Waterlogic, the designer, manufacturer, distributor and service provider of purified drinking water dispensers, has announced the closing of the acquisition of a significant minority stake in the company by four strong institutional investors – BCI, Neuberger Berman, StepStone, and Skandia.
Following January’s announcement of British Columbia Investment Management Corporation (BCI) entering into an agreement to acquire a significant minority stake in Waterlogic from Funds managed by Castik Capital and the Waterlogic management team, Waterlogic and Castik Capital have completed the transaction and include three additional partners.
BCI, with C$153.4 billion in assets under management (as of March 31, 2019), is a leading provider of investment management services to British Columbia’s public sector and one of Canada’s largest asset managers. Joining BCI as minority shareholders in Waterlogic are:
- Neuberger Berman, a private, independent, employee-owned investment management firm that manages equities, fixed income and private equity portfolios for global institutional investors, advisors and high-net-worth individuals;
- StepStone, a global private markets firm providing customised investment and advisory solutions to some of the most sophisticated investors in the world; and
- Skandia, a mutual life insurance company with SEK 692 billion under management as of 31 December 2019, provides pension, banking and insurance services to the population of Sweden.
Jeremy Ben-David, founder and group chief executive of Waterlogic, said: “This is a very pleasing result and a testament to Waterlogic’s businesses resilience, especially considering the unprecedented economic downturn and turbulent times we currently find ourselves in. The acquisition provides further access to capital in support of Waterlogic’s growth ambition to become the global leader in the fast-growing market for bottle-less workplace hydration. We look forward to continuing our journey with Castik Capital and the new shareholders in this next exciting phase of our growth.”