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Eversheds helps Waterlogic sale to flow

  • United Kingdom

    14-11-2014

    Law firm Eversheds has advised the Independent Directors of Waterlogic Plc on the proposed £122.6 million takeover by Poseidon Bidco Limited.

    Waterlogic is a leading, vertically integrated designer, assembler, distributor and provider of point of use drinking water purification and dispensing systems and associated services, which is quoted on AIM.

    Poseidon is wholly owned by EPIC, a Luxembourg-based private equity fund which had its first fund close in June 2014, having raised €625 million. EPIC is able to hold investments for 10 years, allowing it to focus on developing its investments over a long period. EPIC is managed by Castik Capital S.a r.l., a Luxembourg-based entity whose partners have invested over €2 billion of equity capital in Europe.

    Following the conclusion of a review of strategic options available to the business, including a “formal sale process” conducted in accordance with the City Code on Takeovers and Mergers, which was announced in June 2014, the Independent Directors of Waterlogic reached agreement with Poseidon on the terms of a recommended cash acquisition. The acquisition is to be structured as a scheme of arrangement under Jersey law and will be subject to shareholder approval and the sanction of the Jersey Court. Poseidon has received irrevocable undertakings to vote in favour of the scheme from shareholders representing 83.56% of the Waterlogic Shares eligible to vote at the Court Meeting.

    The Eversheds team was led by Partner Steve Nash, assisted by Principal Associate Mark Roe and Associates Andy Lord and Charlotte Evans.

    Steve Nash commented:

    “Waterlogic is an important and longstanding client of the firm which we have advised on a number of strategic transactions, including its AIM flotation in 2011. We are pleased to have advised the Board on the formal sale process and the Independent Directors on the proposed acquisition by Poseidon. We wish the Company and the Management every success with the business on the next stage of its journey under new ownership.”

    Commenting on the Acquisition, Ariel Recanati, Non-Executive Chairman of Waterlogic, said:

    “Poseidon’s recommended cash offer provides Waterlogic Shareholders with the opportunity to exit their investment at a significant premium, while also providing Waterlogic with the solid platform it needs in order to continue its Commercial and Consumer investment plans and to remain at the forefront of consolidation in its industry. As our legal team, Eversheds provided comprehensive legal and commercial advice throughout.”

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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