P&P Water Holdings (Greece), an affiliate of Paine & Partners Capital Fund III, has completed the acquisition of majority ownership of Eurodrip, a manufacturer and supplier of drip irrigation solutions.
As part of the investment, which was previously announced in October 2012, Water Holdings purchased all of the shares of Eurodrip currently held by Aquanova International Holdings, a company controlled by Global Capital Investors II, a private equity fund advised exclusively by Global Finance, as well as Bellaria Holding, which together represent approximately 67.5 per cent of the company’s outstanding shares, for a price of EUR1.53 per share.
In addition, Water Holdings has also purchased all of the shares of Eurodrip currently held by Jain (Europe) Limited, a subsidiary of Jain Irrigation Systems, for a price of EUR1.53 per share.
As a result of these transactions, Water Holdings owns approximately 74.9 per cent of the company’s outstanding shares, and a majority of the company’s directors have been nominated by Water Holdings.
"We are pleased to have completed the acquisition of majority ownership in Eurodrip, a recognised leader in drip irrigation solutions that is improving agricultural productivity around the globe with its innovative, high quality products," says Mitchell Presser, a founding partner of Paine & Partners. "We look forward to working with CEO Mihalis Panagis and the rest of Eurodrip’s experienced management team to support the company’s long-term business plans and facilitate its continued growth."
Pursuant to Greek law, Water Holdings will launch a mandatory tender offer to acquire the company’s remaining shares within the deadline prescribed by Greek law.
