Angel Springs quenches thirst for growth with new deal
WOLVERHAMPTON-based Angel Springs, one of the UK’s leading water cooler providers, has completed the acquisition of the entire water cooler base of Water at Work Ltd for an undisclosed sum.
The deal was transacted with support from private equity provider LDC, which invested in Angel Springs in July this year.
Established in 2005, Hertfordshire-based Water at Work is a family owned business and has the majority of its mains fed and bottled water coolers located within London and the northern Home Counties.
LDC said the acquisition provided a good strategic fit with Angel Spring’s existing Chiltern distribution centre, which is based in Tring in Hertfordshire, and would enhance future growth.
Angel Springs supplies and services more than 45,000 bottled water coolers and mains-fed water coolers, to approximately 30,000 customers across the UK. The business has a diverse customer base, largely comprised of SMEs, together with a number of multi-site blue chip organisations, including the BBC, London Midland, Wolverhampton Wanderers Football Club and AGA.
The business has more than doubled in size since it was established in 2003, following a strategic mix of acquisitions, organic and geographic growth, having recently opened depots in Kent and Dorset to service growing customer bases in the South East and the South Coast.
This deal represents the third acquisition to be completed by Angel Springs in 2011; following on from Aquae Sulis in March and most recently, the acquisition of a 50% stake in the Fillongley Spring Water bottling plant in August.
John Dundon, Angel Springs managing director, said: “This acquisition is another great example of our ambition to continue to grow our business and to lead the consolidation of what is a fragmented UK water cooler market. Despite the difficult economic outlook, Angel Springs has continued to grow whilst maintaining its reputation as a high quality, national service provider.”
Andy Lyndon, investment director LDC, added: “Since acquiring a significant stake in Angel Springs earlier this year, we are delighted that the 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 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.”
