Castik-backed Waterlogic sells stake to BCI

Katharine Hidalgo
29 January 2020

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British Columbia Investment Management (BCI) has acquired a minority stake in Castik Capital portfolio company Waterlogic.

The stake, which is to be sold by Castik and the company's management team, is significant, according to a statement.

BCI, which is a Canada-based LP direct investor, has made investments in several European companies. These include UK-based insurance broker BMS Group and Netherlands-based Refresco.

Waterlogic is a Castik Epic I SLP fund portfolio company. The fund closed on €1bn in 2015.

Previous funding
Waterlogic listed on the Aim stock exchange in 2011. The flotation was worth £110m.

Castik delisted the company in 2014 for a purchase price of £122.6m and an entry multiple of 9.9x. Since then, it has completed 56 bolt-ons. Castik-backed acquisitions include the water cooler division of PHS Group in 2016 and Lux Aqua Hungary and Czech Republic in 2018.

Company
Based in Maidenhead, Waterlogic is a designer, manufacturer, distributor and service provider of purified drinking water dispensers. Founded in 1992, the company reported adjusted operating profit of $44.3m from revenues of £317m in 2018. It now reports annualised revenues of $400m, according to a statement.

People
British Columbia Investment Management – Jim Pittman (global head, private equity).
Waterlogic – Jeremy Ben-David (CEO).

Advisers
Company – Goldman Sachs International (corporate finance); Skadden Arps Slate Meagher & Flom (legal); PwC (financial due diligence, commercial due diligence); Deloitte (tax); LEK (commercial due diligence); EY (legal).