TIDMWTL
RNS Number : 8470Y
Waterlogic PLC
28 February 2013
28 February 2013
Waterlogic Plc
("Waterlogic" or the "Company")
Acquisition of Aqua Cure Scotland
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 acquired Water Filters Ltd trading as Aqua Cure Scotland ("Aqua
Cure Scotland"), a vendor of water filtration and water
purification equipment based in Perth, Scotland.
For 20 years, Aqua Cure Scotland has supplied a diverse customer
base of both business and residential customers.
Waterlogic's acquisition of Aqua Cure Ltd in 2011 was a
strategic purchase to provide the Group with a complementary range
of products to offer through the Group's existing continental
European business. The acquisition of Aqua Cure Scotland expands
upon this strategy, increasing coverage of the UK market and giving
the Company direct access to the Scottish market. Following
completion, the Aqua Cure Scotland business will become part of
Aqua Cure Ltd, a subsidiary of Waterlogic Plc.
The unaudited financial statements of Aqua Cure Scotland for the
full year ending 30 June 2012 show revenues of USD 0.533 million
and adjusted EBITDA of USD 0.087 million (after adding back
non-recurring expenses).
Peter Cohen, Chief Executive, Waterlogic Commercial,
commented:
"This acquisition is a great bolt-on for the existing Aqua Cure
business. Importantly, the acquisition gives us direct access to
the Scottish market and brings with it further reach within the UK
market plus new products to offer to our existing Group
customers."
Mark Brown, Managing Director Aqua Cure Ltd, commented:
"We are delighted to have made our first bolt-on acquisition
since becoming part of the Waterlogic Group and are looking forward
to the expansion of the Aqua Cure business both geographically and
from a product perspective."
Enquiries:
Waterlogic Plc Via Redleaf Polhill
Jeremy Ben-David, Group Chief Executive
Officer
Liberum Capital (Nominated Adviser Tel: +44 (0)20 3100
and Broker) 2000
Steve Pearce
Richard Bootle
Redleaf Polhill
Rebecca Sanders Hewett / Emma Kane
/ David Ison
Tel: 0207 566 6720
waterlogic@redleafpolhill.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(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 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
Aqua Cure Scotland
Founded in 2002 following acquisition of H20 filters Ltd and
located in Perth, Scotland Aqua Cure Scotland supplies the Scottish
market with water treatment and filtration products sourced through
Aqua Cure and other leading manufacturers.
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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