Waterlogic secures long-term investment from BCI to accelerate growth ambition

Waterlogic, a leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers, is pleased to announce that British Columbia Investment Management Corporation (BCI) has agreed to acquire a significant minority stake in Waterlogic from Funds managed by Castik Capital as well as the Waterlogic management team.

BCI is a leading provider of investment management services to British Columbia's public sector and one of Canada's largest asset managers with C$153.4 billion of managed assets as at March 31, 2019. The acquisition provides further access to capital to support Waterlogic's growth and ambition to become the market leader in bottle-less workplace hydration globally.

Waterlogic has direct presence in 17 countries including the U.S., Canada, Chile, Australia and Western Europe, and an extensive independent global distribution network reaching over 50 countries around the world, responsible for hydrating nearly 50 million consumers daily.

Jeremy Ben-David, Founder and Group CEO of Waterlogic, said: "We are very excited by the many opportunities for accelerated development and growth this deal affords us, both organically and through acquisition. We look forward to building on our capabilities and customer base in both established and new geographic markets in pursuit of our mission to offer healthy drinking water solutions and contribute to the reduction of plastic pollution."

Since Funds managed by Castik Capital acquired Waterlogic jointly with Waterlogic's founder Jeremy Ben-David in January 2015, the company has nearly tripled its revenue. During this time, Waterlogic has completed 56 add-on acquisitions globally and entered 10 new direct markets, most recently with the acquisition of Aquafree in Chile.

Jim Pittman, Executive Vice President and Global Head, Private Equity of BCI, said: "We are pleased to be working alongside a talented management team to support the long-term continued growth of the business. Waterlogic is a leading company with a solid track record of success that has the potential to generate value-added returns for our pension plan and insurance fund clients."

The investment significantly strengthens Waterlogic's position as a global leader in the fast-growing market for workplace hydration solutions through its range of freestanding and countertop dispensers, Billi integrated dispensers and Purezza, the company's specialty restaurant and hospitality solution.

Inspired by innovation, Waterlogic has embraced superior FirewallTM and BioCote