RNS Number : 1906R
15 November 2012
15 November 2012
("Waterlogic" or the "Company")
Acquisition of AquaPerfect LLC
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 AquaPerfect LLC ("AquaPerfect"), a highly-regarded vendor of Waterlogic water dispensers and Keurig coffee machines based in Northern California, USA.
AquaPerfect has an existing installed base of over 2,300 water dispensers and coffee machines supplying and servicing offices and businesses in the Sacramento area. Following completion, the AquaPerfect 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 AquaPerfect for the full year ending 31 December 2011 show revenues of USD 1.26 million and adjusted EBITDA of USD 0.23 million (after adding back non-recurring payments made to officers).
Peter Cohen, Chief Executive, Waterlogic Commercial, commented:
"AquaPerfect is our third US west coast acquisition further enhancing our North American presence.
We see big opportunities through the introduction of Waterlogic’s highly innovative Firewall UV water purification technology and associated products into the AquaPerfect customer base. AquaPerfect represents a great fit, 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 growth and acquisition opportunities and developing further hubs in the US. We look forward to updating shareholders in due course."
Casey Taylor, CEO Taylor Made & Regional VP Waterlogic USA, commented:
"We are delighted to have made our second bolt-on acquisition since integrating AquaPrix into our US west coast hub.The combination of three operations in Northern California will enable us to provide an enhanced service in this area to corporations across the spectrum of the industrial, commercial, hotel and restaurant, public, healthcare and education sectors. This brings the existing installed base to over 10,500 water dispensers and coffee machines at our US west coast hub."
Tel: +44 (0)20 7074 1800
Jeremy Ben-David, Group Chief Executive Officer
Peter Cohen, CEO Waterlogic Commercial
Liberum Capital (Nominated Adviser and Broker)
Tel: +44 (0)20 3100 2000
Kreab Gavin Anderson (PR Adviser)
Tel: +44 (0)20 7074 1800
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™ 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 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 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.
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.com
Founded in 1998 and located in Sacramento, AquaPerfect supplies Waterlogic mains-fed water coolers and water treatment systems and Keurig coffee machines throughout the Sacramento Area and the Valley.
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange