TIDMWTL
RNS Number : 6907M
Waterlogic PLC
20 September 2012
20 September 2012
Waterlogic Plc
("Waterlogic" or the "Company")
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 Email: waterlogic@kreabgavinanderson.com
Officer
Peter Cohen, CEO Waterlogic Commercial
Steve Harrison, Group Chief Financial
Officer
Liberum Capital (Nominated Adviser Tel: +44 (0)20 3100 2000
and Broker)
Steve Pearce
Richard Bootle
Kreab Gavin Anderson (PR Adviser) Tel: +44 (0)20 7074 1800
James Benjamin Email: waterlogic@kreabgavinanderson.com
Madeleine Palmstierna
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(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 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 -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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