Castik’s Waterlogic acquires PHS

Following the deal, the UK business of PHS Waterlogic will be merged with Angel Springs, which was acquired by Waterlogic in December 2014. The Irish and Dutch businesses of PHS Waterlogic will expand the company's geographical footprint.

The deal was supported by a £250m near-term loan provided by ING, HSBC, Societe Generale and SMBC.

Previous investment
Castik took Waterlogic private in November 2014 for £122.6m. According to unquote" data, a £113m debt facility supported the deal, provided by GE Capital, HSBC, ING, Santander and Societe Generale.

The PHS Waterlogic acquisition marks the sixth bolt-on acquisition the company has made under Castik's stewardship. Previous purchases include Just Water International and Unlimited Water in Australia; Clear Water in Norway; and Greenworks Water and Angel Springs in the UK.

Company
PHS Waterlogic is a water cooler business active in the UK, Ireland and the Netherlands. The business distributes Waterlogic-manufactured and point-of-use water coolers. The business was originally acquired by PHS Group from Waterlogic in 2000.

People
Angel Springs – John Dundon (CEO).
Waterlogic – Jeremy Ben-David (founder, group CEO).
Castik Capital – Marc-Oliver Jauch, Michael Gröber, Reiner Löslein, Michael Philips (founding partners).

Advisers
Equity – Altium (M&A, debt advisory); White & Case (Legal); EY (Financial due diligence); Deloitte (Tax); Arendt & Medernach (Legal); P+P Pöllath + Partners (Legal).
Vendor – Travers Smith, Lucie Cawood, Kathleen Russ, Will Young, Louise Chambers, Silvana Van der Velde (Legal); Baird, Vinay Ghai, David Silver, Alex Ballantine, Boris Partin (Financial due diligence).
Debt – Fried Frank, Stuart Brinkworth, Viktor Okasmaa, Steffen Schellschmidt (Legal).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• Castik Capital
• Acquisition finance
• Build-up