Castik in £122.6m Waterlogic take-private

The take-private deal values Waterlogic’s shares, which closed at 114 pence on 11 November, at 151 pence apiece.

Following completion of the deal, the business will seek to implement an acquisitive and organic growth strategy.

Capital for the transaction was drawn from Epic, a €1bn-target fund that held its first close on €625m in June 2014, with the acquisition taking place via the Poseidon newco.

Castik stated it was attracted to the business by its market position and extensive international operations.

The GP, which launched earlier this year, is run by the former head of Apax Germany, Michael Phillips, and recently opened offices Munich. In September, the firm invested in a Commerzbank-led $15m series-B funding round for payments company Traxpay.

Company
Headquartered in Farnham, Surrey, and founded in 1992, Waterlogic is a designer, producer and distributor of point-of-use drinking water purification systems. The business, which has operations across Scandinavia, France, Germany, Australia and the US, generated a turnover of $124m in 2013 and adjusted EBITDA of $19.5m.

People
Marc-Oliver Jauch, Michael Gröber, Reiner Löslein and Michael Philips are founding partners of Castik. Ariel Recanati is non-executive chairman of Waterlogic.

Advisers
Equity - Altium, Phil Adams, Adrian Reed, Paul Lines, Tom Battersby, Richard Clark (Corporate finance).
Company – Baird, Vinay Ghai, Steve Guy (M&A).

 

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