dispensers is set to continue its current trend as a result of cost, convenience, health benefits and environmental considerations.
For the financial year ended 31 December 2011, the Group generated revenues and adjusted EBITDA (adjusted for share based incentives expense, capital reorganisation related costs and acquisition related costs) of USD 84.9 million and USD 13.4 million, respectively, and had approximately 565,000 machines installed as at 31 December 2011.
As part of Waterlogic’s on-going commitment to providing safe water, the Group has pledged to donate USD 225,000 over the next three years to WaterAid. WaterAid is a renowned international non-profit organisation that transforms lives by improving access to safe water, hygiene and sanitation in the world’s poorest countries. Since 1981 WaterAid has reached 15.9 million people globally with safe water. Website: www.wateraidamerica.org/
Founded in 1998, Taylor Made Water Systems (www.taylormadewater.com) was built on a commitment to provide better water, without hassles, to Northern California. Since 1972, the Taylor Made name has been associated with great service and great people. Barry Taylor brought these principles from his original company, Taylor Made Office Systems, when he founded Taylor Made Water Systems with his sons Casey Taylor and Clint Taylor.
Today, Taylor Made Water Systems operates throughout Northern California, providing Better Water to businesses, homes, and industry. Taylor Made also offer a full line of gourmet coffee solutions for business, from whole bean grinding cappuccino machines to Keurig’s single-cup solutions with Kcups from Green Mountain, Tully’s, Diedrichs, Gloria Jeans, Celestial Seasonings, Coffee People, and more. Taylor Made roast their own beans (for whole bean machines), because freshness is key to a quality cup of coffee. For residential coffee, Taylor Made have a full line of offerings through – www.justonecup.com which offers the Keurig line of products and Kcups.
The pride and joy of the Taylor Family is it’s Taylor Family Foundation, which is "committed to preserving the wellness and enhancing the quality of life for children in Northern California with life-threatening illnesses, disabilities, and youth at-risk." Over the last 17 years, the Foundation developed, built, and today maintains Camp Arroyo, a specially built camp for children with life threatening illnesses. To date, over 10,000 children have had the time of their lives at Camp Arroyo. Equally significant, everything has been, and continues to be, at no cost to the camper’s family which is often burdened with extraordinary medical bills. For many children, a week at Camp Arroyo is the highlight of their year – a place where they are free to be themselves among peers with the same afflictions or issues, free from ridicule, staring, or self-consciousness, often for the first times in their life. To find out how you can help the Taylor Family Foundation, please see the website at www.ttff.org.