Waterlogic continues on acquisition hunt
Drinking water dispenser specialist Waterlogic has made its third acquisition of the year with the purchase of a Norwegian rival for €4.8m.
Dublin-headquartered Waterlogic bought the entire share capital of Aqua Service AS, a vendor of water dispensers and coffee machines which operates in Sweden and Norway. It is the company's third acquisition of 2012.
Aqua Service was bought from Botts and Company, which has a majority shareholding, and several other smaller shareholders.
Completion is conditional on approval of the Norwegian Competition Authority and is expected to take place next month (March).
Aqua Service has 10,885 machines installed across Norway and Sweden. Water dispensers are said to be the company's fastest growing division, currently representing 16 per cent of its installed base.
For the year ending 31 December, revenues at Aqua Service hit €7.8m. The company recorded a loss of €414,900.
"Aqua Service is an established business with an excellent customer base and a growing POU water dispenser segment. Waterlogic expects to accelerate this growth through the introduction of Waterlogic's point-of-use water purification technology and associated products into Aqua Service's customer base," said Waterlogic group chief executive Jeremy Ben-David.
"This will help to replace bottled water in these markets and make sure that Waterlogic provides the existing customers of Aqua Service with the best possible water solutions in the future.
"Additionally, the expected cost savings and other synergies from the combined group represent an excellent opportunity to further grow our presence in the Scandinavian markets."
