Wolverhampton-headquartered Angel Springs, the UK’s leading water cooler service provider, has completed the acquisition of the entire water cooler base of Isis Office Hydration Limited for an undisclosed sum.
The deal was transacted with support from leading private equity provider LDC, who invested in Angel Springs in July 2011, and represents the fourth acquisition to be completed by Angel Springs since last year.
Established in 2001, Isis Office Hydration is a premier water cooler supplier which provides and maintains around 3,000 bottled and mains fed water coolers. The business operates from two strategically located depots near Kings Cross in Central London and Poole in Dorset, which enables fast and efficient service delivery to customers across the South of the UK and London.
The acquisition provides a good strategic fit with Angel Springs’ existing operation in Dorset, which is situated next door to Isis Office Hydration’s depot. It will also give Angel Springs an established presence in the important Central London market, a region which was previously serviced from Angel Springs’ Chiltern distribution centre in Hertfordshire.
So far in 2012, Angel Springs has secured more than 1000 organic customer wins in the South of the UK and the acquisition of Isis Office Hydration will enable further increased customer density and service distribution efficiencies across this key area of the UK for Angel Springs.
Angel Springs supplies and services more than 52,000 bottled water coolers and mains-fed water coolers, to approximately 32,000 customers across the UK. The business has a diverse customer base largely comprised of SMEs, together with a number of multi-site blue chip organisations, including the BBC, London Midland, Marriott Hotels and ISS.
Commenting on the acquisition, John Dundon, Angel Springs Managing Director, said:
“The acquisition of Isis Office Hydration will further complement our existing operations in the South of the UK, whilst also providing us with a well-established platform from which to develop a greater customer base within Central London.
“2012 has been a busy year to date with several significant new business wins, and this acquisition will help us to further scale up our service and delivery capabilities as we continue to roll out our ‘local service on a national basis’ operating model.”
Andy Lyndon, Investment Director LDC, added:
“This is the fourth high-quality strategic acquisition completed by Angel Springs since the beginning of 2011 and further demonstrates the management team’s clear commitment to deliver acquisitive as well as organic growth.
“The deal brings many strategic and operational benefits to the business, and represents an exciting growth opportunity for Angel Springs as they look to increase their presence in this key region. LDC is committed to actively supporting management teams in their ‘buy and build’ strategies and we will continue to work closely with the team to identify further acquisition opportunities in the future.”
Issued on behalf of LDC by Citypress.
Press information: Katie Dale, Citypress: T. 0121 230 1783; E. katie.dale@citypress.co.uk