LDC-backed water cooler business Angel Springs has closed its fourth deal in a year by acquiring Isis Office Hydration.
Angel Springs’ buy of Office Hydration has been funded by private equity firm LDC, a firm which initially invested in the business back in July 2011 through a management buy-out.
Founded in 2001, Isis Office Hydration provides and maintains 3,000 bottled and mains fed water coolers from its two bases in London and Dorset.
The transaction supplies a complementary business for Angel Springs’ existing operation in Dorset, next door to Isis’ depot.
According to LDC the purchase also gives Angel Springs an ‘established presence’ in the Central London market, which was previously serviced by its Hertfordshire base.
John Dundon, managing director at Angel Springs, says that 2012 has been a ‘busy year’ for the company with several new business wins.
He adds, ‘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.’
In its current state, Angel Springs services 52,000 coolers for 32,000 customers in the UK, such as the BBC and Marriott Hotels.
In 2011 Angel Springs completed three acquisitions including Aquae Sulis in March, a 50 per cent stake in the Fillongley Spring Water bottling plant in August and the family-owned business Water at Work.
Andy Lyndon, investment director at LDC, comments, ‘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.’