International investment bank Altium has advised Castik Capital on its recommended cash offer for the entire share capital of Waterlogic, a global distributor of drinking water purification and dispensing systems.
The cash offer has been made through Poseidon Bidco Ltd, a newly formed entity incorporated by Castik-managed EPIC Funds.
Waterlogic is listed on London’s Alternative Investment Market (AIM) and has 780,000 point-of-use water systems installed across 50 countries including Australia, the US, Norway, Sweden, Germany and the UK. Founded in 1992, the company typically supplies its products to commercial customers for use in offices, factories, hospitals, hotels, schools and restaurants.
Under the terms of the acquisition, Waterlogic shareholders will be entitled to receive a cash offer price of 151 pence per share, valuing the equity at approximately GBP122.6m.
Castik Capital is a Luxembourg-based private equity firm, acquiring significant ownership positions in European private and public companies, where long-term value can be generated through active partnerships with management teams. Castik manages the EPIC Funds which had its first close at EUR625m in June 2014, and is targeting a final close at EUR1bn in a few months.
A team at international investment bank Altium provided integrated corporate finance advice to Castik Capital on the transaction, including M&A, takeover support and debt advisory services. Phil Adams led the Altium team comprising of Adrian Reed, Paul Lines and Tom Battersby together with Richard Clark, MD Debt Advisory.
Phil Adams, chief executive of Altium, says: “We are delighted to be working with Castik Capital on its bid for Waterlogic. The business is truly international and will benefit from the additional access to capital and support as it pursues a strategy of organic and acquisitional growth. We are incredibly excited to be involved with such a high quality European private equity firm in its maiden deal.”
