NB et al. buy minority stake in Castik-backed Waterlogic

In January 2020, British Columbia Investment Management (BCI) acquired a minority stake in the company. The three incoming investors will share this stake with BCI.

NB is both a secondaries investor and co-investor. It is currently drawing equity from its NB Strategic Co-Investments Partners III vehicle, which closed on $1.5bn in January 2016.

StepStone is currently investing from its Secondary Opportunities Fund IV, though it is unclear whether the firm drew equity from it for this deal. The fund closed on $2.1bn in April 2020.

Skandia Life Insurance Company has invested in several funds including Northzone IX, TCV X and Inflexion Partnership Capital II.

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

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

Castik de-listed 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 for 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
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).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• UK / Ireland
• Industrials
• United Kingdom
• Castik Capital
• Secondary purchase