Recently-listed AIM business Waterlogic has made good on its commitment to undergo acquisitions with the purchase of Det Stavangerske Kaffeselskap.
Recently-listed AIM business Waterlogic has made good on its commitment to undergo acquisitions with the purchase of Det Stavangerske Kaffeselskap (DSK).
Speaking to MandADeals back in October, Jeremy Ben-David, chief executive officer of Dublin-headquartered Waterlogic, said that the business’ move to the alternative investment market was motivated by a desire to make deals and commercialise new technologies.
Norway-based DSK, which sells water dispensers and coffee machines, is being acquired for a cash consideration of $1.46 million (£944,000).
Since joining AIM in July, Waterlogic’s Firewall technology has been leveraged in the business-to-consumer market to grow the business further.
Commenting on the deal, Ben-David adds: ‘DSK is a profitable and highly complementary business, allowing the introduction of Waterlogic’s point-of-use purification technology and associated products into the DSK customer base.
‘The DSK coffee machine business will also be expanded into the existing Waterlogic customer base and branch offices throughout Norway and Denmark.’
DSK reported revenues of $3.84 million and EBITDA of $500,000 for the year to date 31 December 2010.
Erik Gulbrandsen, managing director of Waterlogic Norway and Denmark, says that the combined group will lead to cost savings and synergies.