International investment bank Altium has advised European private equity firm Castik Capital on its acquisition of leading UK water cooler company Angel Springs.
The deal follows the recent recommended cash acquisition of Waterlogic plc, a global distributor of point of use drinking water purification and dispensing systems, and is the second deal on which Altium has worked with Castik this year.
Based in Wolverhampton and operating from ten delivery depots, Angel Springs rents out bottled and point of use water coolers to an installed base of more than 46,000 bottled water coolers and 14,000 point of use water coolers in the UK.
Castik Capital is a European multi-strategy investment manager, acquiring ownership positions in private and public companies. The firm has an investment horizon of up to 10 years, enabling it to focus resources on its portfolio.
Michael Phillips, Partner of Castik Capital, says: “The acquisition of Angel Springs is a material building block in our strategy to form a globally leading water cooler company. Angel Springs has exhibited impressive growth over recent years – both organically and through acquisitions – and has a highly experienced management team, headed by CEO John Dundon.”
Altium provided both M&A and debt advice to Castik Capital. The M&A team comprised Phil Adams, Paul Lines and Tom Battersby, in addition to Richard Clark, managing director of Altium’s debt advisory team.
Phil Adams, chief executive of Altium, says: “Angel Springs is one of the UK’s leading water cooler companies, and with Castik’s backing and long-term mindset, will go from strength to strength in the next few years. It has been exciting to be a part of the process and we look forward to partnering with the team in the future.”
