Waterlogic Plc Acquires Aqua Cure Scotland
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 acquired Water Filters Ltd trading as Aqua Cure Scotland ("Aqua Cure Scotland"), a vendor of water filtration and water purification equipment based in Perth, Scotland.
For 20 years, Aqua Cure Scotland has supplied a diverse customer base of both business and residential customers.
Waterlogic's acquisition of Aqua Cure Ltd in 2011 was a strategic purchase to provide the Group with a complementary range of products to offer through the Group's existing continental European business. The acquisition of Aqua Cure Scotland expands upon this strategy, increasing coverage of the UK market and giving the Company direct access to the Scottish market. Following completion, the Aqua Cure Scotland business will become part of Aqua Cure Ltd, a subsidiary of Waterlogic Plc.
The unaudited financial statements of Aqua Cure Scotland for the full year ending 30 June 2012 show revenues of USD 0.533 million and adjusted EBITDA of USD 0.087 million (after adding back non-recurring expenses).
Peter Cohen, Chief Executive, Waterlogic Commercial, commented:
"This acquisition is a great bolt-on for the existing Aqua Cure business. Importantly, the acquisition gives us direct access to the Scottish market and brings with it further reach within the UK market plus new products to offer to our existing Group customers."
Mark Brown, Managing Director Aqua Cure Ltd, commented:
"We are delighted to have made our first bolt-on acquisition since becoming part of the Waterlogic Group and are looking forward to the expansion of the Aqua Cure business both geographically and from a product perspective."