Waterlogic Plc Acquisition of Taylor Made Water Systems Inc.
Waterlogic Plc (AIM: WTL.L), a leading designer, manufacturer and global distributor of point-of-use ("POU") drinking water purification and dispensing systems, is pleased to announce that it has agreed to acquire the entire share capital of Taylor Made Water Systems Inc. ("Taylor Made"), a well-regarded vendor of water dispensers and coffee machines based in Northern California, USA from the Taylor family.
Taylor Made has an existing installed base of over 4,800 water dispenser and coffee machines located in the San Francisco bay area. Following completion, Taylor Made will become a subsidiary of Waterlogic USA, the Company's US division.
The unaudited financial statements of Taylor Made for the full year ending 31 December 2011 show consolidated revenues of USD 4.38 million and EBITDA of USD 0.58 million.
Jeremy Ben-David, Waterlogic, Group CEO, commented:
"Taylor Made is our first US west coast acquisition and is an important step to enhance our North American presence, providing a solid platform for continued accretive growth in the region.
We are especially excited about the opportunity to introduce Waterlogic's highly innovative Firewall UV water purification technology and associated products into the Taylor Made customer base. Taylor Made is a highly complementary business, with a strong management team and we look forward to welcoming them into the Waterlogic Group.
We continue to explore future acquisition opportunities and will update shareholders in due course."
Casey Taylor, CEO Taylor Made & Regional VP Waterlogic USA, commented:
"On behalf of the Taylor Made team, we are thrilled to be joining the Waterlogic Group, which allows us to market the unique Firewall UV technology to our existing and potential customers, and provides us the opportunity to launch carbonated water coolers in California.
I am delighted to be remaining as CEO of Taylor Made and look forward to my additional responsibilities as Regional VP with Waterlogic USA."