Schroder British Opportunities Tst. Merger of Waterlogic with Culligan International (1257F)
03 Novembre 2022 - 8:00AM
UK Regulatory
TIDMSBO
RNS Number : 1257F
Schroder British Opportunities Tst.
03 November 2022
Schroder British Opportunities Trust plc
Merger of Waterlogic with Culligan International
Schroder British Opportunities Trust plc ("SBO" or the
"Company") is pleased to confirm that Culligan International - the
innovative brand in consumer-focused, sustainable water solutions
and services - and Waterlogic Group Holdings - a global designer,
manufacturer, distributor and service provider of purified drinking
water dispensers - have announced the completion of their merger.
Together they will create a world leader in sustainable drinking
water solutions.
The combined business will operate under the Culligan name and
will have over 11,000 employees operating across 30 countries
generating annual revenues of c. $2.4 billion. The company is
well-positioned to expand further in the growing $35 billion
consumer water market. The company is facilitating a reduction in
the use of single use plastics which delivers against the United
Nations Sustainable Development Goals, one of the key investment
criteria for SBO. Existing investors in Waterlogic will continue to
hold a meaningful minority ownership position in Culligan after the
merger.
The value of the Company's investment in Waterlogic, made
through the EPIC I-b Fund SLP, a single asset fund managed by
Castik Capital, has increased by 44% since inception and it is
currently a top-3 holding by size[1]. As result of the merger
agreement, SBO will receive GBP2.38 million[2] in cash, which
represents 3.2% of Company NAV as at Q2 2022. The NAV of the
Waterlogic investment in SBO already reflects the transaction terms
less a small discount for uncertainty. It is our intention to
reinvest this cash as we continue to see compelling opportunities
and value across both private and public markets.
Tim Creed, SBO's Portfolio Manager, commented: "We are delighted
to see the completion of this merger which has generated a global
leader in sustainable drinking water. SBO will remain a shareholder
as the combined business has considerable potential for future
growth. We are also pleased to report our first cash generation
from the SBO Private Equity portfolio."
Enquiries:
Schroder Investment Management Limited
Paula Lockwood (Company Secretarial) 020 7658
Augustine Chipungu (PR) 6000
Peel Hunt
Liz Yong, Luke Simpson, Tom Pocock (Investment
Banking)
Alex Howe, Chris Bunstead, Ed Welsby, Richard 020 7418
Harris (Sales) 8900
About Schroder British Opportunities Trust plc 'SBO'
SBO invests in a diversified portfolio of UK-focussed public and
private equity companies that have strong long-term growth
prospects and good ESG credentials.
Further information on the Company is available at
www.schroders.com/sbo
About Culligan International
Founded in 1936 and headquartered in Rosemont, Illinois,
Culligan International makes a real difference to people's lives by
providing clean, safe, great-tasting water to more than 100 million
consumers globally. With over 11,000 employees in 30 countries,
Culligan generates combined annual revenues of about $2.4 billion
and is well-positioned to expand in the $35 billion global consumer
water market. Culligan is one of the world's most-recognized and
trusted names in water, a reputation built through an 85-year
legacy of trust, innovation, service and quality. The Culligan
master brand covers a family of iconic brands and innovative
technologies that include Quench, Blupura, Zip Water, Purezza
Premium Water and Firewall(R) UVC purification. The combination
with Waterlogic diversifies their product range and increases their
global reach, including through an expansive dealer network in over
70 countries. It helps bring a breadth of household, commercial and
retail solutions to new markets and distribution channels across
the Americas, Europe, the Middle East, Africa and Asia Pacific. For
more information visit: www.corporate.culligan.com
[1] Based on fair market value
[2] EUR2.77 million converted to GBP 0.86 as at 2 November
2022
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCUPGBCGUPPGQP
(END) Dow Jones Newswires
November 03, 2022 03:00 ET (07:00 GMT)
Schroder British Opportu... (LSE:SBO)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Schroder British Opportu... (LSE:SBO)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024