KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Quench, an operating segment of AquaVenture Holdings Limited (NYSE: WAAS), and a leading provider of filtered water coolers, ice machines, sparkling water dispensers and coffee brewers for businesses across the United States and Canada, announced today that it has completed the acquisition of all of the issued and outstanding shares of Pure Health Solutions, Inc. for an aggregate cash purchase price of approximately $57.6 million, subject to adjustment as provided in the purchase agreement.
PHSI, which is headquartered in Lincolnshire, Illinois, is a leading provider of filtered water coolers and related services through two sales channels. In its direct channel, PHSI rents and services approximately 13,000 owned units to commercial end users throughout the United States. In its indirect channel, PHSI distributes and resells water coolers and related filters and parts to a network of dealers with over 90 locations across the United States. In addition, PHSI develops and manufactures its own brand of point-of-use systems in its factory located in South Korea.
“We are thrilled to announce the acquisition of PHSI. This transaction significantly increases our customer density and expands our presence in seven major U.S. markets, growing Quench’s customer base to more than 50,000 customers and our rental installed base to more than 140,000 company-owned units,” commented Tony Ibarguen, President of AquaVenture Holdings and Chief Executive Officer of Quench. “PHSI also extends our participation in the water filtration and related services industry by materially expanding our dealer network and extending our investment in product development and manufacturing. This is Quench’s 9th acquisition of 2018 and represents AquaVenture’s second-largest acquisition since our IPO in late 2016.”
Goodwin Procter LLP served as legal advisor to the Company. Raymond James & Associates, Inc. served as exclusive financial advisor, and Armstrong Teasdale LLP served as legal advisor, to the seller, private equity firm ClearLight Partners.
About AquaVenture
AquaVenture is a multinational provider of WAAS™ solutions that provide customers a reliable and cost-effective source of clean drinking and process water primarily under long-term contracts that minimize capital investment by the customer. AquaVenture is composed of two operating platforms: Quench, a leading provider of filtered water systems and related services with over 140,000 units installed at institutional and commercial customer locations across the U.S. and Canada; and Seven Seas Water, a multinational provider of desalination and wastewater treatment solutions, providing more than 8.5 billion gallons of potable, high purity industrial grade and ultra-pure water per year to governmental, municipal, industrial and hospitality customers.
About Quench
Quench USA, Inc. offers WAAS solutions by providing filtered water systems, including bottleless water coolers, ice machines, sparkling water dispensers and coffee brewers, to customers across the United States and Canada. Our point-of-use (POU) systems purify a building’s existing water supply to provide reliable and convenient filtered water to a broad mix of businesses, including government, education, healthcare, manufacturing, retail, hospitality, and other large commercial customers, including more than half of the Fortune 500. Headquartered in King of Prussia, PA, Quench has sales and service operations across North America to serve our 50,000+ customers. Quench is an AquaVenture Holdings business. For more information, please visit https://quenchwater.com.
