Joint venture to set sustainable water targets
Water dispenser company Waterlogic, has combined with Culligan with an aim to become a leader in sustainable drinking water solutions and services.
The partnership will provide services for customers at home, and at work across a range of sectors and will develop new water filtration, purification and treatment systems to create clean and sustainable drinking water.
It says it will reduce single-use plastics in an effort to provide safe water alongside meeting the United Nations Sustainable Development Goals (“SDGs”) and meet its respective Environmental, Social and Governance (“ESG”) commitments.
Waterlogic, with a base in Wolverhampton, is a private equity investment by Schroder British Opportunities Trust (SBO) and claims it has the world’s first Covid-secure range of water dispensers. It joins with Culligan, which says its solutions are focused on improving its consumers’ wellbeing through safe water and reducing plastic waste.
Tim Creed, portfolio manager of SBO, said: “This combination will create a global leader in sustainable drinking water solutions and services while allowing SBO to remain a shareholder.
“The combined business has very strong sustainability credentials and considerable future growth potential through continued M&A and new product innovation.”
SBO gained exposure to Waterlogic through its investment in May 2021 into the EPIC I-b Fund SLP, a single asset fund managed by Castik Capital, which acquired a majority stake in Waterlogic.
Existing investors in Waterlogic will continue to hold a meaningful minority ownership position in Culligan going forward. The terms of the transaction were not disclosed.
The transaction is expected to close in the second half of 2022.