Angel Springs drinks to Water At Work buy
Wolverhampton-based Angel Springs has snapped up rival Hertfordshire business Water At Work.
Water cooler service provider Angel Springs purchased the company for an undisclosed sum after securing funding from private equity house LDC.
The company previously received investment from the Birmingham office of LDC in July this year to support its 'buy-and-build' growth strategy.
Established in 2005, Tring-based Water at Work is a family-owned business and has its mains fed and bottled water coolers located in London and the South West.
Angel Spring said the acquisition was a "good fit" with its existing Chiltern distribution centre which is located in Tring.
The acquisition is the third to be completed by Angel Springs in 2011 following AquaeSulis in March and the acquisition of a 50 per cent stake in the Fillongley Spring Water bottling plant in August.
Andy Lyndon, investment director at LDC, said: "Since acquiring a significant stake in Angel Springs earlier this year, we are delighted that the Angel Springs management team has already demonstrated their ability to deliver acquisitive as well as organic growth, through the completion of three high-quality acquisitions within six months.
"We believe that there is real scope to build the company further over the next two to three years and going forward, we will continue to work closely with the team to identify further acquisition opportunities to maintain growth and lead consolidation of the market."
Angel Springs supplies and services more than 45,000 bottled water coolers and mains-fed water coolers to about 30,000 customers across the UK.
