In late July an investee of ours, Cool Clear Water, was sold for $60 million to UK-based Waterlogic.The Cool Clear Water sale regonises the successful growth of the business in partnership with our firm. In 2008, we acquired a significant stake in the point-of-use company for $7 million.
Cool Clear Water was 1 of 4 among Western Australian competitors with water purification systems. Our company stepped in to help create systems that were robust enough for scaled growth.Over the past five years, Cool Clear Water grew to be the national market leader, more than tripling the number of its service and rental water coolers and hugely expanded its customer base within government and both large and SME corporations. As a result, Cool Clear Water grew EBITA from $2 million to over $10 million.We originally bought out minority shareholders and provided expansion and acquisition funding for Cool Clear Water. The business then completed seven acquisitions and one significant company-making merger with the Sydney-based Waterfirst business. Revenue grew over four times during our ownership.The transaction was a proprietary deal which has affirmed our Perth-based strategy to target WA’s under-serviced $3 million to $15 million investment size market niche.For more information download the Case Study.