Waterlogic acquires Minnesota Water and Water Engineering Technologies

Castik Capital

Waterlogic, a leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers, is pleased to announce the acquisitions of Minnesota Water and Water Engineering Technologies.

Minnesota Water, based in Maplewood, Minnesota, has been a leading provider of PHSI point-of-use water coolers since 2012. The acquisition provides Waterlogic with a direct operation in the Minneapolis-St. Paul area, increasing Waterlogic’s direct service and sales presence to 50 markets throughout the U.S. and Canada including all the top 40 U.S. Metropolitan Statistical Areas.

Steve and Shelly Norenberg, owners of Minnesota Water, said, “We are delighted to have completed the sale of our business to Waterlogic. We could not have found a better option for our customers, our employees, or our family. We appreciated how honest and transparent Waterlogic was throughout the process and we will be excited to see the business grow under Waterlogic’s ownership.”

Water Engineering Technologies (W.E.T.) is a premium provider of point-of-use water coolers, headquartered in Burien, Washington since 1998. The acquisition of W.E.T.’s business strengthens Waterlogic’s market presence in the Pacific Northwest, allowing for increased and more efficient customer reach in this important market.

Chuck Lockart, Owner, Water Engineering Technologies, said, “Waterlogic was great throughout the process and I am very pleased with the transaction. I have a lot of long-time customers and I know that they will be in good hands with Waterlogic.”

With these two acquisitions, Waterlogic has now completed five acquisitions in the U.S. and Canada in the last nine months:

  • Pure Water Technology of the Inland Empire – Redlands, California
  • Streamline Water – El Paso, Texas
  • Just Pure Water – Toronto, Ontario
  • Water Engineering Technologies – Seattle, Washington
  • Minnesota Water – Minneapolis, Minnesota

With these acquisitions, and a strong focus on organic growth, Waterlogic services nearly 100,000 point-of-use coolers throughout North America, delivering on its customer promise of ‘hassle free, great tasting water, every day’.

 

“I am thrilled to add these two excellent companies to Waterlogic Americas,” said Casey Taylor, CEO Waterlogic Americas. “With Minnesota Water, we expand our presence in Minneapolis to help us provide even better service in the Twin Cities. Likewise, combining Water Engineering Technologies with our existing Seattle branch will allow us to reach more customers in the Pacific Northwest. We are adding outstanding employees from each company, with significant experience and expertise, making our team even stronger.”

Waterlogic remains dedicated to growth in the Americas, both through organic sales and through acquisition.

Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor. Minnesota Water and W.E.T. are the most recent acquisitions as part of the company’s buy and build strategy since the acquisition by Castik, and following substantial acquisitions in the US, UK, Australia, Spain, France, Germany, and Scandinavia.

 

– ENDS –

Media Contact

Rosanna Turner, Group Marketing Communications Manager

rosanna.turner@waterlogic.com

About Waterlogic

Waterlogic is an innovative designer, manufacturer, distributor and operator of Point-Of-Use (POU) drinking water purification and dispensing systems designed for environments such as offices, factories, hospitals, hotels, schools, restaurants and other workplaces. Founded in 1992, Waterlogic was one of the first companies to introduce POU systems to customers worldwide, and has been in the forefront of the POU market, promoting product design and quality, the application of new technologies and world class sales and service. Waterlogic has its own subsidiaries in many markets and an extensive and expanding independent global distribution network in place, reaching over 60 countries around the world. Waterlogic products are currently distributed in North and South America, Europe, Asia, Australia and South Africa. Waterlogic’s leading markets are the US, Australia and Western Europe, in particular the UK, Scandinavia, Germany and France. More information can be found at www.waterlogic.com

About Castik

Castik Capital S.à r.l (“Castik”) manages investments in private equity. Castik is a European multistrategy investment manager, acquiring significant ownership positions in European private and public companies, where long-term value can be generated through active partnerships with management teams. Founded in 2014, Castik is based in Luxembourg and focuses on identifying and developing investment opportunities across Europe. The advisor to Castik is Castik Capital Partners GmbH, based in Munich. Investments are made by the Luxembourg-based fund, EPIC I SLP, the first fund managed by Castik, which had its final fund close of EUR 1bn in July 2015.

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IK Investment Partners to sell Evac Group to Bridgepoint

ik-investment-partners

IK Investment Partners (“IK”), a leading European private equity firm, is pleased to announce that the IK VII Fund (“the Fund”) has reached an agreement with private equity funds managed by Bridgepoint (“Bridgepoint”) to sell Evac Group (“Evac” or “the Company”), the world’s leading provider of integrated waste, wastewater, and water management systems for the marine, offshore and building industries.

Evac designs and markets environmentally friendly waste and wastewater collection and treatment systems for the marine, offshore and building industries. The Company has successfully carried out over 20,000 marine, 2,000 offshore and 2,000 building projects for customers around the world. It has employees in Brazil, China, Finland, France, Germany, Korea, Norway, Sweden and the USA, as well as representatives in more than 40 additional countries.

Sustainability is one of the cornerstone of Evac’s operations. The Company’s technologies address the increasing need for innovative cleantech solutions, driven by the megatrends of climate change, the need for energy efficiency, and increasingly scarce freshwater resources. An example of an innovative waste management system is the Evac briquetting unit used for minimising the storage volume of recyclable and non-recyclable dry waste on board vessels. The technology reduces ship waste by a factor of 10.

The IK VII Fund acquired Evac in December 2014 as part of its strategy of acquiring and developing mid cap companies headquartered in Northern Continental Europe. In the course of the Fund’s ownership Evac has achieved strong growth, with company turnover increasing by 55% exceeding MEUR 100 for the first time in the company’s history.

“During the past few years, we have strategically repositioned Evac from a component provider to a fully integrated cleantech solutions supplier, consequently further strengthening the Company’s position as the global market leader. We have only been able to do so with a talented management team at Evac, and we wish them continued success under Bridgepoint’s ownership,” said Kristian Carlsson Kemppinen, Partner at IK Investment Partners and advisor to the IK VII Fund.

“It has been a pleasure working with the IK team. With their support, we have completed two significant add-on acquisitions as well as boldly invested in our in-house development capabilities and product offering, and we now have the largest and most advanced cleantech system portfolio in our sector,” said Tomi Gardemeister, CEO of Evac Group.

Evac is the first exit of the IK VII Fund and the second exit IK has announced in a week. Financial terms of the transaction are not disclosed. Completion of the transaction is subject to legal and regulatory approvals.

Parties involved

Seller Financial advisors: Danske Bank, Carnegie, Alantra
Seller Strategic VDD: Roland Berger
Seller Financial VDD: EY
Seller Legal advisor: Roschier

For further questions, please contact:

IK Investment Partners
Kristian Carlsson Kemppinen, Partner
Phone: +46 8 678 95 00

Mikaela Hedborg, Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.hedborg@ikinvest.com 

Evac
Tomi Gardemeister, CEO
Phone: +358 20 763 0200

Carita Lehmusmetsä, Director, Marketing and Communications
Phone: +358 44 761 9559
carita.lehmusmetsa@evac.com  

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €9 billion of capital and invested in over 110 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

About Evac
Evac is the world’s leading provider of integrated waste, wastewater, and water management systems for the marine, offshore, and building industries. We have successfully carried out over 20,000 marine, 1,500 offshore and 2,000 building projects for customers around the world. For more information, visit www.evac.com

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