Taylor Made Water Systems Acquires AquaPrix!

 

20 September 2012

Waterlogic Plc

Acquisition of AquaPrix 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 trading assets of AquaPrix Inc. ("AquaPrix"), a highly-regarded vendor of innowave water dispensers based in Northern California, USA. 

AquaPrix has an existing installed base of over 3,400 water dispensers supplying and servicing blue chip corporations and homes located in the San Francisco bay area, including Silicon Valley. Following completion, the AquaPrix business will become part of Taylor Made Water Systems Inc., a subsidiary of Waterlogic USA, the Company’s US division.

The unaudited financial statements of AquaPrix for the full year ending 31 December 2011 show revenues of USD 1.87 million and adjusted EBITDA of USD 0.41 million (after adding back non-recurring payments made to officers).

Peter Cohen, Chief Executive, Waterlogic Commercial, commented:

"AquaPrix is our second US west coast acquisition further enhancing our North American presence. 

We are especially excited about the opportunity to introduce Waterlogic’s highly innovative Firewall UV water purification technology and associated products into the AquaPrix customer base. AquaPrix is a highly complementary business, having sold the Company’s products for over 14 years and we look forward to welcoming it 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:

"We are delighted to have made our first bolt-on acquisition since the recent commencement of our US west coast hub." 

Enquiries:

Waterlogic Plc

Tel: +44 (0)20 7074 1800

Jeremy Ben-David, Group Chief Executive Officer

Email: waterlogic@kreabgavinanderson.com

Peter Cohen, CEO Waterlogic Commercial

Steve Harrison, Group Chief Financial Officer

 
   

Liberum Capital (Nominated Adviser and Broker)

Tel: +44 (0)20 3100 2000

Steve Pearce

Richard Bootle

 
   

Kreab Gavin Anderson (PR Adviser)

Tel: +44 (0)20 7074 1800

James Benjamin

Madeleine Palmstierna

Email: waterlogic@kreabgavinanderson.com

Website: www.waterlogic.com

Notes to editors:

Waterlogic Plc

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™ 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™ 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™ is unique in the POU market.

3.   BioCote silver anti-microbial 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 micro-organisms, 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 52 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 595,000 machines installed as at 30 June 2012.

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/

AquaPrix Inc.

Founded in 1997, AquaPrix is a supplier of bottle-less water coolers and water treatment systems in the San Francisco Bay Area, AquaPrix  supplies innowave* mains-fed water coolers and water treatment systems in the San Francisco Bay Area.

Located in Hayward, AquaPrix supplies and services major corporations and homes throughout San Francisco, Oakland, Contra Costa and the Silicon Valley.

* innowave

innowave, a Waterlogic USA subsidiary, is a water technology company that provides POU solutions to businesses in North America. innowave will be rebranding to Waterlogic in H2 2012.

- ENDS -

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